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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Garnet Blazio
Guest

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

DOBO
Guest

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.

KING SOLO
Guest

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?

Achimidzimidzi
Guest

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!

ZZ Junior
Guest

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

Kadakwiza
Guest

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

GOBELLELS NANKHUMWA
Guest

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

mnyamata oyikonda nyasatimes
Guest

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 [email protected]

Justice Dzonzi
Guest

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

Will
Guest

Bwezani ngongole bwana ndalama munatenga

wpDiscuz

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