K5.5 Billion Withdrawn in Cash Raises Corruption Fears in Amaryllis Hotel Deal
Malawi’s Anti-Corruption Bureau (ACB) says it is investigating suspicious cash withdrawals amounting to K5.5 billion from an account linked to Yusuf Investments Limited, in a case connected to the controversial purchase of the Amaryllis Hotel.
In a statement released on April 3, 2026, ACB spokesperson Jacqueline Ngongonda and Police spokesperson Lael Chimtembo said the money was withdrawn between January 27 and March 6 from a Yusuf Investments account at the National Bank of Malawi.
“These large cash withdrawals have raised suspicions of money-laundering and corruption, which the ACB is actively probing,” reads part of the statement.
The ACB reopened investigations into the Amaryllis Hotel deal on March 16. The hotel was bought by the Public Service Pension Trust Fund (PSPTF) from Yusuf Investments in a deal that has faced heavy criticism.
On March 19, the ACB told Parliament’s Public Accounts Committee (PAC) that it had restricted access to K38.5 billion that had earlier been frozen by the Financial Intelligence Authority (FIA). The bureau also placed restrictions on another K38 billion, which is said to be part of the remaining payment for the hotel.
According to the ACB, PSPTF paid Yusuf Investments K90.125 billion as part of the purchase.
“The bureau is tracing the money trail and profiling public officials and other individuals suspected of having corruptly benefited from the transaction,” the statement said.
Documents seen by show that at least 25 cash withdrawals were made within the six-week period. Some of the transactions involved very large sums of money and different individuals.
For example, on January 23, Charles Gibson Nankhuni withdrew K1.5 billion. He made another withdrawal of the same amount three days later. On January 27, several transactions were made in one day. Mark Kaliati withdrew over K167 million, while Aisha Aubi withdrew multiple amounts totalling over K100 million. On the same day, Nankhuni also withdrew K500 million.
Other transactions include K265 million withdrawn by Mark Kaliati on February 17, and K400 million withdrawn by him on March 6. Rashird Alli withdrew K250 million on February 19 and another K100 million on February 24.
Some of the money was later deposited into different accounts, including Blantyre Muslim Jamaat, Food Lover’s Market, Centenary Services Fuel, and LMJ Hospital.
The ACB says it is working with the FIA, the Malawi Police Service, and international partners to follow the money and identify those involved.
Meanwhile, the High Court on April 2 dismissed an application by Yusuf Investments to remove restrictions on its accounts. Justice Redson Kapindu said the application did not follow proper procedures.
However, there are growing concerns after reports that FIA Director General Jean Piriminta has been removed from her position, and the authority’s legal director has been moved to the Malawi College of Accountancy.
Centre for Social Accountability and Transparency (CSAT) executive director Willy Kambwandira said the timing of these changes is worrying.
“It points to a well-calculated attempt to frustrate accountability processes and ongoing investigations of the Amaryllis Hotel,” he said.
National Advocacy Platform chairperson Benedicto Kondowe also warned against weakening institutions during an active investigation.
“Complex financial crimes, especially those involving asset freezing, are highly procedural,” he said.
Both Kambwandira and Kondowe have called on government, Parliament, the courts, and civil society to protect the independence of institutions and ensure the truth comes out.
The Amaryllis Hotel deal has been under scrutiny after it was revealed that PSPTF bought the property for K128.7 billion, while independent valuations placed its value at around K48 billion.
Several former government officials have been linked to the deal, including Colleen Zamba, Prince Kapondamgaga, and Chizaso Nyirongo.
The ACB says investigations are ongoing.
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