Inquiry on Bingu’s wealth yields no evidence of ‘Cashgate’: FIU to present analysis to Malawi Parliament

Inquiries and financial analysis into the wealth of former president the late Bingu wa Mutharika, which for years has been a subject of intense public debate, has yielded nothing both Anti-Corruption Bureau (ACB) and the Financial Intelligence Unit (FIU) will submit to  Public Accounts Committee of Parliament.

The Committe has  summoned the two law enforcing agencies  to explain what they have found out about late Mutharika’s estate.

Mutharika, who led the country from 2004 until his death in April 2012, is widely believed to have accumulated  in excess of K61 billion in wealth in eight years— up from K150 million which he declared upon assuming the presidency in 2004.

The wealth was reportedly stashed in several bank accounts and assets abroad.

But ACB director general Lucas Kondowe said  they instituted an inquiry into the alleged accumulation of wealth of the former president through an international inquiry using international requests for information but that inquiry has not yielded any results.

Kondowe said there is  “no key information” to probe.

FIU which is expected ti present a financial analysis to parliament has also no information of ill-gotten wealth.

But FIU’s director Atuweni Phiri could not disuciss the financial analysis in the media.

PAC chairperson Alekeni Menyani said although the parliamentary committee wanted to establish whether  property valuer YMW Property Investment Limited  of Yeremiah Chihana  which was engaged by the Joyce Banda administration in 2012 was  that Mutharika’s deceased estate valued  K61 billion, a figure the family disputed. They also wanted to know the source of Mutharika’s wealth.

Minister of Justice and Constitutional Affairs Samuel Tembenu  said government has no evidence that money was stolen and also that there was any money outside the country.