Collect outstanding debts from Mulli and others owing Malawi Savings Bank – Parliament

The Budget and Finance Committee of Parliament wants Capital Hill to ensure that non-performing loans are collected first before authorities sell 49 percent, not 75 percent, of the State-owned Malawi Savings Bank (MSB).

Chiphiko: Government should hold 51 percent

Chiphiko: Government should hold 51 percent

Lipunga opening bids documents for MSB sale : PPP deemed to have  bad reputation

Lipunga opening bids documents for MSB sale : PPP deemed to have bad reputation

In an eight-page report dated March 23 2015  the parliamentary committee chaired by Ron Chiphiko wants government to help MSB board and management to ensure that Mulli Brothers Limited (MBL) pays back its long outstanding debt to the bank estimated at K4.6 billion which, however, is being contested in court.

“If there are outstanding payments to MBL, government should implement its undertaking to pay Mulli Brothers through MSB as enshrined in the ‘Assignment of Proceeds’ arrangement between MBL Holdings and MSB,” it says.

The report noted that MSB management and Mulli Brothers signed an assignment of proceeds whereby all money owned by government to Mulli Brothers was supposed to be channelled through MSB and government issued a Letter of Undertaking to this effect.

“ Contrary to this arrangement, government continued to bypass MSB and paid Mulli Brothers directly.”

The committee also called upon government to pay MSB all outstanding debts by some public institutions, including Smallholder Farmers Fertiliser Revolving Fund of Malawi (SFFRFM), Agricultural Development and Marketing Corporation (Admarc), Malawi Defence Force (MDF), Malawi Rural Finance Company, Public Universities Student Scheme, Malawi Rural Development Fund (Mardef) and Farm Input Loan Programme (Filp).

The committee also proposes that government should only shed 49 percent of the shares and not 75 percent as proposed, adding wants an independent body to be appointed to evaluate the bank.

Parliament notes that PPP Commission has “a bad reputation” when it comes to selling of government assets.

“Stemming from the then Privatisation Commission, the entity has not made sure that public assets fall in the right hands. Most of the privatised entities have shed jobs, made no tangible investments and have not operated in the interest of Malawians,” the report reads.

“It is the wish of the committee to see that the issue of MSB is handled in the best interests of Malawians and not just to serve personal interests of some quarters within our society. The committee trusts that the shareholder [government] will find the concerns and recommendations valuable as the bank remains the asset of Malawians and whatever decision to be made should benefit the public.”

FDH Financial Holdings Limited emerged the sole bidder of MSB and offered K4.5 billion for what Minister of Finance, Economic Planning and Development  Goodall Gondwe said represented 75 percent of the bank’s shares and that government would negotiate a better price.

Nyasa Times reported on Saturday that MSB employees obtained a court order stopping the Public Private Partnership Commission (PPPC), Minister of Finance and other stakeholders from disposing of government shares in MSB.

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84 thoughts on “Collect outstanding debts from Mulli and others owing Malawi Savings Bank – Parliament”

  1. Mtupatupa says:

    MBL is refusing to serve its loans becoz: 1 MBL was just a messanger to Chitsilu cha njanji; MBS was been sent by Bingu to collect the money, since it was Muli who signed the delivery notes, when Bingu died chipako chinamutsalira Muli. 2 In turn Muli is quizzing Peter to abolish the MSB so that he will be free and moreover he can not serve the loan / money whch went to the former fallen Head of State. This is why the loan is said to have been taken through overdraft and it has no coloratal that MSB can confiscate from MBL. The only way to solve these occurances is by reducing presidential appointing powers becoz Mr Ian Bonongwe was doing all these to please the appointing authority at the expence of the poor Malawians, shame on us!

  2. MAMINA says:

    KENAKO TIMVA ZOTI MA STATE HOUSE ONSE AGULITSIDWA

    KOMA CHITUKUKO SICHIKUWONEKANSO

  3. Kodi iwe asset declaration ndiwe mbuli yeniyeni, nyau yotchedwa chewa. Sukudziwa kumene kudachokera MSB. Idachokera mu Post Office ndipo ma post office adayamba ndi atsamunda chewa wonamizira uja(kamuzu) asanabe dzikoli. Press Trust ndi ndalama za makhadi ndi madzira amene timapereka kwa Richard Armstrong (kamuzu).

