MPs to summon Pres Mutharika over Malawi Savings Bank sale – MCP

Malawi parliament will summon President Peter Mutharika for questioning if the state goes ahead to sell Malawi Savings Bank (MSB) despite MPs asking that the sale be pended.

Njobvuyalema: We will summon Mutharika to quiz him

Njobvuyalema: We will summon Mutharika to quiz him

President Mutharika to be summoned by parliament

President Mutharika to be summoned by parliament

Speaking at a news conference addressed by leader of opposition Dr Lazarous Chakwera, the spokesperson of finance in Malawi Congress Party (MCP), Joseph Njobvuyalema said said the sale should not go ahead.

He echoed what Chawera said that in the interest of transparency, MCP feel and side with Parliament’s decision to ask the Executive to pend the sale of MSB Bank until Parliament completes its oversight role as the people’s representatives.

“Malawi Parliament saw it important to intervene on the matter as it represents the people,” said Njobvuyalema.

“ Therefore, the cabinet including the President can’t just wake up one morning saying they want to sell people’s assert without thorough consultations. This is why we came in for rescuing Malawians from such an abuse,” charged Njovuyalema.

Njovuyalema said if government won’t listen to the calls on the matter, parliament has powers to summon the President to answers questions regarding to it in the best interest of Malawians not few individuals.

“If they insist to sell the the bank as propased then parliament will do its needful job on the matter as this is the public’ taxes which needs not be used for selfish gains in the name of saving money but Malawians interest”, challenges Njovuyalema.

The Public Private Partnership Commission (PPPC) has opened bids for the sale of MSB where FDH Bank was the only bidder amid a challenge the Budget and Finance Committee of Parliament is leading to stop the sale until they consult stakeholders, including ordinary Malawians.

Peter Chakwantha, chairperson of the Legal Affairs Committee, which is also challenging the sale, said much as government had not flouted any law, there was need to review the legislation which empowered the Executive to get rid of a national asset without consulting Malawians.

“We believe there is a need to fo back to the people and reengage them so that recommendations towards its sale should be inclusive,” he said.

A member of the Budget and Finance Committee, Peter Dimba, who moved a motion in Parliament to halt the sale, has said if government was sincere about raising capital to save the bank then it could do so through an initial public offer (IPO) on the Malawi Stock Exchange (MSE) to enable all Malawians participate in the running of MSB

The parliamentary committee hinted it would seek legal redress if government went ahead with the transaction.

However, the Malawi Law Society (MLS) and Sunduzwayo Madise, a law expert in financial services regulation, have said Parliament has no legal basis to challenge the proposed sale of  MSB.

Madise, who teaches law at Chancellor College in Zomba but currently pursuing further studies in the United Kingdom, said MSB was registered under the Companies Act, but it was not a statutory entity created by a Statutory Act of Parliament for the MPs to have a say on its sale.

He described as an exercise in futility the move by the Budget and Finance Committee to seek views from people on whether the bank should be sold because the Minister of Finance had not flouted any laws.

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38 thoughts on “MPs to summon Pres Mutharika over Malawi Savings Bank sale – MCP”

  1. geoffrey lwanja says:

    MSB has its loots from POSB.We the laymen understand that MSB is a Baby of POSB and therefore parliamentarians are not wrong.

    At the same time it is very obvious that the whole issue is not transparent.There is alot of shady dealing,no wonder the people that support this diabolic act are fortune seekers and inside them know the truth.

  2. CONCERNED CITIZEN says:

    Why does muli get special treatment or say favoured by gov. If the company is owing why should it be a problem for the bank to demand payment. where are debt collectors in Malawi or sherrifs .They should attatch mulis property untill the company pays back what belongs to the bank . shame to politicians if you have shares in muli brothers and now you want to steal from ordinary Malawians

  3. Tsotso says:

    Breaking any law or not should not be the issue here. DPP is talking advantage of knowing the law and giving Malawians a raw deal in turn. It all started on 20th May. Shame on you!

  4. PLEASE CONSULT OR ASK PRESIDENT OPUMA BWANA BAKILI MULUZI, WITH THE MOVE HE MADE WITH OTHER COMPANIES AND GVT ASSESTS ——— HE WILL TELL YOU WHAT HE DID —– THE ANSWEAR IS WITH HIM.

