CSOs to hold protests against Malawi Savings Bank sale

Come Friday next week, the rights campaigners and concerned citizens would hit the streets to hold protests against the controversial recapitalisation of state-owned Malawi Savings Bank (MSB).

Mayaya: We will hold protests

Mayaya: We will hold protests

The activist will also present a petition to Speaker of Parliament Richard Msowoya so that lawmakers should be pressurising government to make sure loan defaulters pay up their dues and not tax payers bail them out.

One of the organisers, Billy Mayaya, said they have informed police about the peaceful demonstrations.

“We are aware that politicians and businessmen have been using the bank to siphon billions of kwacha. We will not allow hard earned taxpayers money to be used to write off toxic assets,” Mayaya told Nyasa Times on Friday in an interview.

Government has come under intense criticism for injecting K6 billion into MSB to clear off toxic assets instead of simply asking those that owe the bank to repay their loans.

“We demand that these defaulters’ properties and assets be seized,” Mayaya said.

“Ordinary people who default on loans are punished severely so why crooks with political connections should be allowed to go scot free? It will not happen on our watch,” said the rights campaigner.

He continued: “We demand transparency and accountability at all costs. This is just a new chapter in the cashgate saga. Malawians are tired of this empty rhetoric about austerity and zero tolerance about corruption. We demand action and we demand it now.”

One of the social commentators and writer Stanley Onjezani Kenani also took to Facebook to back the protests.

“What the Mutharika government has done — settling Mulli’s loans of K5 billion — is criminal. Mutharika must step down. I am happy to hear there will be demonstrations,” he wrote.

Consumers Association of Malawi (Cama) have also hit at Capital Hill for apparently absorbing the bank’s loans obtained by companies which are still in business and have not been declared bankrupt.

Major on the list of the toxic loans, which government has taken over, is the Mulli Brothers Limited (MBL) loan, which stands at K4 969 043 316.93.

A report issued by the Budget and Finance Committee of Parliament on MSB’s recapitalisation largely blamed government for failing to support the bank’s initiatives to collect the money from Mulli.

Other defaulters included Varibo Spirits—owned by Duncan Kaonga—at K397 763 522.07, KJ Transways owned by a Mr Mkumba has a K172 536 106.23 loan that has not been serviced, Ganizani Transport owned by Charles Fungula owes the bank K97 908 785.35.

MSB is owed K83 960 954.29 by Maranatha Institute of Education of Ernest Kaonga, K71 220 602.47 from Consolidated Building Contractors owned by Peter Mhone, K69 776 370.81 from CK Construction of Chester Makuwira.

The bank is also failing to collect K68 034 537.28 from Fincoop, K65 910 536.30 from K’s Investments owned by Bintony Kutsaira, K30 717 180.76 from MGI Trading of Macpharen Mpeta Phiri, K27 179 448.51 of Injena Petroleum Limited, K20 722 510.70 of Angel Wings owned by Angel Chaponda Nazombe and K12 782 074.13 of Eranive Trading for Fanny Joshua.

Government has sai it will set up a debt collection entity that will recover the loans.

 

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43 thoughts on “CSOs to hold protests against Malawi Savings Bank sale”

  1. Kadziotche says:

    Sale of parastatals is a prerogative of the PPP (Privatisation Commission).Government has sold other companies before e.g Air Malawi,Malawi Railways etc.There is always ‘facelifting’ of the company that is on sale in order to attract buyers.Loans are bought out,assets increased sometimes shares are sold.At MSB what has happened is not corruption or political.Government has paid up the ‘toxic loans’ but that does not mean the defaulters are forgiven of their debts,NO.The PPP knows how they will recover the loans back.Those owing the defunct Malawi Railways,Air Malawi and others are still paying back their debts.Why this noise about MSB? Media houses are deliberately disinforming the public by not writing about the role of PPP in the issue,All they can write about is Mulli.How cheap!

  2. Jihadi John says:

    Mr Peter Mutharikha don’t mess up with Malawians. If you tread on the same path of taking Malawians for a ride that brought your late brother, am afraid you are nearing to a more dramatic end. You got to stop this nonsense now or never!!! We can’t take this no more. We are tirelessly working to take this country on the right and we can’t tolerate a stranger like you take us backwards!! We will see!!

