Malawi’s rich, powerful evade Panama papers list

Malawi’s rich and powerful people, including former president Bingu wa Mutharika whom some sections of society had claimed he had offshore investments, are not among the world influential figures on the infamous Panama papers list.panama papers

Some Malawians on social media were asking state prosecuting agencies to probe former president Mutharika after it transpired that he had amassed a staggering K92 billion wealth during his eight year rule in this impoverished small country of 17 million people, more than half of whom live below poverty line.

The social media maniacs suspected Mutharika stashed good chunk of his fortune in offshore tax havens of Panama or secret bank accounts of Switzerland.

However, the list of of 140 politicians worldwide and 72 heads of state and former heads of state shows that Mutharika, who died on April 5, 2012, or his family members or cronies are not among the 18 African leaders or former heads of state.

The world has been shaken with reports that rich, powerful and influential people had offshore shell companies in Panama, most of whom are fake used as tax evasion and money laundering processes.

South African President Jacob Zuma’s nephew, Kenya’s deputy Chief Justice, former UN secretary general Kofi Annani’s son and Ghana president’s son are among key African figures on the list.

Parliament’s Public Accounts Committee is scrutnising an Auditor General’s report of missing about K577 billion (about $856 million) in public funds could not be accounted for between January 1 2009 and December 31 2014 spanning two administrations of former presidents Mutharika and Joyce Banda.

Some people wrongly believed some of the money was stashed in such offshore tax havens.

The move comes 10 months after the report, prepared by audit and business advisory firm PricewaterhouseCoopers (PwC) titled Financial Analysis Report: Reconstruction of the Malawi Government Cashbook for Purposes of Further Investigation was tabled before Parliament.

Revelations of the K577 billion unreconciled government financial statements came hot on the heels of a forensic audit report by British firm, Baker Tilly, that established that K24 billion () was looted from Capital Hill between April and September 2013 under the administration of People’s Party (PP).

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Ivan Mark Radhakrishnan
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Ivan Mark Radhakrishnan
5 months 22 days ago

Mossack Fonseca IS NOT THE ONLY WAY FINANCIAL-TERRORISTS and FINANCIAL-SABOTEURS EXTERNALIZE A COUNTRY’s ASSETS, CASH AND FUTURE!

This article needs to be re-written.

AUSTRALIA??? AUSTRALIA??? AUSTRALIA??? Fly-fishing? Uranium?

THE GREATEST TREASON IS WHEN YOU DO IT TO YOUR OWN. All those who EXTERNALIZE A COUNTRIES FUTURE FOR THEIR PERSONAL USE AND FOR THEIR UNBORN GENERATIONS SHOULD BE FOUND AND DETAINED WITHOUT TRIAL AFTER ALL ‘THEIR’ ASSETS AND CASH ARE RETURNED TO THE STATE FOR THE PEOPLE’s USE

Gold Ruyondo
Guest
Gold Ruyondo
5 months 24 days ago

when you see that such amount is hiden you wonder about the selfishness of man

Funzo
Guest
Funzo
5 months 24 days ago

One other point about this article that annoyed me (for I agree with most earlier comments) is the incorrect use of the word ‘maniacs’. This usually refers to mad or rash people rather than, as I believe was the intention, ‘enthusiasts’ or just ‘users’.

man
Guest
man
5 months 24 days ago

Owen, offshore is not Panama only. This is very biased reporting. These papers only include Panama. Other places like Channel Islands are not included.

The Analyst
Guest
The Analyst
5 months 24 days ago
O……………………………………………………………………………………………………………………………………………………………………………………………..O When you see the word GLOBAL REPORT you quickly believe it . . . . . . But when you read the story and see names like Mugabe missing on the report, doubts begin to cloud your mind. . . . When this doubt implores you to find who the investigators are, you will know it was some journalists and your doubt gets confirmed as questions and truths begin to pop up. ……………………………………………………………………………………………………………………………………………………………………………………………….. Simple truths . . . . . . Although this report is dubbed GLOBAL, it does not imply that each and every head of state past… Read more »
Felix
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Felix
5 months 24 days ago
Clearly the reason that the Government should pass a bill into law that all members of parliament including the president financial discloser just as is done in all Western countries For the sole purpose in avoiding corruption but the current government is opposed to such a bill. Must be the get rich schemes the former president used to acquire his wealth It is sick to think the former president acquired 92 billion in the 8 years in office, It is more disturbing that the current government has not placed a hold on that money until there is accounting how a… Read more »
Dan
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Dan
5 months 24 days ago

If you really are reporting true issues here so where is the list of those people in subject Mr. Reporter?

Thako Lambeta
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Thako Lambeta
5 months 24 days ago

Kodi bwanji osangowalanda katunduyo u r busy making noise and doing nothing to them

Chindere
Guest
Chindere
5 months 24 days ago

Never say never. The leak is just from one firm that handled offshore accounts for clients. There are nany more law firms that handle these offshore accounts for clients. And to conclude they never stacked any assets based on one firm leak is to say the least a myopic view by the author of this article

MABELU
Guest
MABELU
5 months 24 days ago

WHERE IS PWC REPORT
ITS 10 MONTHS
DOWN THE LADDER
NOW ???

THAT MONEY CAN
CREATE JOBS FOR OUR KIDS
BUY MEDICATIONS
MORE DEVELOPMENTS

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