    1. Asset Declaration says:

      Iwe ndiwe nyau ya ku dambwedi eti…….mbuli ambuyako!

  4. Kavuluvulu says:

    Mulli alipire kaye ngongole

  5. ngangula says:

    Ndizomwe timafuna kusamva ife a Malawi

  6. nana says:

    In the first place mulli must pay back msb loan

  7. losco says:

    Long comments are not read in this column.Take heed of it!You only waste your time!!!!!!!!!

  8. Boy says:

    By selling the Bank, they want to bury all cash looted through Mulli , Admarc and the other statutory institutions. These guys are clever APM and relatives inherited Bingu’s stolen money. Let us not allow this to happen

  9. mashabera says:

    what a brilliant thinking from the parliament finance committee. I’m a DPP supporter but this i support. How i wish DPP acts like this all the time. Salute the decision

  10. MW says:

    Musova

  11. VYOTO says:

    WELL DONE THE BUDGET AND FINANCE COMMITTEE, YOU HAVE DEMONSTRATED THAT YOU ARE NOT AS SLEEPY AS MANY MALAWIANS.IN THE FIRST PLACE MSB COULD NOT HAVE BEEN IN THIS FINANCIAL MESS IF MALAWIANS DID NOT TOLERATE THE NEPOSTIC WAY OF DOING THINGS BY THE TWO MUTHALIKA ADMINISTRATIONS BOTH PAST AND PRESENT ONE.MK4.6 BILLION, OF COURSE PLUS INTEREST,WORTH OF LOANS WITH NO PROPER SECURITY JUST BECAUSE MULLI BELONGS TO THE MUTHALIKAS LOMWE TRIBE DID NOT MAKE BUSINESS SENSE AT ALL ??THAT IS A SICK WAY OF DOING THINGS???INSTEAD OF SOLVING THE PROBLEM OF DEBT RECOVERY,THEY(DPP ADMINISTRATION) WANT TO CREATE ANOTHER PROBLEM.THE PROBLEM NOW IS THAT THE MSB BOARD AND MANAGEMENT IS FULL OF LOMWES,SECRETARY TO THE TREASURY AND OTHER KEY DECISION MAKERS ARE EITHER ALL LOMWES OR FRIENDS OF LOMWES WHOSE INTEREST IS JUST TO PROTECT THEIR FELLOW LOMWE(MULLI).SO THE ONLY HOPE TO TAKE CARE OF THE INTERESTS OF ALL MALAWIANS IN THIS CASE IS THE BUDGET AND FINANCE COMMITTEE OF PARLIAMENT.

  12. point blank says:

    My opinion on this issue really is to ask the central bank governor resign for failing to regulate lending trend at MSB. How could one company borrow huge unsecured loan like that? How could Mardef use MSBs money to award DPP supporters in the guise of giving loans to the youth? The list goes on and on.

  13. Chimalilo says:

    nayenso mulli should pay anthu ndalama zawo ma workers ake salipidwa for 2 yrs alipile

  14. Vikunowa says:

    By the wqy zogawana ziko zilipati. Atumbukafe we want our on country not this mediocrity. but plz Goodall will not be allowed to step in our new country

  15. katundu says:

    Chiphiko ali mu cashgate report adaba k40 million. ACB mumutenga liti? We want justice here. Mutengeni justice now

  16. Ine Nchewa says:

    MP Chiphiko from MCP is in the cashgate report very corrupt individual hope ACB will do your proffessional job and hope people will not think its political do the needful for interest of malawians ………..please investigate no fear or favour

  17. onjoya says:

    Mbuli za mcp.muuzane nonse pachakuti panu

    1. Dr Moo Tha Leeker says:

      Iweso pachakuti pamako ku nthawi za nthawi. Including your sick president and his ugly wife Getutu

  18. pamsundu says:

    Comment
    Boma liriso ndi ndalama za Mulli mulipireni nanu kaye zake ndi interest munyera

  19. Tengupenya says:

    Single bidder? Why? Is it worth proceeding in that case?