  3. Mbizo Nakulungwa says:

    I am sure that Mulli is not in the wrong here. Some greedy people took loans in his name and he was left with nothing but a token of thanks. That is why those who used Mulli are trying their best to settle the bill on his behalf

  4. Sapitwa says:

    Specialists in Demos and nothing more.
    The matter is already receiving more attention in Parliament and there is also a standing court injunction. This Demo has no substance and is coming from opportunists who justify collecting donor money from their funders through causing havoc than using brains.

  5. Sunrise says:

    I am surprised that the ever alert Government propaganda machinery has gone to sleep over this matter ndiye kuti kalpo kalipo.

  6. ngulenje says:

    Sizodana ndi atumbuka apa Ernest ngwakuti navo visilu vakuba va DPP ivi vayambapo

  7. ngoni wachi tonga says:

    WE NEED ANOTHER OPERATION BWEZANI!!!!

  8. Zidura Ntengo Undigwere says:

    Most CSOs in Malawi are specialists in demonstrations; they are excellent at that and nothing else. There overseas funders demand this kind of political action, and rigorous analyses of issues too. But most of the CSO have no capacity for the latter; hence always calling for demos.
    Perhaps the only exception is CAMA and Kapito. That is one reason they enjoy the most widespread support. This demo will be a failure in terms of turnout; you’ll see the usual faces – Kabwila-Kapasula, Chakwera, Mussa and all PP MPs.
    I, nevertheless, support the recouping of the money. I really am.

  9. YOHANE MBATIZI says:

    Msonkho wanga ukundipweteka heavy ! Munakakhala mumandipatsa bwezi pano ndili ndi nyumba ku nyambadwe !Haaaah !Kalanga ine ,Chauta onani Malawi>Those who stop doing evil become a prey in the day light !
    Malawi has the highest tax rate in this African region .And those bearing that HEAVY CROSS are the rural poor popularly known for living under ONE DOLLAR WAGE PER DAY according to IMF standards.Ambuye akuona inu !Samalani , pakuti amene analenga maso ,angalephere kuona zedi ?Aaaah!

  10. Pelani says:

    transparency is needed

  11. shocker says:

    Atumbuka sakuchulidwa apa bwanji?

  12. Thuso says:

    APM and ur crooks government u write in the water

  13. KAMBUKU says:

    The government has a poor income redistribution scheme. How can it use poor people’s money to write off the bad debts of well-to-do individuals?
    Where is the progress in public finance management reforms and anti-corruption reforms?

  14. Twaniche says:

    God, have mercy on malawi. You bailed us from bingu. We have hope ull bail us from peter.

  15. johnM says:

    I normally do not participate in demos but I will participate in this one.

  16. Concerned Citizen says:

    Dear Fellow citizens,

    Our nations banking system relies on commercial banks. In turn the commercial banks rely on deposits for you and me.

    The way people with no banking knowledge and a poor working knowledge of economics are handling the issue of MSB leaves a lot to be desired.

    A banking business is unlike any other business, it needs to be handled with due care, trust and responsibility (which I feel is currently not the case). Can I beg the relevant authorities to bring sanity, maturity and a form of professionalism to the process, as a lot is at stake.

    As a nation lets get serious and give sound advice where it is URGENTLY required.

  17. Jah says:

    A p chilingulo sakudzi zimene akunena. Ku health ma allowance amabwela chifukwa azimbuyewanu odwaladwala aja. Ngati salipilidwa who wl do the job? Anyway its locum imene ndi malipilo aganyu shit!

  18. kazeze says:

    Once again, this is where we need the president’s leadership, what does the president say??? Since the country has no leadership whereto NOW Amalawi. A president has no guts to lead on this or at least say/inform the nation the why we must pay for some rich people, shall we presume it is because he has an interest in the saga??? I can guess as Abwana Chakwera also guessed on some other matter recently.

