K90 Billion Amaryllis Scandal Deepens as PAC Summons Bank, Top Officials Over Suspicious Cash Withdrawals

The inquiry into the controversial sale of Amaryllis Hotel resumes tomorrow, with Parliament’s Public Accounts Committee (PAC) tightening the net around what is fast emerging as one of the most troubling financial scandals in recent years.

At the centre of the probe is a staggering K90.125 billion paid by the Public Service Pension Trust Fund to Yusuf Investments Limited—money that was deposited into accounts held at National Bank of Malawi and is now under intense scrutiny.

The figures alone are alarming. But what has truly set off red flags is what happened next.

Investigations by the Anti-Corruption Bureau (ACB) reveal that K5.497 billion was withdrawn in cash from the Yusuf Investments account in just over a month—between 27 January and 6 March 2026. The speed, scale and method of these withdrawals—large sums taken out in cash—have triggered serious suspicions of money laundering and possible financial misconduct.

PAC chairperson Baba Steve Malondera said officials from National Bank will appear before the committee to explain whether proper banking controls were followed, particularly around the handling and reporting of large and suspicious transactions. At issue is whether standard safeguards were ignored—or deliberately bypassed.

But the probe is not stopping at the bank.

Former Chief Secretary Colleen Zamba, current Chief Secretary Justin Saidi, and former Reserve Bank Governor Macdonald Mafuta Mwale have all been summoned, alongside representatives of Yusuf Investments. The breadth of those called signals the scale of concern—and the possibility that this scandal runs deep within the system.

Even more explosive are claims emerging from investigative circles. Observers say the committee must go further and summon individuals allegedly linked to the withdrawals, including a figure reportedly associated with the Democratic Progressive Party who is said to have personally collected part of the cash—reportedly under heavy police escort.

There are also unverified reports that Collins Magalasi may have appeared on CCTV footage during the withdrawals. While authorities have not confirmed this, analysts argue that ignoring such leads risks leaving critical gaps in the investigation.

What is unfolding is not just a question of procedure—it is a test of accountability.

How does billions in public pension funds move through the financial system and end up being withdrawn in cash, in rapid succession, without immediate alarm? Who authorised it? Who benefited? And who looked the other way?

These are the questions now hanging over the inquiry.

For many Malawians, this is more than another corruption case—it is about trust. Pension funds represent the lifetime savings of workers. If those funds can be moved and withdrawn under such opaque circumstances, confidence in public institutions takes a direct hit.

As PAC hearings resume, the country will be watching closely. This is no routine audit—it is a moment that will test whether Malawi’s oversight institutions are willing, and able, to follow the money wherever it leads.

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