  20. Vin mongu says:

    let me add a voice to parliament. this is a brilliant thinking Rhino Chiphiko. we need learned people with experience in budget and finance issues. i see the merits of offloading MSB so that it is a private bank since all banking services in malawi should not be subsidised from our taxes but carry their own heads; i completely agree with parliament because the rationale for selling does not make any sense. let the truth be known. i think goodall wakalamba lutani mukalele wazukulu naa! goodallonomics — assets of MSB MK 43billion (100% value) = 4.6billion (75% of share value). goodall’s brain is shrinking, peabrains!! mulli wanya uzibwezatu zimenezi.

  21. Notoriou Treacher And Timid Asshole )NTATA) says:

    Don’t waste time guys. Zonsenzo ndi Iam Bonongwe ndi Kandi Padambo. They are related. The so called udf SG is a cunning snake. Olo Atcheya doesnt trust him. He is an MCP plant in UDF. Trust me, he says it everytime himself at kampepuza, Ntcheu. UDF mfufuzeni ameneyu. He is there to destroy the party from within.

  22. Kenkkk says:

    And you stupid DPP thugs see nothing wrong with this Bingu mess which you are trying to protect!! Is this not part of the 92bn stolen? I forgot that you promised to continue where Bingu left, ndidzimenedzi. Ntata has repented but you insult him when he Tells us about your evil plans and the need for good governance.

    If it was in the west the opposition would have had a field day annihilating the govt by directly telling the people how you are trying to steal and short change the people’s bank. MCP, you should be telling the people the thieving plans of DPP govt on msb, they will listen because this is their only trusted bank in rural areas. Even the southern DPP heartland will stop and listen to you on this matter. That is how you slowly start winning the hearts of voters by capitalizing on popular govt mistakes and blunders such as this one and the paying of fees on health treatment services which they have now made a u turn. Csos, the same advice to you too, you should be opening people’s eyes on sensitive issue like the msb sale.

    Our reserve bank Is the most incompetent and corrupt institution I have ever seen. What is happening or happened to msb should never have been tolerated.

    1. Mutharika Dentures says:

      Bwanawe Kenkkk usavutike ndikulangiza congress. Anthuwa ngatulo zedi. They keep missing opportunities. Never seen a party too sleepy like this, bolani achina Uladi Mussa.

  23. Asset Declaration says:

    Parliament, and opposition in particular, you are our only hope in this matter. Sometimes I wish Kamuzu just ate the money. Kupepela kwa Kamuzu amatenga ndalama nkumatipangira ma kampani m’malo moti adye ndalamazo nkumanga manyumba nkuyika mu ma account a kunja! Lero ndi izi atsogoleri a lero akufuna atidyere masuku pa mutu……mawa tizamva kuti mtundu umenewu ukufuna ugule Press Trust….mayo ineeeeeeeee!

    Let me tell you this Malawians: MSB management has always been trampled upon by the DPP govt! Mulli’s loans were all taken during Bingu’s time. You will be surprised that the Reserve Bank has enough controls to ensure that one company or person does not lowe any bank such a huge amount like Mulli owes MSB. Whenever MSB management turned down any extra loan application by Mulli, he quickly told his puppet president to order the bank process the loan……the puppet president (he was indeed a puppet during his second term – truth be told!) could the order his lomwe RBM governor to instruct his lomwe manager at MSB to process.the loan! This DPP clearly told us that they will continue from where Bingu left – any surprises?! Not to me! The sale is clearly aimed at bailing Muli out of the gigantic loan.

    Both the governor of RBM and the CEO of MSB are appointed by the president. It is therefore very clear to see why professionalism miserably failed at MSB – conflict of interest! There are two main culprots here (1) Bingu and his DPP (2) Peter and his DPP!

    A lot of loan defaulters at MSB have lost property. Why not Mulli? Chifukwa nka mlomwe? Which judge is sitting on the case at high court? Is it a difficult case? Not at all! I can handle that case in a day! It involves reconciliation and nothing else. After all he is disputing interest not proncipal. Let him immediately pay the principal, which is over 3bn and thereafter let us recpncile the interest. For your own information Mulli’s account is no longer attracting interest. If it were still attracting interet the balance would have been over 10bn by mow. If he wanted an interet free loan, he would have gone to some islamic bank…idiot!

    Malawians, this is our bank given to by Kamuzu and not Mothalikas or lomwes! We need to have our say and we all know we speak through our members of parliament…so why should some dunderhead say thay parliament is not concerned?! Ana a njoka inu!

