Parliament rejects sale of Malawi Savings Bank: ‘We can impeach President,’ says MP Uladi

Opposition Malawi Congress Party lawmakers on Thursday led a crusade to block the move by government sale the State-owned Malawi Savings Bank (MSB).

Mussa: We can even impeache the President, what is MSB?

Mussa: We can even impeache the President, what is MSB?

Kabwila:  Blocked sale of MSB

Kabwila: Blocked sale of MSB

The Public Private Partnerships Commission (PPPC) requested strategic investors to buy a controlling stake in MSB in which the government owns 100 percent of its shares.

But the government’s divestiture agency did not disclose the sizes of the stakes that are up for sale or how much it was selling them for.

Dowa West Member of Parliament (MP) Alexander Kusamba-Dzonzi (Malawi Congress Party – MCP) on Thursday moved a private member’s motion on the issue blocking the sale process.

He said the relevant committee should be in the best position to scrutinise the proposed sale objectively.

Dzonzi’s motion was supported by lawmakers who vehemently rejected the sale and has since referred the matter to the Budget and Finance Committee of Parliament for further scrutiny.

MCP spokeswoman Dr Jessie Kabwila who is also, Salima North-West MP said the poor country like Malawi cannot afford to lose MSB since it is the only commercial bank with nationwide footprints.

“Let Government be transparent with the matter in disclosing its valuation and buyers,” Kabwila told parliament.

“ Our job is to protect people’s assets and Malawians don’t want their bank sold. Period! We will do anything to make sure that MSB is not sold,” she said.

According to the Reserve Bank of Malawi , the MSB is weighed down by bad loans and it requires a $48.3 million (MWK 23.7 billion) in capital and liquidity by June to satisfy Basel II financial and regulatory requirements or risk being struck off by the central bank.

Minister of Finance, Economic Planning and Development Goodall Gondwe claimed the issue of selling MSB started in 2013 with the People’s Party (PP) administration of Joyce Banda and that the Democratic Progress Party (DPP) Government is only implementing what was already agreed on.

“Right now the process of identifying an independent valuator to determine the wealth of MSB is underway and curtail the process would attract legal challenges. Let me also take this opportunity to clarify that the MSB sale is aimed at shielding some people who have huge debts with the Bank and so buyer has been known,” said Gondwe.

But his statement irked leader of PP in Parliament Uladi Mussa who is also Salima South MP,.

Mussa said Gondwe’s statement “ leaves a lot to be desired.”

He said: “ Does the Minister know that this House can impeach the whole President?…What is MSB after all?”

Mangochi Monkey Bay MP Ralph Jooma challenged the Finance Minister that that MSB will not be sold behind Parliament’s back.

“The Minister should know that lawyers or no lawyers , a national treasure like MSB can’t be sold under the counter,” he said.

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Mauya Mlauzi
Guest
By the way, dear Malawians! How many companies were sold during the UDF-led government?And who benefited from those sales?Was the project a national success or a flop?And, in any form, is it worthy repeating it now?Apparently, Malawians were therein robbed of the much needed services by the companies such as B & C, PEW, OPTICHEM(fertilizer), Portland Cement, David Whitehead etc.Where are our economic technocrats anyway or are they merely political also?In the interest of national development, heads need to roll here instead of just opting for the easy ways out.And aren’t these the same politicians who signed raw deals with… Read more »
George Lihoma.
Guest

MSB siingagulitsidwe, if politicians underestimated the peoples voting power-HERE IS THE LITMUS PAPER.Mukachita makani muona zosaona.

tuvitwana
Guest

Goodall, Peter, Mulli mboro zany if at all u have them. Alomwe nonse mboro zanu wanthu akuba inu

tuvitwana
Guest
MALAWI NIDS A REVOLUTION, WE NID A REVOLUTIONALLY LEADER WE CAN FOLLOW SO THAT THE MONEY MILLI BROTHERS STOLE AT MSB IS TAKEN BSCK. MULLI, MARK MY WORDS, THE MONEY U OWE MALAWIANS WILL BE TAKEN BACK FROM U. GOODAL, UR A SHAME TO NORTHERNERS , DO U HAVE A FAMILY? OTHERWISE UR TYM IS GONE BUT UR FAMILY WILLB IN BAD SHIT COZ OF U. MALAWI ARMY, U MEAN U DON HAVE YOUNG SOLDIERS WHO CAN LEAD THIS REVOLUTION? WAKE UP, WE NID U. WHEN BINGU DIED, APM TOLD THE ARMY TO takeover WHY CAN’T U TAKE OVER NOW?
kapambwe
Guest
By the way a Malawi anzanga, Boeing 737-300 flew to South- Africa with engines intact; then Boeng 737-200 also flew to South-Africa with engines intact. We held they both required only a C 3; service and later it was said Air Malawi required an injection of MK10 Billion to come back to life. With Air Malawi assets that it had nothing has been told to any Malawian what transpired. Only three months ago to read in one of the daily papers that the planes are to be sold as SCRAPS. My foot. No wonder Bingu pocketed Billions of Kwacha’s on… Read more »
namz
Guest
This is a personal thing for these greedy folk. They have set who’s gonna take over. Pali amwenye who want to take over and bring in fellow mwenyes from Kenya, S.A, TZ. If this bank gets sold I feel sorry for Malawians. There will be the usual mistreatment of malawians by these Asians, more so because every patel, muhammad and ahmad will think it belongs to their father. Secondly this will be the biggest money laundering hub ever! They already have enough cashgate engineers osaphunzila thooooo all will somehow “bankers”. NO TO TAKEOVER ESPECIALLY THESE GROUP OF MWENYES READY TP… Read more »
BigMan
Guest

These MP’s are just barking, barking, barking, and barking some more…. for nothing!! Sell the bloody bank to the private sector who will ran it more professionally. Government owned banks are a recipe for abuse by politicians who put undue pressure to access loans that they never pay back.

Mpinganjirawonyo!
Guest

Thom Mpinganjira very bad and crooked guy and he forgot that he stole the FDH from Zimbabwe supported by RBM,we know the whole matter. Whom do you think can be deceived here???? MBAVA YOTHERATU THOM KOMA WEARING INNOCENT FACE BABA.KUPEMPHERA MKATI. KA BANK KAKUBAKO.

Mkuntha Mavenda
Guest

The only thing that will put Malawi on a correct path is revolution. Thieves are ruling us.

Wamadzi
Guest

I love the Private Member Motion’s approach used in dealing with issues!! I would encourage MPs to bring more Private Motions because that is where there power and ammunition lies in Governing Malawi. That’s the we to stay in control of Executives schemes. Just do a little research though before coining the private bill and we will love you our MPs more.

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