Malawi cashgate loot up to K20bn from K13bn – report

The billions of kwacha in public funds stolen in a scandal dubbed as cashgate has been revised from K13 billion to K20.3 billion, according to the  Anti-Corruption Bureau (ACB).

British audit firm, Baker Tilly, which was hired by the British Government to carry out a forensic audit first discovered that K13 billion was stolen within six months last year,

Cashgate suspects walk in shame covering their face

Cashgate suspects walk in shame covering their face

But ACB’s deputy director, Reyneck Matemba,  has said the new figure includes K4.8 billion of transactions suspected to be overpayments and payments made without supporting evidence.

He sai ACB has received from the Auditor General the audit report from Baker Tilly, British auditors who were assigned by former president Joyce Banda to help trace the looting.

“We have received the long-awaited Report from Baker Tilly,” Matembe is quoted by Weekend Nation newspaper.

He confirmed that the report presented to parliament is “very detailed and it contains names of companies and the owners of those companies as well as individuals that are suspected to have taken part or were connected to the massive plunder of Government finances dubbed ‘Cashgate’’”

Added Matemba: “The ACB is analysing the Report which, undoubtedly, contains very crucial information which will prove very vital to our ongoing investigations.”

‘Cashgate’ unravelled following the shooting of former Budget Director Paul Mphwiyo in September last year.

Following Mphwiyo’s shooting huge sums of money in Malawi Kwacha, South African Rands and US dollars started showing up in unlikely places like car boots or under the pillow as the suspects were avoiding formal banking sector since the unexplained money could have raised eye-brows.

The scandal had prompted foreign donors — who provide around 40 percent of Malawi’s budget — to pull the plug on aid of around $150 million .

The Cashgate scheme is the biggest financial scandal in Malawi’s history since independent from Britain in 1964.

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
loveness
Guest

this cash gate will die eventually and nothing will be done the looters are stlll n the spree of stealing right under the nose of ACB and the so called government, the poor are suffering and government is blind.

Munthu wa Mulungu
Guest

Inu a DPP, don’t edit the report. We want to see it as it is.

mayeso pindani
Guest

athileni unyolo basi

marko
Guest

Kupu,,, amalawi mungoyanganabasi am sorry amacheni awa

marko
Guest

Anthuwa ndi amodzi jb mbava bigu, peter mbava. Amalawi tithawira kuti boco haram basitu

kachikho
Guest

Yes Malawians need to know about both cash gates which involved the Bingu administration of the92 billion kwacha and the 20 plus billion kwacha as revealed under JB administration . There is a lot of feet dragging on these issues? Its like Malawians are being taken for a ride

Vikhumbo
Guest

Ikanakhala kuti dpp inaba K92b Joyce akanavumbulutsa,koma nkhani ili apa ndiya K20b.Joyce will soon face the charge.Mfiti yaikazi imalimba mtima.

munyasa
Guest

pp ulula dpp anadya nawo si ndinu amodzi mmangositha mawanga …..mukudziwana satinyasepo apa …….just build us anew stadium in blantyre zomba and mzuzu tikaonela mpira timasangalala osati zandale zanuzi zosapsa

kadzibwa
Guest

Why is Mulli of Mulli Brothers Limited given preferencial treatment at DPP Executive Meetings? Why is Airtel always bashing at DPP Government and Party Functions?

pearson sadala
Guest

And Dpp cadets are busy creating their own reports to share on facebook and whats app. Shameful indeed.

wpDiscuz

More From Nyasatimes