    Let Mulli and all government entities plus all politicians pay back their long outstanding loans and the bank will thrive! People, which bank makes a loss in Malawi? No bank! Banks in Malawi will always make profits come rain or shine! In fact if Bingu’s DPP did not cripple this bank via Mulli, the could have been making huge billions in profit by now! Now Peter’s DPP wants to illegally back up Mulli and Bingu’s actions….why? This act does not augur well with the DPP’s program of public reform!

    Malawians, please let us also be proactive by immediately starting to create a hedge around Press Trust against DPP’s day light robbery. With this party one just doesnt know what happens tomorrow!!doesn’t know what happens tomorrow!

  24. Zansete says:

    Limodzi mwa Vuto la nepotism ndi limeneli akanakhala kuti Bingu(ndiponso pankholo pa make)amawatenga a Malawi onse chimodzi -modzi sizikanatheka Mulli kutenga ngongole yochuluka ngati k4.6bl. Komano chifukwa Chitsilu Cha njanji chimadzitenga ngati chodziwa kwambiri mapeto a Malawi tonse tilipila machimo a Bingu. Ku treasury mwananvekha,Ku rbm Ligoya Ku finance Lipenga ndani akanatsutsa olo akudziwa kuti kunali kuphanya malamulo,lelo ndiizi bank ya a Malawi yavutika,ndipo ndi zambiri zomwe zinaonongeka ndipo zionongeka. Winanso ndi uyu mphwake WA mathanyulayu kumuuza sakunva akupitiliza kuononga zinthu ndipo a Malawi adzalipila.

  25. Team Chilima says:

    If Malawi was in West Africa. The Army would have already taken over this government so that the legimate government be decided by the people of Malawi. The only Difference is that in West Africa Most of Army Soldiers are Graduates who think using their brains and they fight for the people not their stomach

    Shame on all Malawians, including me

  26. Balamanthu says:

    Malawians-since 1994, we have tolerated alot of mediocrity.First we allowed a thief to rule us.Then we allowed a lunatic to rule over us ali ndi bottle la whisky mmanja.Then we allowed the lady chief thief run away with lots of cash.Akakhala awa, ayambapo kupanga zautsiru.Lets keep note of what they are doing and make sure we dont give them a chance next election.We are poor because timasankha zitrsiru,people that are selfish and always want to fill their pockets first rather than serving ambuyanga kumudzi.The first qualification for the next leader should be honesty ,ability to serve the people, and the fact that they need to be humble.If they start stealing by selling off MSB with the view of benefitting their sibblings, lets take note and give them our verdict in the next election.

    Kutukuka kumakhala ngati ku school.Ngati ana akuphunzitsidwa ndi mbuli, pasukulupo simpamakhoza ana.Thats what we have suffered from.We should not give these guys another chance if they keep messing the way they are doing.

  27. kamvazina says:

    Kodi chiphiko atengedwa liti pamodzi ndi william kachingwe? Ali mu Cashgate report

  28. Learned person says:

    I don’t understand why people think that when MSB is sold then all loans will be forgiven. Were all loans that customers had with Commercial Bank of Malawi written off when it was bought by Standard Bank??? The Mulli loan is currently in court there’s literally nothing MSB or whoever can do about it until judgement is passed.

  29. becks says:

    Parliamentary finance committee fantastic

  30. As a law abiding, tax paying citizen this sale of MSB feels like being a straight man being F?*#ed in the arse by a big, dark, male bodybuilder and afterwards being told to stay calm because everything will be alright. Hell, we are FLICKED up here!

  31. tuvitwana says:

    BIG MAN MACHE…. AKO. OSAKAMBAPO ZA MULLI BWANJI? KUBA BASI ZIALOMWE IZI. WE TOLD TO DO XOOL OSAMVA PANO KUBA BASI MSXIIII

  32. Asset Declaration says:

    Parliament, and opposition in particular, you are our only hope in this matter. Sometimes I wish Kamuzu just ate the money. Kupepela kwa Kamuzu amatenga ndalama nkumatipangira ma kampani m’malo moti adye ndalamazo nkumanga manyumba nkuyika mu ma account a kunja! Lero ndi izi atsogoleri a lero akufuna atidyere masuku pa mutu……mawa tizamva kuti mtundu umenewu ukufuna ugule Press Trust….mayo ineeeeeeeee!

