Malawi govt nullifies 167 years loan repayment schedule deal with Mulli
Finance minister Felix Mlusu has told parliament that government has nullified a K10.5 billion loan re-payment schedule deal with Mulli Brothers.
Mulli Brothers was one of the companies that took “toxic” loans from Malawi Savings Bank before it was sold to FDH Bank in 2015.
And responding in a parliament to a question from Lilongwe South legislator Peter Dimba on how government is working in recovering K6 billion plus interests from defaulters of toxic loans like that of Mulli Brothes, Mlusu said government has cancelled the loan agreement which Muli signed with the Democratic Progressive Party (DPP) administration.
According to Mlusu, in the cancelled agreement Mulli Brothers was repaying K5 million per month which meant it could have taken 167 years to complete repaying the loan.
Meanwhile, Mlusu says government is looking at best possible alternatives to recover the remaining amount with the shortest time.
This defines lunacy in Malawian context.
I’m running short of words indeed, in short we had robbers not leaders in the previous dpp rotten government
Ndale aside, deal iyi inali yopoira any sane man could do..but anyway!!!
DK 2025 was the architect of this deal.
I need to know if tax payers money is meant to be borrowed by private businessmen. Was Mulli using his influence in dpp to steal money from us. Akuluakulu sober up. This is daylight theft of our money. Account number is not for business. Why did Mulli not go to private banks and negotiate for repayment in 167 years? DPP isadzabwerenso please.
The question is hasn’t he been paying 5milli since collecting this loan if not he’s a defaulter? If he has been paying then just adjust the years. Simple. We’re busy castigating issues that are on track bhobho. 7+ billion ya Covid mene inayendela tilibe nazoso ntchito we’re waiting kuti TOKHA alliance izachoke pa mpando and then kuzayambapo milandu. Tiyeni tizikonza zinthu in real time. A ACB ali pwhii ngati sakuziwa kuti recently mwinanso ndikunenamu dolla zikubedwa. Akudikila next administration izawauze kuti kagwireni ntchito uko….. ACB on paper is an independent body koma on ground ACB is for the ruling party/administration.
inudi ndi Bwana wa ulesi. Yes, he defaulted on the loans a long time ago with MSB.
Keep waiting for 2025 but this is OUR time and we are just getting started. In reality, DPP is not coming back. EVER
Mulli, Chisale, and Thomson Mpinganjira are just the tip of the iceberg.
Will today’s K5 million be of the same value as that of the year 2187?
Sounds very dubious, and probably illegal. Who was monitoring banking laws at this time.
I can see that clearing the rubble is in indeed progress.
Eeee 167 years? Eeeish
We have so many people in this nation fronting like business people but they are simply crooks
Very good pamenepo
Mulli Brothers have assets don’t they, other lenders seize property and sell it at auction.
Koma amwenye awa aku onongetsa dziko lathu abwelele kwawo
Yoh that was a good much this top government they act like they ruling in developed country I mean it’s impossible one rich people pay that long period while poor can’t afford even one year loan eish
Simple,collect what is due to government
Am sure there is collateral that was involved
h167 years loan repayment plan? this was nothing but day light robbery,
akuoneka kuti amasamba zitsamba uyu. cinkhope ngati okhoza zithumwa
Ntchito za manja a APM, mbava yeniyeni ndithu!. He and his DPP henchmen had absolutely no regard for poor people out there but their own self enrichment and powe. And he’s crying for sympathy now? My foot!
Dzimbava dzi mulakho dza dpp. Please check the cupboard properly and carefully as they could still be some other dirty b…….ds hiding with their stink in there. Hoover them all and let them either pay back or send them behind bars.
Munalitenga dzikoli ngati lanu lokha alomwe. Ndi chifukwa mumakapanga campaign a Mulli mumaopa izi, we also know why Thom Mpinganjira attempted to bribe the judges, sindife ana, simunati this country has legal framework so no one is immuned, ena ndi awa alipire MWK69million. Mumapusitsana, kaya zanu izo ife tili kuma stand.
Komatu ena alomwe anavotela tones ndithu. Pano mukutumbwa ohooo
Tonse alliance inapeza less than 33000 votes ku Lhomwe belt yonse (Mulanje, Thyolo, Chiradzulo and Phalombe) representing less than 0.05% of the winning votes. Ndiye tisaopseze anthu pano…
I believe (hope?) the percentage was much higher among the more educated urban Lhomwe, say the ones living in BT and LL.
The state capture on display here by a tribal cabal is really sickening. I have little doubt the money found itself in DPP coffers in one way or the other. I think what we really need as a country is a revolution to clean up this mess. There are quite a number of crooks who just must be shot; we can’t keep living like this.
Moreover, 33000 included non-lomwes, ngonis, mang’anjas, northerners and achewa. Inu alomwe mumatha kupeza 600,000 from central and 155000 ku north pa nthawi yanu
And alomwe omweo ena ali mu executive ya tonse govt, no need to mention names you know them. Let’s clean the rubble and put aside the tribalism , this may strike you back in the near future
abale dziko losaukali nkumapatsana ma loan oterewa?
uwu unali ufiti.
Was the deal legal??? If so then we have another legal battle
They are telling you that this deal was struck in the weeks before the 2020 election and that the collection company was not a party to the agreement. Does that seem like a legal deal?
This was broad daylight corruption. The DPP sold all the MSB assets for dirt cheap to Thomson Mpinganjira while offloading all the bad debt to government and then shielded those with bad loans with sweetheart deals.
What’s a ‘legal’ deal? Between corrupt parties in front of a corrupt legal person! Ok. The best way to deal with them is …… ☻……The Mob.
Nyekhwe
so h could be paying mpaka imfa idzamulekanitse
And zidzukulu tubzi would have continued payment..