Justice Mwaungulu orders review of Mulli assets : Malawi Savings Bank saga

Supreme Court through Justice Dunstain Mwaungulu has has vacated an injunction obtained by Mulli Brothers Limited stopping Malawi Savings Bank (MSB) from selling its properties and has ordered both parties to do a re-evaluation of the properties put on sale.

Mulli: His properties to be re-evalued before sale

Mulli: His properties to be re-evalued before sale

Ian Bonongwe - MSB boss : Told to do re-evaluation together with Mulli before sale

Ian Bonongwe – MSB boss : Told to do re-evaluation together with Mulli before sale

Mulli sought court relief stopping the sale of the conglomerate’s properties.

In an interparty hearing over the matter in Blantyre, Justice Mwaungulu restrained the bank from selling Mulli properties which were presented as collateral to the bank.

Private practice lawyer Chancy Gondwe, who is representing MBL Holdings in the case, confirmed that the judge gave the two parties 14 days to re-evaluate MBL Holdings properties for him to weigh how much they are worth.

Mulli properties – Estate in Thyolo District on a deed plan number 117/66, tea Estate in Mulanje covering 43.3995 hectares, an estate and tourist lodge in Mulanje along the Mulanje- Phalombe road, commercial property along the Limbe Thyolo road at Nantipwiri in Thyolo – are valued at over K3.3 billion.

MSB want to recover its K3.3 billion kwacha loan the company obtained from the bank.

Justice Mwaungulu ordered that after the re-evaluation, Mulli and MSB should appear in court with their findings on June 18.

According to Judiciary spokesperson Mlenga Mvula, the judge will use his discretion on the way forward depending on the findings both parties will present in the court.

MSB and MBL Holdings have been battling in courts over the loan amount recovery which the bank puts at K4 969 043 316.93. MBL Holdings contends that the figure is grossly exaggerated.

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28 thoughts on “Justice Mwaungulu orders review of Mulli assets : Malawi Savings Bank saga”

  1. bob says:

    What is surprising is that in spite of all those big loans, Mulli can not show evidence of mature development project apart from Nali. If I were him, I would be an owner of shopping Malls and even Stadia but because he only had money without brains that’s why he is basically still poor. NONSENSE

  2. king solomon says:

    Potenga ndalamazo mumachita kugwadira pano kuti mubweze mpakana ku Supreme court are you really serious? Ifenso tinangongolako pano we are about to finish zako izo.

  3. Let there be a special follow up, until justice preveals- Malawians should know the stand of of their Tax

  4. chindele chakufikapo says:

    All said but the fact is that finally muli is cornered.or APM knows full well iyi yili pauta

  5. Dwambazi says:

    Can anybody explain why Mathanyula lawyer is also defending Mulli? I smell a rat.

  6. Keyboard says:

    Even if the property is valued at K1 trillion, it does not mean it will be sold at that price. It could be sold for K2million God willing.
    When the loan was being taken, there were chattels that were attached. The issue of revaluing does not arise. If Mulli was clever then he should voluntariry sell off the property and square the loans full stop. Revaluing is just paper money.

  7. Keyboard says:

    The judge failed to see the diofference between paper money and actual money. The revaluation does not help the case in any way. The valuation could be K1 trillion dollars, but what matters in this case is how much the bank would realize after selling the assets. Mulli took actual money. He must return actual money. The valuation doe not in any way guarantee the bank that the asserts would be disposed off at that value…
    No justice here!!

  8. Sapitwa says:

    Property appreciates as time goes on. You wil find that the value of this propertycombined will be over 10 billion Kwacha. Naval will only dispose one or two properties to pay off the loan. Clever!

  9. Ya kokani ndalamazo basi no excuse

  10. Midnight 6 says:

    Thus Mwaungulu i know

  11. Matchado says:

    Apatu dolo ndi Bingu . Anangomupusitsa pusitsa Mulli, kenako iyeyo wautali . Pano zamutsalira yekha Mulli . Pano dzina lakuti “Leston Mulli” lasintha . Tsopano akudziwa ndi dzina lakuti “Toxic Mulli” .