    Let me tell you this Malawians: MSB management has always been trampled upon by the DPP govt! Mulli’s loans were all taken during Bingu’s time. You will be surprised that the Reserve Bank has enough controls to ensure that one company or person does not owe any bank such a huge amount like Mulli owes MSB. Whenever MSB management turned down Mulli’s application

  33. Sleeping Malawians come 2019 will be voted back to government.

  34. kesterchipala says:

    Bona likumuwopa Muli anawononga ndalama yambiri kuthandiza Peter pa chisankho

  35. Concerned citizen says:

    kuba kwafika povuta

  36. Comred Brigadier says:

    Ali ndi chipha mtima chani

  37. katundu says:

    Kodi ACB sanamange chiphiko? He is in cashgate report

  38. BigMan says:

    As usual, a bunch of opposition types going beyond their remit to oppose something that they have no expertise in nor logic to oppose. MSB is a burden to government and will soon be forced to shut down due to non compliance of the Basell II regulations. Instead these clowns and their usual CSO suspects feel like they have something new to play with and have engaged in the usual “lets frustrate government” games which always end up costing Malawians very heavily.

    MSB needs to be sold off to a private player who can be able to make it efficient, getting a few loans cleared first before its sold is a waste of time and totally irrelevant to the sale.

    1. Tsiku la Mowa says:

      “a few loans…”?! Are you for real? And you pretend to care about cost to Malawians, when all you care about is DPP getting away with everything.

      You’ll get what you want, eventually. But not on a sliver platter. I hope that MCP for once will be focused and determined.

      People opposed to this sale should also go after Thom Mpinganjira. What exactly is his interest in this deal that apparently no else seems to be interested in? Were his deals with the Zimbabwe guy he took FDH from above board? If Mpinganjira pulls out then there will be no buyer; no buyer = no sale…

    2. Kenkkk says:

      BigMan, you have no conscience at all. Sometimes it important to show your own way of thinking rather than keep on being brainwashed and hoodwinked by the perpetual lying DPP gurus. It seems you are one of them. How and Why is this bank inefficient? Is it not because of your thieving DPP cohorts, parastatals, Mulli, greedy individuals. etc who have bankrupted it? All you are trying to do is hide Bingu’s blunders which are coming to haunt you DPP thieves. Let them pay back all the debts they have and we will see if this bank is not viable.

      And please don’t even go into Basel. Your corrupt reserve bank is just bloody cooking up figures hiding its incompetence in monitoring this bank and its flawed lending patterns which should have been nipped from bud from onset.

      Your observation is hollow because of your party’s heavy involvement in the demise of this bank- too much conflict of interest from you DPP guys on this matter.

  39. Oky? So thats the whole reason they want to sell this bank.koma DPP sizathekaso guys,kuba too much alomwe awa eiish,kuba ngati pamtumbo

  40. soko says:

    thats the way to go let him pay back not the whole countrym losing the nank becoz he is from the ruling clan.

  41. Visiyeni says:

    Ndiye mukutinji? Much fuss about nothing. You think a poor man has any stake? My foot!

  42. John says:

    IF MULLI BROTHERS OWES MSB AN AMOUNT OF 4.6 BILLION KWACHA AND THE WHOLE MSB IS TO BE SOLD AT 4.5 BILLION KWACHA, DOES THAT REALLY MAKE SENSE? HOW COULD A BANK PROVIDE A LOAN TO A COMPANY WORTHY THE VALUE OF THAT BANK AND YET THERE ARE OTHER CREDITORS?

    DZIKO ILI SILIDZATHEKA BASI!

  43. Achikachinja says:

    mulli shud pay back all the money and all other stupid politician who r behind this sell to avoid honouring their debts. u wont b clever on this we r watching

  44. malawiana says:

    Good move Parly. We dont want To Be duped by the Lomwes on This One. Kamuzu built This bank from scratch and we dont want To Be ripped off of This valuable asset

  45. fkr says:

    is this the end of mulli?

