In what has been described as the “biggest banking leak in history” – about 16 people and companies with connections to Malawi have been mentioned in a trove of secret documents from Switzerland based subsidiary of HSBC Bank that reveals names of account
holders and their balances for the year 2006-07.
The Malawian names and companies have been named in the Swiss Leaks as having illicity maintained bank accounts in the amounting to $16.1 million (about K7.5 billion) in the HSBC’s Swiss private banking arm.
The International Consortium of Investigative Journalists (ICIJ), which obtained the leaked files and created a database, have revealed who some of these wealthy clients are. They came from a variety of backgrounds, from businessmen to entertainers – who will have made their wealth legitimately plying their trades – to politicians and even a hostage negotiator!
But not all of the clients could claim to have made their money legitimately. Some of the revealed names included a collection of international outlaws – from tax dodgers and arms dealers to drug smugglers and money launderers
Malawi has received a notable mention because of how much the money in the accounts could have contributed to the country’s gross domestic product per capita ,which stood at $266 in 2007.
However, none of the people mentioned holds a Malawian passport or is a Malawian national.Follow and Subscribe Nyasa TV :