  12. KHUERE says:

    Ndiakuba okhaokha alhlomwe ophangira amenewa , komanso muziwe izi ,mlanje thyolo chikwawa nsanje phalombe chilazulu zommba KULIBE ALHOMWE tonse ndi AMANG ANJA , Amang anja sangabe monga amabera MULLI MUJA AYI

  13. Vakabu ya amphawi. says:

    Kodi mmesa ukamatenga ngongole ku bank amayamba awona kaye chikole chako ngati chikugwilizana ndi dalama zomwe ukufuna ubwerekezo? Apa pakufuna pachitike chinyengo,zikutheka bwaji kuti anthu omwe anabwelekana ndalama mwachinyengo akafufuzenso kawili za mtengo wa chikole popanda wina wapadera kukhalapo?

  14. Mlakho says:

    Alomwe alomwe mooophia!!!

  15. Kenkkk says:

    If it transpires that the value of collateral assets is now less than what mulli borrowed, then other assets of mulli will have to be used to pay the difference and the whole loan taken plus interest of course.

    Otherwise if mulli fails to pay then, they will have to be bankrupted and all their assets placed under administration and sold off to pay the debts.

  16. Aimed at says:

    The property being earmarked is grossly over valued and sale of the same will at the estimated value will be a big joke. He will not even feel the pinch.. He will be disposing of what is stale property or rather a burden to him. Get what gives him money and power. Doing what most are suggesting is like kumutengera mwamuna mkazi oti sakumufa kapena is a bother. Let’s be serious! We know that at that time he used to get loans using the then power such that management of the same bank had no powers to say no… Mind you this is government property and you know who runs such property!!!

    I am sorry to say the then leader … May his soul rest in peace….had an upper hand in all this. We need our tax go where it needs to go and also not to pay twice to save some greedy individuals!

  17. dairemulala says:

    Suppose revaluation reveals that the property is worthy only 700 million, what will happen ? Mulli apereke basi. Include National bus company shares.

  18. ndadabwa says:

    these instructions i from Peter Mutharika. angotibwatika akufuna amubise Mulli kuopa angamuulure

  19. Achimwene says:

    Yamukulira game Mulli. Akamufese Nkasa. Phungu anati ndale mkanyama koipa, kamakuchita tintini. Mulli amangotapa ndalama ku bank ngati zake? Tintini wayambapo!!!!!!!!!!!!!!!!!

  20. Nachipanti says:

    Independent valuers should be involved and there shouldnt be any dirty tricks.There are valuation experts around who could do the job and not these other funny ones. Mulli should feel the pinch of taking Malawians for granted.

  21. nYAU SITHOBWA says:

    Anthuwa ndi amodzi see their faces

  22. Blessings says:

    Abweze Basi asamaone ngati amalawi ndi opusa.

  23. john kuwanda says:

    after u r done with all the calculations, muzandigulise ine chumacho………….

  24. nYAU SITHOBWA says:

    Kupha nthawi come federal please tatopa chuma chofukula Achewa akudya ndi Ena INUINUINUUUUUUUUUUUUUUUUUU KAYA NDI NKHONDO IFIKE BASI

  25. mulopwana says:

    When they went into a loan agreement,the bank knew the value of properties.I don’t understand these judges any more.The bank could not release the loan without the valuation of properies.What the judge is doing ,is like telling to start a new agreement .Zotsiru basi kufuna kutiputsitsa apa

  26. mulopwana says:

    wapenga nazo ngongole mullie.zimakoma potenga koma pobweza uhu..uhuuuu.Bingu anakuputsitsa iyeyo anathawa,ali chete………………..

  27. henz says:

    Please let the bank sale the properties period.

  28. Tithatonse says:

    How will the re-valuation help the case?

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