  5. Jelbin mk says:

    Believe it or not and no matter how long it takes we the northerners will one day be a sovereign state because there is more and more drama in the running of the central government than professionalism and accountability of which we believe is a key indicator for development

  6. Tilibemau says:

    A malawi ndi anthu omvetsa chisoni .They just support blindly and they don’t care whether its good or bad for the country and we are miles away from the rest of the world.You can’t see why the govt is doing all this?They want Mulli’s debt of 3billion to be fofeirted.Are you sure all this money must be gone like that?Stupid malawians.This is our tax.This country will never be developed because of these stupid leaders and politicians who are there to enrich themselves and leave the ordinally malawian languishing In poverty.Rabbish!!!!!!Kumayikila kumbuyo zauchtsiru ndithu,kumvetsa chisoni.Banki iyi amayikira anthu wamba but look now these cowards have abused it.MCP has a point to be against the sale of the bank.Those who support the sale of the bank are thieves and don’t wish this country well.Why can’t they ask Mulli to pay back the loan then sale later?People of malawi will remain poor as long as we are ruled by these Mafias.

  7. powder says:

    what does the law say on this? u will change it after this sale. So after the chair’s selling u were confortable, now mukudzidzimuka mochedwa ipita msb. Its 5late!!

  8. Shasha says:

    Am a customer of MSB and to me it doesn’t matter whether it’ll go or not.How many of you have felt the bitter pangs from this ‘only bank’ in a remote area after being told that you won’t be attended to because of poor network signal?
    Osamangoti fwe! fwe! apa chifukwa cha mabala apa 20 May.The govt has failed ena atenge we want better services.

  9. paul mphwiyo says:

    Headless chicken president? Kiki waste of time

  10. Njirazasintha says:

    MCP shouldn’t wait until MSB is sold, and then summon APM to the National Assembly. By then it will be too late.

    In any war it is important to use superior weapons and tactics to the ones your opponent is using. DPP claims the sale to be ‘legal’ – MCP should also go the legal route: Knowing DPP they are bound to have missed many important steps…APM and DPP are not the sharpest tools in the shed. They rely on money and brute force to get their way.

    The strategy should be to delay the sale for as long as possible, so that even the lone buyer is put off. In any case the fact that only a DPP oligarch is bold enough to bid for MSB speaks volumes – if it was such a good buy there would be many bidders, just like the case of Indebank…

  11. yosefe Bola says:

    Afunse employees of Whitex. They tried to stop the sale of david Whitehead but failed. The company is now a warehouse of tyres. Govt has a hidden interest

  12. Mwiza says:

    This Bank must go. No more subsidies

  13. paulos banda says:

    A Madise nkhani siyoti government has flouted a law or not, but they are selling a bank which is in financial problems due to misuse of politicians. It is surprising that Mulli is owing MSB (a government entity) 3billion but has shown interest to buy Indebank which is another government bank. Where is justice our learned lawyer. Siufiti umenewo?

    Go ahead MCP we are behind you, our memory is still fresh when you stop a sale of admarc to the same greed people.

  14. Maxwell Namata says:

    Even though am languishing at Maula, I still believe opposition MPs have a point here. Dont sell MSB because you want Mulli kuti asabweze ngongole

  15. Tengupenya says:

    Has Parliament sufficient interest in the matter of private assets owed by government? Last time we checked, Parliament was integral part of government, therefore it has sufficient interest to scrutinize, or stop executive decision that are harmful to the state or the citizenry. In the disputed intention of sale and manner of sale of the MBS bank, the MPs must be heard. In fact, the MPs could open another argument focussing on the procurement process itself. Re: Competitive bidding. One bidder. Right to reject any or all bids received.

    1. Tengupenya says:

      Of MSB bank

  16. Patriot says:

    Sell gouvernment hotels too.

  17. julius mndolo says:

    mcp where were you when the jet was sold?and money pocketed by jb.

  18. joe hart ndi dhilu says:

    ine sindilola mpakana ujeni abweze ngongole yake ku MSB, anatenga ndi msonkho wanga. kodi simukumvetsa bwanji kuti msonkho wanga ndikuwufuna? shatap!

  19. real says:

    Stage coach inapita chonchi,Air Malawi inapita chonchi ,Chipiku Stores inapita chonchi ,MSB ulendo uwo abale dziko umvetsa chisoni ili,cold storage idapita chonchi after all the noises the result is that we are the poorest country in the world no wonder ambuye phulani dziko ili pa mavuto adzawoneni,kuli makampane aboma kunja kuno akuyenda bwino kwambiri Ethiopian airline 100% government,India railways 100% government,my advise is that the government should guarantee this bank to take a loan to meet the liquidity levels required it is not a serious issue that warrant selling the bank,with all the infrastructure the bank has enough surety please listen.

