Malawi Savings Bank in contempt of court over Mulli assets sale

Mulli Brothers Limited (MBL) Holdings Limited claims Malawi Savings Bank is in contempt of court for advertising the properties of the company valued at over K3.3 billion for sale, saying there is a stay order granted by the Supreme Court of Appeal.

Mulli: There is a sgtay order which has not been vacated

Mulli: There is a sgtay order which has not been vacated

Ian Bonongwe - MSB ready to sale

Ian Bonongwe – MSB ready to sale

MSB last week put on sale MBL assets valued a K3.3billion in a bid to recover a K4.97billion that the business conglomerate owes the bank.

But Gilton HD Chakhaza Group Finance Director of MBL said the company has only on court order from Supreme Court by Justice Richard Chinangwa granted on February 4,2015 stopping the sale.

The company argues that a panel of three judge Supreme Court of Appeal comprising Maxon Mbendera, Dunstain Mwaungulu and Frank Kapanda that heard the case on May 18,2015 to determine whether it was proper for one judge to give such an injuction as applied for by the bank and not necessarily removing the stay order. .

Mulli has since instructed its lawyer Chancy Gondwe to commence contempt of court proceedings.

Gondwe confirmed  working on contempt case.

But MSB Chief Executive Officer Ian Bonongwe claims the Supreme Court presided authorised them to proceed with the sale.

Government, through Ministry of Finance, had initially cancelled the MK6 billion loans that Democratic Progressive Party financiers and sympathisers, including Mulli Brothers, owe the bank.

Government had described the loans as toxic assets implying it was impossible to recover. The Ministry of Finance had written Malawi’s central bank to bail out the public owned bank which donors have suggested being privatized.

The development sparked criticism from all stakeholders in the country with opposition Political Parties in Parliament threatening to boycott proceedings if the government does not come out clear on the matter.

  • MSB has advertised for sale of Mulli property which includes;

    -An estate in Thyolo which has more than 70 structures on it. This is priced at K466,225,000
    -A tea estate in Mulanje with several developments on it extending on 43.2965 hectares. -This is pegged at a price of K1,754,158,600
    -An estate and tourist in Mulanje along the Mulanje-Phalombe Road. This is priced at K584,245,000
    -Commercial plot in Nantipwili in Thyolo values at K514,870,000

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30 thoughts on “Malawi Savings Bank in contempt of court over Mulli assets sale”

  1. Za ngongole zomwezi nde mulukamba zambiri?timve zina anthuni.mukungotukwanizana chifukwa chosiyana mitundu ndi kochokera,anthu ndi asena,amang’anja,angoni ndi anyungwi coz amalemekeza aliyense mosasamala za komwe akuchokera.Pitani ku CK mukalandire ulemu,osati kuphunzira tsankho ngati enanu

  2. DOBO says:

    Inetu ndakhala ndikudabwa kuti kuno ku Malawi anthu amakhala akuthamangila ku chipani Cholamula. kumakhala kumangila kuseweretsa ndalama za misonkha.Ndiye zikakhala mmaiko ena ochangamuka, imeyo saiva.

  3. KING SOLO says:

    DPP PARTY HAS SHARES IN MULI? SO THOSE PROPERTIES WERE ACQUIRED USING TAX PAYER MONEY? LAWYERS IN MALAWI CONTRADICT EACH OTHER COZ OF GREED.CHANCELLOR COLLEGE MUST BE TEACHING LAW BASED ON HIT OR MISS?WHY CONTRADICT EACH OTHER?

  4. Achimidzimidzi says:

    Ine mutu wayamba kundiwawa tsopano.

    I have never heard in my life, anywhere in the world where a robber sues the property owner. He must be very arrogant!

  5. ZZ Junior says:

    Concerned number ten. The bank can only sale those properties that were agreed upon as collateral by both parties.

  6. Kadakwiza says:

    Our President the professor of all professors President Peter Muthalika is failing to solve this simple problem concerning a bank. Should us Malawians expect anything good from lomwe man? I don’t think so. The president must intervene

  7. ONCE THERE WERE TWO WISEMEN TRADING AS MIZWANYA. WHERE EVER THEY ARE PLSE HELP THIS HOPELESS THIEF

  8. govt shud give us the real rationale behind selling msb which i kno is covering up the cashgate masters n mistresses! why always mulli? mavoti munabera mumalo moti mupange please anthu muli busy fooling yasef malawians r no longer ignorant oc whaf is happening in their country. D-DAY IS NEAR U THIEVES@

  9. Justice Dzonzi says:

    Actually under bankruptcy act, mulli brothers and all other directors are supposed to fe prosecuted for criminal activities and not allowed to hold any public office/ directorship, for they can not stand on moral high ground as being proper and fit when they failure to repay debts and not declare insolvency

  10. Will says:

    Bwezani ngongole bwana ndalama munatenga

  11. nganga says:

    Mugulitsenso ndi manyanani yemwe

  12. Dk says:

    Eish! Mnyamata uyu otchedwa muli brothers wavutika kwabasi.

