MCP deep in debt: Win elections or bust

Malawi Congress Party (MCP) is fighting tooth and nail to win the election which they did not contest in almost 40 constituencies for parliamentary seats as the party and most of its financiers borrowed heavily to finance their campaign.

An MCP insider revealed to Nyasa Times that the party borrowed a lot of money for campaign and they cannot afford to lose the election ‘at any cost’.

“We borrowed heavily and we simply cannot afford to lose this election,” said the official.

Chancellor Kaferapanjira: Bankrolled MCP
Chancellor Kaferapanjira: Bankrolled MCP

Our investigations have also revealed that some influential bosses got bank loans and transferred the money into the MCP account on the understanding that they would be compensated one MCP gets into power.

One such individual is Malawi Confederation of Chambers of Commerce and Industry (MCCCI) Chief Executive Officer Chancellor Kaferapanjira who got a K10 million loan from the bank and donated to MCP.

“There is no way we can payback some of the money we borrowed if we are in opposition,” said the official.

Nyasa Times has a list of other company executives and businessmen who also donated to the party on the understanding that they would be compensated after the elections.

An election analyst said MCP must be regretting for concentrating their campaign in the central region only.

“The fact that they did not contest in more than 40 parliamentary seats most of which are in the southern and northern region, puts them already behind with about 950,000 votes and they are wondering why their candidate is not in the lead.”

“They should also understand that although the centre was their stronghold, they did not expect to get all the votes from the central region, they were contesting with other parties who also got those votes, so I wonder why they are shocked that they are losing this election,” said the analyst.

But MCP has claimed its presidential candidate Lazarous Chakwera won the elections and are demanding a recount of the entire vote citing voter irregularities.

“Figures collected from our monitors on the ground show that it is MCP that has won the elections,” said MCP secretary general Gustav Kaliwo.

Chakwera also claimed that he had credible information that MCP is the one leading in the polls.

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