Malawi banks warn each other on Kaonga, Nserebo ‘loan tricks’

Commercial banks in Malawi are warning each other to take extra care when dealing with two ‘businessmen’ Ernest Kaonga of Maranatha Private Schools and Elvis Nserebo of Matindi Private Schools.

Officials from commercial banks talking to each other

Officials from commercial banks talking to each other

It has been established that the two are using “tricks” to obtain huge amounts of loans from different banks and make it harder for the banks to access the funds.

An insider said bank officials have started talking to look at the loan applications of the two businessmen with a ‘critical eye’.

Sources said Kaonga and Nserebo are using same tactics when they want to get loans by providing ‘flowerly title deeds’ as security for their loans.

“When the banks start the process of getting back their loans, they find that either the title deeds contain an unfinished structure or indeed a vacant plot or sometimes a house which does not belong to them,” said a source privy to the dealings of the duo.

“You can see what Kaonga did to FDH Bank; he used a technical flaw in the law and sued the bank for loss of business when in fact he was supposed to be paying back the loan. He even managed to get Sheriffs pounce on the bank,” said the source.

“From FDH he is going to Petroda, remember he rented Keza office park for his school and somehow the school caught fire. He is claiming millions of kwachas from Petroda instead of him paying Petroda for the use of the building. I will not be surprised if Sheriffs visit Petroda soon,” added the source.

It is also the same with Nserebo who is also playing hide and seek with banks.

He got a multi-million Kwacha loan from one of the commercial banks for his Agri-Feeds company which folded after he had misused the loan.

Instead of pumping the money in the business, Nserebo used the money on flashy cars and a sprawling mansion in Bvumbwe, according to sources.

The bank has since repossessed some of the cars and the mansion and the company, Agri Feeds has folded up.

“Nserebo too uses the same tricks as Kaonga of giving false securities against his loans in banks and now the people in the bank have realized that these two are not honest and are treating them with caution,” said the source.

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marika
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marika
5 months 16 days ago

maranatha ndi school ya ukape ndi yakuba, ngakhale ana amawabera ngakhale ma cell phone ndi masuitcase a zovala chifukwa cha umphawi. Alibe ndalama awa komanso amangolemba unprofessional administrators. Headmaster alibe say ku maranatha. Azipunzitsi ndiye kananja. Anakwatira ka mwanapiye akawongawa. Kodi munamulekeranji chiphadzuwa uja? Kodi mumangoyamba ma business mulibe ndalama? Nkhanza mumachita pomabweza ana atalipirako half school fees zija kani inunso mumalephera kulipira ngongole? Shame on Maranatha.

GRM
Guest
GRM
5 months 16 days ago

Are banks becoming a cartel? Stupid banks they refused me a pay day loan of 500,000 nkumati it is equal to my salary Ali nditenge 250,000 yet I was to give all the money once I receive my salary. This guys are crooked. Now they are crying louder coz akumana nawo mbava zinzawo. Stupid banks

MGULU
Guest
MGULU
5 months 16 days ago

SPECTATOR WALASA, AFTERALL MULI BROTHERS BAND USED SAME TRICKS FOR HIS COMPESATION(S)!! NOW MNGULU WINA AMUCHENJERESA APA!!!

NTHAWI ZINANSO TIZIFUFUZA BWINO, NTHAWI ZINA A DEFENCE AMATHA KUYIKA DALA WEAK DEFENSE ILI PLAN.

Fatso
Guest
Fatso
5 months 16 days ago

Akhaulitseni ma bank onse.More fire.If i remember well ma bank akhala akukana ma credit bureau.Iam sure zimenezi akanawauza a bureauwo ngati mmene achitira kuno ku RSA!Kaonga tiye naye Mpinganjira waba MSB.

Kondwani
Guest
Kondwani
5 months 16 days ago

Gulugunya U Can’t Attack The Whole Innocent Tribe. Ndiwe Chindere Tikurowenge.

gulugunya
Guest
gulugunya
5 months 16 days ago

Kaonga is professional thief. K785 million kwacha is just too much for Malawian bank. The Kaonga is Mtumbuka and the judge who handled the case is also Mtumbuka. I smell a dog here if not a rat. Another Tumbuka is up again for compensation over trivia matters. Tumbukas are thieves. The other tribes watch out with Tumbukas. Mark my texts.

Najere Chitekwe Gelevulo
Guest
Najere Chitekwe Gelevulo
5 months 16 days ago

Kubera bank…..no crime. Atibera kokwanira. FDH ndimatemberero chifukwa chogula bank ya MSB amalawi akulira, iwo nkumasangalala. Inenso I am suing you for K1bn. Cashier wanu sanandipatse moni lero

spectator
Guest
spectator
5 months 16 days ago

Wakuba akabeledwa amapenga heavy. Palibenso amene amanva kuwawa ngati wakuba akabeledwa.

Diwa
Guest
Diwa
5 months 16 days ago

Za chamba imeneyo nde bank kapena finca, unprofessional ma bank a m briefcase.

parice
Guest
parice
5 months 16 days ago

bwana james stop confusing malawians, how can one use tricks to obtain a loan from banks,ngati ma bank akupangidwa zimenezi then dey shud blame themselves for poor security,osangoti kungodzuka uko kuzaononga cv yanzanu,those pple they work day n night to rich where they are,work hard the success will follow u,siyani majerasio.

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