  46. kela mwampita says:

    This is not plausible. Jelousy and envy is the main problem. Why are malawians not supportive of a local magnet thom mpinganjira taking over this bank

  47. Achikachinja says:

    so the whole govt was sleeping not knowing that mulli owes the bank such a huge sum of money. i think we r being led by idiots not just puppets

  48. lost decade says:

    Why can’t the bank release names of People who are failing to pay bac loans they took from MSB

  49. Mavuto mphinjidwa says:

    Why are most government controlled organizations such as MSB failing to perform despite being supervised & managed by well qualified personnel? Is it real that school matters in this case? Why rushing to sell MSB rather than applying your acquired expetees to revive its economic downturns so that the value your qualifications is exposed? My country Malawi who will sacrifice his wisdom, energy & love to deliver you from these economic wolves?

  50. Dr Callista wa Moo Thaa Leeker says:

    What the government is doing is tantamount to obscure loan deal defaulters at MSB. The biggest culprits of these defaulters happen to be top brass of Mulhakho walhomwe. Its not far from truth to say that its a calculated move by this mulhakho govt to sell the bank so that lomwes should go away ie Scott free from these loans. Mulli , Masangwi , Mwanavekha , etc owe the bank billions of kwachas. Parliament go ahead in blocking this insensitive and myopic thinking of selling the bank. The sales agenda is meant to benefit few Malawians of lhomwe origin yet the bank is for all of us, Malawians. Iwenso Goodall Gondwe, why do you allow to be used as a condom time and again by the mutharikas? Ndiwe chindere chakufikapo

  51. Chimboche says:

    Mulli Owes MSB K4.6billion government sells the bank at K4.5 billion. Mulli akadzabwenza loan ya K4.6 to the new owners, ndiye kuti the bank is sold at minus K0.1billion.

    why did government bypass MSB in paying Mulli against the MOU and undertaking?

    Shaaaaaa. Don’t we have economists and financial advisors to Government. kubatu uku

  52. Kasinja Mfula says:

    DPP leadership must tread very carefully on this issue. Anything silly might see them go the Bingu way considering that the public seems to have lost patience. It was expectation that their comeback was destined towards reformation rather than stupidity. Malawians need not to be taken fo granted. Their coming back was because people wanted to get rid of the Joyce Banda and PP mediocrity and trivia only. Not because the majority had trust in the DPP. It is the same MUlli folk that tainted the late Bingu. Tread carefully Peter and Saulos. See who is around you and trying to have a pie in the influence you have. It would be shameful for you to die and people start celebrating rather than mourning like what we saw when Bingu died. His was a consequence of adamancy. Travel not that road!!!

  53. Masoambeta says:

    Why did it take all this time to uncover those who owe MSB??
    You will find that the reason is the same one as that which is bringing the whole country into a household of a few greedy politicians.

  54. Mwana hear says:

    I smell cashgate at msb. I believe there were cases of siphoning out government money in the name of paying mulli. If mulli was paid directly by government and he still went ahead and cashed funds from msb in the name of the above agreement and now he contesting the amounts he cashed at msb, then who benefitted. Who is fooling Who?

  55. toy says:

    let MBL settle the debt.

  56. you too says:

    So in other words Government guaranteed loans granted to MBL by MSB? Ayi tiyeni riyimepo pamenapa and Bravo Parliament

  57. Cocoon says:

    Thank you for standing up for Malawians, this government wants to steal now what was left of Malawi’s business to enrich just a few people like Mulli Brothers, Laston Mulli has been told to keep his Mouth shut and everything will be ok, and the government will continue supporting him without anyone noticing. Please block these thieves. You investigate how he obtained all the business or companies from the government without paying the government only instructions how to pay but never paid anything. Do not let them steal MSB, remember Malawi is the poorest Country in the World.

  58. That’s a better way to go

  59. CHEKUCHEKU says:

    U R Wasting Ur Tym. The Bank Has Already Gone To Mutharika Via Tho Mpinganjira…

  60. Khongoni Boy says:

    Mukugulitsa Bank Chikhalilecho Mulli Sanapange Settle Ngongole Zake Koma Anyani Inu

  61. kika says:

    The government is deliberately ignoring this and rush to sell MSB just to protect Mulli. No wonder we are the summit of poverty. This is stupid. Others are getting richer and richer at the expense of very poor Malawians. Dziko si la Amai anu. Fokofo

  62. koma Umbuli? says:

    Good approach, MSB is not for one tribe which can obtain loans willy nilly and not service it.
    In fact Parliament being representative of people, they have to speak needs if their representatives.

