Bank okayed Malawi conglomerate’s operations in tax havens

The Reserve Bank of Malawi (RBM) has disclosed that it duly approved Press Trust Overseas Limited, a subsidiary of Press Trust Corporation, to register in the tax havens of British Virgin Islands, Jersey and Channel Island.

panama papers

Press Trust Corporation is an organization established through an act of parliament and run by political elites and well connected persons in Malawi.

RBM spokesperson Mbane Ngwira said the bank gives approval for any company to invest outside Malawi based on information given by the applicant

By all account, Press Trust is a huge organization in Malawi, a country considered to be one of the poorest countries in Africa.

Press Trust Corporation Limited has footprints in companies both listed and unlisted at the Malawi Stock Exchange ranging from banks, telecommunication, beverages and fuel service stations.
“RBM does not authorise illicit transactions.  Press Trust could have responded by indicating what they got the licence for and if it indeed was used for that purpose, “ said Ngwira spokesperson in a written response.

Press Trust Overseas Limited is amongst the 214 000 offshore companies that were registered by discredited Panama based law firm Mossack Fonseca, documents reveal.

Early last month, the International Consortium for Investigative Journalists and its international partners began reporting stories on the leaked 11.5 million documents that shows that the law firm Mossack Fonseca systematically assisted the rich and powerful to hide money and evade taxes.

The new revelation that a statutory organization, Press Trust Corporation, has used the discredited law firm since 2008 to handle its offshore services is stunning.

As a public organization, its financial report and annual reports does not indicate that the company is registered in Tax havens such as British Virgin Islands.

The main object of the Trust is to provide funding by way of grants, donations or contributions to any person or institution for charitable purposes which are in the interest and for the benefit of the people of Malawi including for the advancement of their education, health, social welfare and housing, it says on its website.

Evidence unearthed by INK Centre for Investigative Journalism, Centre for Investigative Journalism Malawi through ICIJ shows that the company was registered in the British Virgin Islands in May 26, 1999.

But PTOL Chief Executive Officer Patrick Mhango in an emailed response said the Reserve Bank of Malawi approved the foreign subsidiary’s incorporation and basis of operation in 2000.

He added, “By the way, Press Trust being a public trust does not pay taxes either here in Malawi or indeed anywhere else.

“Therefore, the objective of PTOL was never to take advantage of the ‘tax heavens’. It was a purely commercial business decision to expand the investments of Press Trust globally in the well-established global capital and money markets”, Mhango said.

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Ivan Mark Radhakrishnan
Guest
Ivan Mark Radhakrishnan
4 months 6 days ago

Where is it in MALAWI’s CONSTITUTION that ANYONE IS LEGALLY MANDATED to USE / ABUSE MADE-IN-MALAWI MONEY to EXPORT TO TAX-SCAMS to create employment and fancy lifestyles outside Malawi and pay taxes for the benefit of non-Malawians?

Is this an ‘investment’? An ‘asset’? Can someone explain without the bullshit?

Ivan Mark Radhakrishnan
Guest
Ivan Mark Radhakrishnan
4 months 6 days ago

While Malawi ‘INVESTS’ in various TAX-SCAMS, we still get TREATED LIKE STUPID PEOPLE by ‘DONORS’.

Are you really surprised? Are you really surprised?

WHY WERE WE NOT TOLD ABOUT THIS ‘INVESTMENT’ WHEN IT WAS BEING DONE?

Ivan Mark Radhakrishnan
Guest
Ivan Mark Radhakrishnan
4 months 6 days ago
So now Malawi’s CHRONICALLY UNDER-FINANCED PEPLE are a GLOBAL-EMPLOYER and a GLOBAL TAX PAYER despite being SERIOUSLY SHORT OF BOTH AT HOME. There is NO EXPLANATION for MALAWI-MADE-DOLLARS being EXPORTED to CREATE EMPLOYMENT and PAY TAXES in the British Virgin Islands, Switzerland and elsewhere. FINANCIAL-SABOTAGE = FINANCIAL-TERRORISM = TREASON. WHERE ARE THE BRAINS IN THIS INSANITY? WE HAVE CRADLE-TO-GRAVE UNDER-FINANCED PEOPLE IN MALAWI and we are FINANCING NON-CITIZENS and NON MALAWI TAX-PAYERS in the British Virgin Islands? YOU CAN PUT MONEY IN THESE PLACES AND THEY CAN STILL TELL YOU PRESIDENTS, KINGS etc THAT THEY CANNOT ENTER! Let’s see the… Read more »
Father Abraham
Guest
Father Abraham
4 months 11 days ago

There isn’t much that Press Trust cooperation has benefited the citizens of Malawi.This company would have been on the forefront providing social services among the poor but only a few like the Chikaondas have enriched themselves through out the years.I didn’t expect companys like Airtel would beat Press in providing social services among the poorest of the nation.Shame.

Mpwenkhi
Guest
Mpwenkhi
4 months 11 days ago

Figures please. This is a repetition of the previous article with less info. WTF. Kodi mumalembela kuti nkhanizi.?

Kenkkk
Guest
Kenkkk
4 months 11 days ago

As long as it is or was not used to channel money into people’s individual accounts overseas.

Where are their accounts and what/how have they so far helped Malawi? What overseas investments into Malawi have been sourced by this company?

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