Robbed blind: Muckraking on Malawi Savings Bank

Muthandiza olemera kale pamene osauka akuonaBilly Kaunda

What is the difference between the so-called ‘cashgaters’ and the cabal that nearly sucked the life out of the potentially biggest bank in the country, the Malawi Savings Bank (MSB), with their toxic loans? As we say in our street language, the difference is the same.

Malawi Savings Bank

Malawi Savings Bank

Yes, the latter robbed us blind by fleecing MSB of billions while the former did the same by playing Monopoly with our tax money. Perhaps the only difference is that the former will go through court processes where some of them will get jail terms, never mind that some – if not most as we have already started seeing – will get away with just a slap on the wrist.

The latter, however, is one hell group of lucky bastards – they have not only been bailed out using money from the same taxes from whence they robbed; they have also been given a chance to rob public banks more. If you do not believe me, did you not hear that one of these bank robbers, for that is what they are, put in a bid when another set of government-owned shares in a certain bank also went up for grabs?

I know some apologists will jump to defend government’s senseless decision, claiming that Treasury has bailed out nobody from responsibility of repaying the money. They will quote Nations Msowoya, him whose thankless job is to explain away government’s oft twisted finance management logic.

Nations says government forked out the billions to save the bank from sinking but no tax money will be lost because government is setting up a Debt Collection Unit. C’mon, good people, you do not need to be an economist to realise that that is pure balderdash.

Look, MSB as a registered bank, has legal avenues to force these defaulters to repay the money. The bank, for example, can repossess businesses and other properties to recover the same. If these cannot satisfy the loan the bank can go for the jugular and declare these defaulters bankrupt which can preclude them from bidding for any elective position or from registering another business.

But because these folks are well-connected the bank can dare do none of the above.

Now if a legally-constituted bank has failed to read the riot act to these bank robbers, how do you expect a unit set up at the pleasure of the same Executive that is actually backing the same frauds to succeed? You must be a fundamentalist optimist to believe in that miracle! Besides, while MSB has the law behind any of its actions, the so-called Debt Collection Unit will have no backing of any Act of Parliament. It will simply be ignored!

If truth be told, the Debt Collection Unit will just be another ruse for giving plum jobs to political apparatchik and tribesmen who cannot be incorporated into the Cabinet, diplomatic postings or on parastatal boards. Unit members, never mind that they will be at Capital Hill illegally, will be allocated huge gas guzzlers and fat salaries but they will not attempt to go after these bank robbers.

But the sad thing is that, while government is ready to pay off loans the bourgeoisie among us willingly and forcefully obtained, thousands of qualified teachers and medics – on whom government spent billions to train – are unable to be employed because Capital Hill cannot find money to incorporate them in the system. And yet there are thousands of yawning vacancies in the civil service.

As Billy Kaunda lamented in the quote above, the poor who woke up in the morning to put some privileged folks in State House, at Capital Hill or in town halls will just be salivating as a clique of selfish elites share the national cake among themselves while them – who are tantalised as masters – will not even sniff the pleasant smell of the crumbs.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

Sort by:   newest | oldest | most voted
cheketa maviyambeba
Guest

I think only the biggest revolution can put things upright in Malawi. Another MYP military like is coming. But we need another Boko like group to assemble. Malawi politicians are happy when they steal, leaving the masses suffering.

e-wayne
Guest

kuba basi

Jkool
Guest

I simply like the relationship the writer has put btwn cashgaters and loangaters!! Sth stinks smwhere, somehow!! Ct writing such eye opening issues!!!

Anda
Guest

“Let who has never sinned cast the first stone”

Backiree Muludz
Guest
When I was teaching you how to rob Government, my fellow southerners during my time, little did I know that I was destroying this nation. Sorry Malawians I know the blame goes back to me for teaching the nation stealing Gafment money. The situation is now beyond control, the nation is today in rags and nobody can heal this damage which I started, I repeat sorry Malawians, forgive me. There is no Government in the World that pays back loans on behalf of an individual as has been the case here in Malawi. Malawi Government paying back billions loan which… Read more »
Enidziko
Guest

Mbava inu mukufuna tikuthandizeni kulipira ngongole ya Mulli. Ine ngongole yanga ku bank andithandiza ndani kulipira?

Geoff Banda
Guest

Some people are heartless. You want a top position to plunder public resources and leave the nation in abt poverty while u enjoy the goodies. The results of entrusting a wallet with thieves masquerading as angels.

angoni
Guest

Tenthe…. moto Kui buuuu

nana
Guest

Govt school us now.does it mean that these people owe you now?if they default you we want to see their businesses confiscated within a year.zamanyi ayi because ordinary persons pay their loans on their own

Wachikond
Guest

Mukatobwereza dala hai mukayesa mphini?

wpDiscuz

More From Nyasatimes