CSOs hold demo, petition govt on Malawi Savings Bank sale and ‘toxic’ loans

Hundreds of people have protested in the capital Lilongwe and delivered a petition to government and another to Speaker of Parliament against the impending sale of state-owned Malawi Savings Bank (MSB), urging government to recapitalise the bank instead of selling it.

The petition to government was presented at Ministry of Finance where spokesperson for the Ministry, Nations Msowoya, received it .

Petitioners march towards Parliament  and gives 60-day ultimatum on MSB sale

Petitioners march towards Parliament and gives 60-day ultimatum on MSB sale

Mayaya (L) handing over the petition to Chiphiko at parliament.-Photo by Alfred Chauwa, Nyasa Times

Mayaya (L) handing over the petition to Chiphiko at parliament.-Photo by Alfred Chauwa, Nyasa Times

The protests in Lilongwe against 'new cashgate'' through MSB sale.-Photo by Alfred Chauwa, Nyasa Times

The protests in Lilongwe against ‘new cashgate” through MSB sale.-Photo by Alfred Chauwa, Nyasa Times

Some of the palacard protestors carried.-Photo by Alfred Chauwa, Nyasa Times

Some of the placards the protestors carried.-Photo by Alfred Chauwa, Nyasa Times

Handing over the petition to Parliament to Chairperson of budget and Finance Committee, Rino Chiphiko, one of the organisers, Billy Mayaya said the “concerned Malawians” want the recapitalisation of the bank should go through parliament.

“The MSB recapitalisation process should go through parliament,” said Mayaya.

“We demand that the National Assembly debates and approves the re-capitalisation of MSB to the tune of K5 billion so that it continues to operate,” said Mayaya amid chanting by members of the CSOs.

He also said Malawians are also against government’s move to clear toxic loans totalling K6 billion owed to the bank by private sector players.

“The loans should not be passed on to Malawians,” he said. “We will not allow our taxes to be used to pay off individual loans of greedy, selfish, hard hearted politicians and businessmen,”

The petition demand that those who defaulted must repay their loans, failing which “their assets must be seized.”

Opposition lawmakers claimed in parliament that government wants to hand over the bank to FDH Bank, owned by Thom Mpinganjira, whom MCP MP Peter Dimba described as “Mutharika’s crony, tribesman, DPP campaign financier who sits on the public reforms commission.”

Receiving the petition, Chiphiko promised to deliver it to the Speaker of the National Assembly.

“As members of Parliament, we have also taken government to task on the same; we even presented a report in Parliament on how transparent we want all this to be,” he said.

Some of the politicians who joined the match included MCP spokeswoman, Dr Jessie Kabwira who always exercises her right to demonstrate, youthful politician Levi Luwemba also took part.

Many people have described MSB sale deal as similar to Cashgate—the systematic plunder of billions of kwacha from Treasury.

Meanwhile, government is reported to have set up a yet-to-be-named independent agency to collect outstanding loans owed to MSB.

According to press reports two of the individuals earmarked for the job are Chadwick Mphande, former chief executive officer of Carlsberg Malawi Limited who also serves as a director of NBS Bank and chartered accountant Nkondola Uka, a managing partner in accounting, audit and business advisory firm Deloitte.

The strategy, according to reports, is for the team to collect the debts owed to MSB to demonstrate that government was not bailing out the politically linked debtors.

The petition, addressed to the Minister to Finance, Goodall Gondwe, and copied to Secretary to Treasury and Speaker of Parliament, Richard Msowoya, says the CSOs will hold vigils at Parliament and all MSB branches across the country if government does not comply with the demand.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

Sort by:   newest | oldest | most voted
Tonde wa tonde
Guest

This is not apondium of stupid comments ,if u are wise enough bring good ideas why to sell msb or why not sell it not talking nosence zakozo ,we dont eat politics we eat our education ok u must learn to understand,

moramo
Guest

Usually I do not read article on blogs, however
I wish to say that this write-up very forced me to check out and do
it! Your writing style has been surprised me. Thank you, very great post.

Moatize
Guest

I have friends, most of them gule wamkulu and vimbuza dancers. Educated but savagely thinking DPP can be toppled by this one galatian Chakwera and husband snatcher JB and chidempete Jessie thru idiotic and stupid foolish CSOs. Kuzikwata ndi chala kwenekwene. Muyenda mminsewu anadonza Bingu mutopa. 2019 ndiye mudzalire ndi yeneene landslide. Tangotini pheee. You will see!

chefourpence
Guest

Polls? Is this a coup? Is MCP planning to rule through the backdoor? Bullshit! All you psychos who suffer from delusions of political granduer know this: you cant fool people again like on July 20.

CHEKUCHEKU
Guest

Demo Popanda Okufapo Nde Ndi Demo Imeneyo? A Mayaya Mukuchedwa. Dpp Will Rule This Country To The End Of Their Term Ok…..

No tribalist lomwe.
Guest

Why not use cherrif. Just remove the political protection and msb will remain 4 malawians but in this case it looks like ceaser is honouring this coruption and he is ready to turnish his image bcs he benefited heavly from this. Bankyi inali yathu, pano yabedwa tikuwona tifune tisafune.mavnta vota.

NELSON
Guest

masiku osiliza palibe azabwelese mtendele ku Malawi tiyeni tifunefune mtendele from our beloved JESUS

Romeo Hastings Bandawe
Guest

THAT IS A GOOD MOVE, THANKS MAYAYA, KABWIRA AND ALL OTHERS WHO TOOK PART

Mnzako
Guest

CSO mwaiwala munaphetsa anthu pa20 july11 ndalama zochitira chisakho muzitenga kuti? mudziwa zapakhomo panu osakoneza aMALAWI.Ndafuna kuti muuzeni aMALAWI mugwirizano pakati paCSOndi MCP nthawi JESSIE KABWIRA akhalepo nsanje ai PP adayamba zaف MBS DDPai

Njalayamalamuchiuno
Guest

There is this saying that’ you recover a loan when you are making it’. How were these loans made in the first place, if we may ask? Creation of a separate entity to recover these is just a heat cooling mechanism by those advancing the sale. Another drain on tax payers money while options do exist to recover these loans if they were made in good faith. Who is cheating who!

wpDiscuz

More From Nyasatimes