  19. zodiac says:

    nkhani ndi yoti ndalama zibwezedwe, koma musiyeni Thom ngati ali nfi ndalama agule bankiyi basi ma MP so amabwezerretsa mbuyo bankiyi kuli bwino iziyendetsedwa ndi munthu osati boma

  20. Mtumbuka says:

    mlakho was lomwe amwalira ndi Mayo ako kapena Bambo wako mark my words

  21. CADET says:

    Thats DPP i know, time for mulli to milk us after long time imvesting in DPP to the extent of defaulting on MSB loan.

  22. chosatheka says:

    PLEASE GIVE US THE DETAILS OF THE DEMO, I WANT TO TAKE PART. NOBODY HAS A RIGHT TO MISUSE MY TAX MONEY LIKE THAT, ZIKUNDIPWETEKA!!!!!!!!!!!!!!!!!!

  23. MSANA WA PETURO says:

    This country is ruled by a fool. May God help us!

  24. mphandupandu ngwee says:

    I was expecting that, thats the way to go CSOs. We are tired of these Lhomwes. Again push for Federalism

  25. Kokotowa says:

    The bank should confiscate the defaulters’ assets and companies!

  26. Wawa! says:

    To the streets we go!!!! This one toothed bull is taking us for granted. I prophesy another cardiac arrest in the Mutharika family.

  27. Achimidzimidzi says:

    I am confident and convinced based on previous issues like salary increment for the president and his vice as well as purchase of private jet. All decisions changed after some people complained or said something.

    Equally today, a hoping he is the same Peter Mutharika, therefore he is listening. He is not going to repay loans on behalf of crooks and secondly he is going to pursue the K92b ten year audit query. Imagine the audit not concluded all this time.

    He seriously running his government!!!

  28. tikhala says:

    Can this good government also assist me to pay back my loan at NBS. What does it take?

    Let all Malawians who have loans at any bank join hands and not pay- the govt will come to our rescue.

  29. Palikanthu says:

    Will join this good move. Name and shame them all, plus all those shielding them. We are tired of daytime robbery by politicians and their croonies.

    GOD RESCUE MALAWI

  30. Miyoshi Takashima says:

    Iam ready for the demos. I also urge Police not to kill innocent Malawians who will take to the street but rather kill these politically connected thieves. Kudos to MPS in advance if they heed my advice.

  31. Akatswiri says:

    The problem with malawians is tulo unlike other countries.

  32. tombolombo says:

    If you involve kapito, then you are going fail miserablely since dpp will infiltrate the process rendering it useless. Just a word of caution.

  33. Akatswiri says:

    You are right Billy.

  34. Chikopa says:

    Chilichonse protest kodi elections hungover itha liti? koma a malawi mmalo mogwira ntchito kuti anthu asiye kupita ku joburg basi nkhani izikhala yogwesana ife tatopa nazo zimenezi mwamva guys ntambo mayaya mumve komwe muli kuti tatopa ndiumphwawi tikakusekelerani ndiye kuti tikupeleka mpata kwa umphwawi kuti utilowe

  35. Paul Chiringulo says:

    These loans must be paid by those who are supposed to pay and not our taxes. If paid the money should be directed to the Ministry of Health to buy drugs and not allowances.

  36. Njalayamalamuchiuno says:

    Malawi as a Nation is passing through a very difficult moment in it’s fight against corruption and enforcement of debt repayment obligations by individuals. A very bad precidence is being set by the Government here. How can the Government claim to be serious to fight corruption while it openly trivilises the Mk92 billion Audit quarry? How does the current Government enforce loan recoveries on other defaulters from other Government Institutions( MADEF,YADE ,etc) after this MSB bail out? Long term effects of these decisions are desastrous to our country.

  37. End of another poor mutharika I can foresee. RIP

  38. Atcheya says:

    Good cause. Way to go!!

  39. LORENI says:

    Ready to join the demos. Dont use our money to rescure these stupid politically connected defaulters

  40. nYAU SITHOBWA says:

    Look, then should we say chakwera is wrong ??????????????

  41. Enidziko says:

    Why should my tax be used to pay off Mulli’s loans? Just because we have not started investigating the siphoning of MK92bn by Bingu, Peter should not think he can get away with this bankgate!

  42. matako m'mwamba says:

    Tili konko

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