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: Could have taken 167 years to complete repaying the loan.

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.

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Odya zawina alindimulandu

This defines lunacy in Malawian context.

Nyekhwe is real
Nyekhwe is real
2 months ago

I’m running short of words indeed, in short we had robbers not leaders in the previous dpp rotten government

Mdala
Mdala
2 months ago

Ndale aside, deal iyi inali yopoira any sane man could do..but anyway!!!

Mkuwila Boys
Mkuwila Boys
2 months ago

DK 2025 was the architect of this deal.

Wakwiya ndi kadeti
2 months ago

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.

Bwana wa Ulesi
Bwana wa Ulesi
2 months ago

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.

Last edited 2 months ago by Bwana wa Ulesi
MCP Diehard
MCP Diehard
2 months ago
Reply to  Bwana wa Ulesi

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.

Kapoli
Kapoli
3 months ago

Will today’s K5 million be of the same value as that of the year 2187?

James Phiri
James Phiri
3 months ago

Sounds very dubious, and probably illegal. Who was monitoring banking laws at this time.

mtete
mtete
3 months ago

I can see that clearing the rubble is in indeed progress.

Humble Bantu
3 months ago

Eeee 167 years? Eeeish

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