  63. Balamanthu says:

    Honourable Chiphiko ndi anthu ophunzira odzidziwa dzitnhu and I fully support his committees take on the subject matter.Let Mulli settle his indebtedness to the bANK BEFORE HE CAN BE PAID OFF BEFORE FLOGGING OFF THE 49% STAKE IN MSB.THIS SHOULD HAVE BEEN COMMONSENSE IN TREASURY.AGONDWE AKALAMBA.PPP INATHA-Inali kale kuli Mawindo ndi Maziko

  64. bongozozo says:

    If FDH wants to buy the shares then the arrangement should be that they pay off debts on behalf of MBL. After paying off then they could be allowed to get the deal. Apo bii ayi..

  65. kabumbu ka Getu says:

    Mulli must pay back the money now

  66. marvelick says:

    Gud recommendations…… Listen ageing Goodall Gondwe

  67. Parallel Market says:

    How the hell can you sell this profitable bank?. Don’t dare…!!

  68. bratusha says:

    Chiphiko is educated and entrepreneur as well. Such is the calibre of parliamentarians Malawi needs.

  69. Mphwache says:

    This makes a lot of sense.

  70. Ababa Thamangiwa. says:

    an empleyee forcing employer and owner not to sale a company? Strange things happen indeed

  71. ASAAAAA…. CAN SOMEBODY PLEASE SHAKE THE JUDGE SITTING ON THIS MULLI CASE AT COURT?

  72. Prophet Justice says:

    Good job Rhino and your colleagues in the budget and finance committee

  73. Kenkkk says:

    This is becoming very complicated to me. I need some education from you in the know. How and why is the govt owing Mulli money?

    If it was agreed that govt payment to mulli should be done through msb, then why is the govt bypassing msb and paying direct to mulli? If the money had been paid through msb, then msb would have been able to withhold some payments to recover or reduce the debt mulli owed msb. The govt broke the payment agreement, why? This is where corruption starts to emerge on the part of both mulli and govt as it has always been suspected. So how much has the govt already paid mulli and how much is outstanding and for what services did Mulli provide?

    The loan between mulli and msb has nothing to do with the money the govt owes mulli, so why is mulli not paying back its msb loan. I don’t know why mulli is disputing the msb loan, it doesn’t know how much it borrowed and how interest was to be calculated? So what are mulli’s grounds for the disputed loan? Surely there should be no link between what the govt owes mulli and what mulli owes msb. So mulli must pay msb loan back.

    Apart from mulli debt, it is clear that other statutory or govt organizations borrowed heavily from msb and these debts plus poor inefficient msb management and political interventions are what have contributed to the current demise of msb.

    What the budget and finance committee has said is exactly what the people of malawi want to see done before any msb sale considerations are made by this govt which is so inter-twinned with mulli.

    1. Zikomankhani says:

      To answer your first question: The govt owes Mulli money because the PP administration cancelled some ongoing contracts that Mulli had entered into with the Bingu administration. The courts ruled in Mulli’s favour.

      But MSB does not even have to wait for this money since MBL loans are secured. This means that if MBL was not connected to the ruling party, the assets that were used as collateral would already have been sold off by now to enable MSB recover these ‘toxic’ loans.

      This ‘sale’ of MSB has more to do with getting DPP oligarchs off the hook than a desire to comply with voluntary Basel 2 requirements…

      1. Kenkkk says:

        Zikomankhani, thanks for your explanation on how the govt came to owe Mulli some money.

  74. vacuum says:

    Dziko lathu limalamulidwa ndi anthu odzikonda.Zoona bank ingagulidwe ndi mtundu umodzi wa anthu.ONLY GOD KNOWS THE FUTURE OF MW,AMEN.

  75. Manyasa says:

    Good job parliament, Muli must pay first!

  76. ujeni says:

    If Mulli pays back the billions he owes MSB, the bank will be on good footing. What we see in Malawi is too much dirty being played by these unprofessional thugs with state house connections, you dont develop a country like that. I dont want to hear ka Ben Phiri owes this bank millions too.

  77. Wakwithu says:

    Game ikati chonchi timati yayamba nde mumuone mlomwe mmene atakatile kufufuta umboni kaya kikikiki. My proposal to parliament please hunt for individuals who were responsible for the direct payments to Mulli bypassing MSB – we know this was calculated move!

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