Malawi cashgate loot up to K20bn from K13bn – report

The billions of kwacha in public funds stolen in a scandal dubbed as cashgate has been revised from K13 billion to K20.3 billion, according to the  Anti-Corruption Bureau (ACB).

British audit firm, Baker Tilly, which was hired by the British Government to carry out a forensic audit first discovered that K13 billion was stolen within six months last year,

Cashgate suspects walk in shame covering their face
Cashgate suspects walk in shame covering their face

But ACB’s deputy director, Reyneck Matemba,  has said the new figure includes K4.8 billion of transactions suspected to be overpayments and payments made without supporting evidence.

He sai ACB has received from the Auditor General the audit report from Baker Tilly, British auditors who were assigned by former president Joyce Banda to help trace the looting.

“We have received the long-awaited Report from Baker Tilly,” Matembe is quoted by Weekend Nation newspaper.

He confirmed that the report presented to parliament is “very detailed and it contains names of companies and the owners of those companies as well as individuals that are suspected to have taken part or were connected to the massive plunder of Government finances dubbed ‘Cashgate’’”

Added Matemba: “The ACB is analysing the Report which, undoubtedly, contains very crucial information which will prove very vital to our ongoing investigations.”

‘Cashgate’ unravelled following the shooting of former Budget Director Paul Mphwiyo in September last year.

Following Mphwiyo’s shooting huge sums of money in Malawi Kwacha, South African Rands and US dollars started showing up in unlikely places like car boots or under the pillow as the suspects were avoiding formal banking sector since the unexplained money could have raised eye-brows.

The scandal had prompted foreign donors — who provide around 40 percent of Malawi’s budget — to pull the plug on aid of around $150 million .

The Cashgate scheme is the biggest financial scandal in Malawi’s history since independent from Britain in 1964.

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loveness
loveness
9 years ago

this cash gate will die eventually and nothing will be done the looters are stlll n the spree of stealing right under the nose of ACB and the so called government, the poor are suffering and government is blind.

Munthu wa Mulungu
Munthu wa Mulungu
9 years ago

Inu a DPP, don’t edit the report. We want to see it as it is.

mayeso pindani
mayeso pindani
9 years ago

athileni unyolo basi

marko
9 years ago

Kupu,,, amalawi mungoyanganabasi am sorry amacheni awa

marko
9 years ago

Anthuwa ndi amodzi jb mbava bigu, peter mbava. Amalawi tithawira kuti boco haram basitu

kachikho
kachikho
9 years ago

Yes Malawians need to know about both cash gates which involved the Bingu administration of the92 billion kwacha and the 20 plus billion kwacha as revealed under JB administration . There is a lot of feet dragging on these issues? Its like Malawians are being taken for a ride

Vikhumbo
Vikhumbo
9 years ago

Ikanakhala kuti dpp inaba K92b Joyce akanavumbulutsa,koma nkhani ili apa ndiya K20b.Joyce will soon face the charge.Mfiti yaikazi imalimba mtima.

munyasa
munyasa
9 years ago

pp ulula dpp anadya nawo si ndinu amodzi mmangositha mawanga …..mukudziwana satinyasepo apa …….just build us anew stadium in blantyre zomba and mzuzu tikaonela mpira timasangalala osati zandale zanuzi zosapsa

kadzibwa
kadzibwa
9 years ago

Why is Mulli of Mulli Brothers Limited given preferencial treatment at DPP Executive Meetings? Why is Airtel always bashing at DPP Government and Party Functions?

pearson sadala
pearson sadala
9 years ago

And Dpp cadets are busy creating their own reports to share on facebook and whats app. Shameful indeed.

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