MCP MP to wind up debate on Malawi Savings Bank toxic loans motion

Malawi Congress Party (MCP) Lilongwe Mpenu legislator Eisenhower Mkaka is scheduled to wind up his motion this Thursday asking  Ministry of Finance to explain to Parliament the disposal of the then wholly State-owned Malawi Savings Bank (MSB) and progress towards recovering K6 billion toxic loans extended to some individuals and companies.

MCP’s Mkaka  to wind up debate on the motion.- Photo by Govati Nyirenda

Mkaka moved the motion last year demanding Minister of Finance, Economic Planning and Development to present in Parliament a report that details the sale of the bank and the recovery of the K6 billion toxic loans.

According to a Parliament’s Order Paper   which lists all business before the House, Mkaka will wind up his motion this Thursday which also touches on Malawi Agriculture and Investment Corporation (Maic), the bank government established using the proceeds from MSB.

Mkaka wants the Minister of Finance to also give a report on the establishment of Maic which is headed by chief executive officer Taziona Chaponda and its operations.

In November 2018, President Peter Mutharika launched Maic, the bank that was established by Ministry of Finance, Economic Planning and Development in conjunction with CDH Investment Bank at the value of K35 billion.

In 2016, government initiated the sale of State shareholding in two commercial banks, MSB and Indebank after failing to recapitalise them.

Further, government issued promissory notes worth K6 billion to bail out about 12 individuals and companies that failed to pay back loans to MSB and established a loan recovery vehicle to recover the toxic loans.

However, the money is yet to be recovered due to pending legal battles.

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Good critic Mtamba
Good critic Mtamba
8 months ago

We need registrar like mkaka who come up with the issues that can help malawi moving forward pls force them to tell the nation am also interested to know

Wakwithu
Wakwithu
8 months ago

MSB saga involves Leston Mulli, Joseph Mwanamveka,APM Thom Mpinganjira, Dalitso Kabambe et Al

Government hasn’t collected 3bln from Mulli after it illegally declared the loans toxic. Let’s wait and see after 23june

Anyone who did anything criminal will face the long arm of the law

nafundo zalo
nafundo zalo
8 months ago

Psaaaa koka. gwila!!!
taziona caponda anakabisa entertainmwnt centre uko pafupi ndi church ya kwa Malunga kwa A Keni . kuibisa .koma sipanotu. ndalama zathu zimenezoooo

Chriss
Chriss
8 months ago

We need to hear if Mulli really paid the loan

444444No
444444No
8 months ago

Iwe ndiye munthu, umatha mkaka

ERUTU
ERUTU
8 months ago
Reply to  444444No

Mkaka is a POWER HOUSE 🇲🇼💪🏾

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