  13. Mahomwa Mhango says:

    Yes Cash Gate founder DDP then PP to a Chance on loop holes kkkkk

    ACHEWA AYAO VS ALOWE TIZIWONA NDALE ZAWO MTUMBUKA ADYERA NZERU PAMENEPA KKKK

  14. viktah says:

    Does the govt machinery really think that we are all fools. They have come to the level of cancelling debt, really?

  15. dr bakha says:

    how can malawi as a country go forward.instead of developing this country but you are busy looting the money from the poor for your personal benefit amongst yourselves.now donors have gone because of you guys and on your zero deficit budget you are punishing us the poor.we pay too much tax arledy and you have aded some more tax on us.people will still be fleeing to rsa and being killed there through xenophobic attacks.lets love our country.

  16. Moya says:

    Tangobwenzani ngongoleyo Moya osati surviving on technicalities, mukabwenza ngogoleyo sipakhala mulandu basi muthana ndi bank

  17. Mbanangwa says:

    Mbava iyi yilibe manyazi

  18. mulopwana says:

    Chokani apa alomwe umbava.Let them rule and destroy their,the centre and north likewise.Tingogawanapo dziko kusiyana kuti ena azilemera behind the president.

  19. Fresh talk says:

    Stupid DPP government!! You squandered the money but you are failing to pay back the loan! once again very stupid! Please let all the properties for Mulli be sold so that MSB recover the outstanding loans!!!! Otherwise Malawians cannot tolerate stupid decisions of not selling the Items confiscated from Mulli. Gulisani katunduyo please.

  20. Ndatero ine says:

    Mukachibweze chumacho
    Zisakuvuteni apa bwezani wawa akumudzi mbuyache musalumphelumphe angongoliwa muthandizeni mwana ndi wanu uyu

  21. Concerned says:

    But why are all the properties in Mulanje and Thyolo? Are you telling us that muli doesn’t have properties in BT and LLW which can fetch much higher prices and also go faster than those in Lomweland?
    How many people will be interested in buying a lodge in Mulanje? Who are you trying to blindfold here?????? In the end you will say no one showed interest to buy the properties, when we know a number of massive plots that Muli accumulated in BT and LLW during the Big Kahuna reign of terror!!

    MSB must show the Malawi nation all the loan agreements with these defaulters and what surety they had pledged to get such staggering loans!! And all we will need to do is auction the pledged assets…..simple and straight forward. There is no toxic loan pamenepa inu a Gondwe!!

  22. VYOTO says:

    NANUNSO A GROUP FINANCE DIRECTOR, MUMALO MOPEZA NJIRA ZAMBIRI MBIRI ZOBWEZELA NGONGOLE MUKUMAWONONGANSO NDALAMA KU MA LIPIRA MA LAWYER.

    ZIMA ASSET AKUFUNA KUGULISA A MSB MUKANAGULISA NOKHA KALEKALE BWEZI NGONGOLE YITATHA PANO .MUMANGOWONONGA NDALAMA KUMAMUPASA PITALA KUTI AZIPANGILA CAMPAIN CHAKACHATHA CHOMWECHI PANO NGONGOLE YIKUKUKANIKANI KUBWEZA? MWAYALUKATU APA???

  23. MSB Customer says:

    MSB has a useless lawyer as a company secretary employed coz of legs and sex with boses. She knows nothing. Amunake ndi a sheriff. Mr Muluwira eish shame. The bank must be sold or fire everyone and start all over again. She has failed miserably. Employ on merit guys.

  24. Jelbin mk says:

    If the Same court someone appealed to is granting a go ahead it means the injunction is automatically varied and the judge who granted the injunction was alone in the supreme court of appeal where matters are dealt with by three or more judges which also makes the injunction he grated invalid.

  25. Zili kuno ku Malawi kikikikikik. This is pure drama

  26. commentator says:

    Ah so MSB don’t have a competent company secretary to advise on such matters? Is the MDB CEO that daft not to have wiser. Is this a ploy by those that “team-up-to-raid” public resources ie conspirators can be behind a legal misstep that will reward the villain, so that the bifh brothers can say “we told you so”…that MSB was good for nothing better than being sold. Those on the side of public sector management must come out cleeeeeeaaaan!

  27. nYAU SITHOBWA says:

    zAUCHIZIRU MUTOFUNA KUPUZITSA NDANI

  28. nYAU SITHOBWA says:

    This is the problem with pple from Southern region put mbava on postions -To me Mulli is right osabetsa chuma pamene ndalama zili ndi APM -DPP IWE KUNGIKHALA NJIRA YODUTSILAMO TIKUZIONA

  29. Oh! says:

    Just pay back the loan Muli iwe!

Comments are closed.