  20. Nkhombokombo says:

    The worry here is not how the Bank started or how it works. The worry is who is going to buy it. If they’ve the musles to buy it why cann’t they just bail out the Bank. The problem is known to have been created by the over borrowing by some some greedy indivials who are failing to pay back to the Bank and these people are known. Why not press on these people to pay back or auction their assets? The MPs are not wrong to voice out their concerns because at this juncture they are the only voice which can be heard. The Gvt should not be wasting time and money debating such issues, we are awaiting developments now not these sided talks. The Gvt should rather spend money on the pending hunger, poverty and drug prolems. Stop this nosence fortwith. Asaah!!

  21. I wonder why MCP is much interested with this issue. MPs are there to propose and make laws. It is not their duty to enforce laws and that shall never happen. I believe what they should be fighting for is to ensure that the bank has fetched a good price. That is all.

  22. zizwe says:

    The president can not be cowed by such threats from MCP dunderheads.

  23. Mr. Y.K.B. Pathakonyengo says:

    The levels of ignorance that is displayed by our Parliamentarians and general public alike never ceases to amaze me.

    These legislators are so out of touch with reality.

    MSB’s sale is a done deal.

    Dream on wankers.

    1. Jelbin mk says:

      You are talking like that foolish man, that’s how Job talked to his wife instead of saying you are foolish, so figure yourself out wat this means

  24. Achimidzimidzi says:

    My foot!! So politicians can get huge loans from banks and tell the bank to close if the bank liquidity is affected.

    All politicians can get right?

  25. let shade more lights to stop games

  26. Vehtekhu says:

    Abusa ngongole zangokuvutani za MCP mukayesa usogoleri ndi masewera ngati ubusa.TAMBALA WAKUBAAAA…kkkkkkkkk…uSTATE PRESIDENT mukatoufunadi mukhalira yomweyo yongokhalira kuchonga chirichonse ati apange bwana STATE PRESIDENT,mungolimbikira akuyitanani muzikachonga ku STATE HOUSE kkkkk…asaaaa zitondikondaaa mungochedwa

  27. Kokotowa says:

    What a waste of time!

  28. alukosyo says:

    Angongole abweze including Mulli bankiyo ikhala

  29. GOGO says:

    MCP isinthe fundo zake makamaka kukondera nkhaza kunyoza adzalowa mboma apo bii no chance 2019

  30. Kaidi says:

    Tiyeni nayoni mbava Ya mathanyula iyi

  31. Chikopa says:

    How come that the whole mcp party don’t know the law of the land but they won’t to be ruling party in 2019 kodi excutive munangoyitola kumudzi? Mumangotutana ngati ngumbi , osalesana kuti aku tikagwidwako

  32. soko says:

    Comment: thats why this govt is not pursuing the jet sale. Exit jetgate enter bankgate. Malawians cant we see that politcians are same

  33. Mkwaso says:

    Free advice to Chakwera and MCP, please get proper legal and financial advices on the issue of recapitalisation of MSB. Cheap rhetoric will not win you votes. As far as it stands now – Parliament has no business to do with sale/ recapitalisation of MSB. Please focus on other things – mukupepera nazo izi.

  34. gabbage says:

    Mmene akupangira ambwiye che sundizwayo awa surely ali ndi ngongole ku MSB awa kapena mbale wawo wina ali ndi ngongole uku ndithu.

    Kodi ife amalawi ngati zinthu tisakuziona bwino ndithu tisafunse chifukwa choti tilibe legal backing? Inu ma lawyer inu stay with your legal stuff koma nkhani iyi yokha boma likambepo bwino apa chifukwa this is our tax yomwe iwe sundizwyo ukudyanso kumangalandeko.ndiye ukhale chete usasokose tazingowerenga ndi kukwera mahule a chizungu a 1 pound; nanga tiziti nkhalidwe wanu uwu munasiya ngati?

  35. Felix Kajawo says:

    Thats The DPP Govt I Know,stubborn And Self Centered.Anapeza Chomwe Amafuna Angamvenso Maganizo Andani,bt Take It Or Not Amalawi Sitikhala Chete

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