Malawi ex-Pres. Bingu wa Mutharika’s K61bn ‘wrongful self-enrichment’ exposed

In a case which many have concluded as “wrongful self-enrichment’ a daily newspaper has exposed  former Malawi president, the  late Bingu wa Mutharika,  that he had several bank accounts in both local and foreign commercial banks where some money which is part of his K61 billion estate was kept.

The Daily Times reported on Monday  that Mutharika, at the time of his ascendancy to the presidency in 2004, declared that he had K150 million worth of assets but true to accusations  prior to his death  that he had amassed worthy dubiously,  he ended up amassing assets amounting to K 61,350, 437, 237. 62.

This was revealed in an affidavit by Yeremia Chihana of YMW Property Investment Limited and Registered Property Evaluator, who disclosed to the paper that some of Bingu’s wealth, whose estimated figures may end up being more than the stated, was kept in Europe and United States of  America.

“Although I have not yet completed my exercise, as the Estate is huge and somewhat complex and in various countries, my preliminary examination has approximately valued the entire Estate as a gross value of K 61,350, 437, 237. 62.exposed

“This sum is from property and account balances held in bank accounts within and outside the jurisdiction namely Zimbabwe, South Africa and United States of America,” reads the affidavit.

The report in the daily says Mutharika had an account number 916000090-5 at the Bank of Taiwan in South Africa which had $35,000,000 which exchanged at rate of K330 at the time of evaluation was K11,550,000,000, United Nations Federation Credit Unit account number 0000077740 had $4,448,828.06 of Mutharika’s wealth which translates to K1, 468,113,259.80 at K330 a dollar, Standard Chartered Bank in Zimbabwe had K320,000,000, New Jersey had $4,000,000 which is K1,320,000,000 while accounts at Barclays Bank of UK, Barclays Bank of Portugal, Barclays Bank of Zimbabwe had no money.

The report further says that the documents show that Mutharika’s Estate had eight bank accounts at the First Merchant Bank(FMB) namely Dr Bingu wa Mutharika account number 016031604 which at the time of his death had a balance of K39,765,072.35, Ndata Farm, account number 0360228001 which had K10,650,785.92, two Bingu Silvergrey Foundation accounts numbers 0260121009 and 0262417775 which had K174,219,596.10 and K17,560,923.85 respectively, Bineth Enterprises, account number 0360069010 which had a bank balance of K1,327,652.22, Bineth Education Fund account number 0260783003 had K75,463,696.04 as balance while two University of Southern Malawi’s two bank accounts numbers 016031604 and 0260908007 had K39,765,072.35 and K77,600,607.11 respectively.

It concludes that the total of bank balances added to his, K44, 000,000 of share certificates and some property comes to K 61,350, 437, 237. 62.

Mutharika, who was serving his second and final five-year term, died while in office in April last year. His brother, Peter Mutharika, is running for presidency next year.

 Ndata 'House of late Bingu wa Mutharika

Ndata ‘House of late Bingu wa Mutharika

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