MCP seeks answers on  Malawi Savings Bank sale proceeds

A senior opposition Malawi Congress Party (MCP) legislator wants to move parliament to demand from government a full report on the controversial sale of Malawi Savings Bank (MSB) to FDH Bank by demanding to know the whereabouts of K9 billion proceeds from the transaction and how the toxic assets were dealt with.

Mkaka: Malawians should know where their money is being kept.

Lilongwe Mpenu constituency MP Eisenhower Mkaka, in a private member’s motion, also tells the government to suspend the formation and operations of Malawi Agriculture and Investment Corporation (MAIC) until the issue of MSB is resolved.

“…since 3rd July, 2016 when the Malawi Savings Bank (MSB) was hurriedly sold, [we] have not received any official report on the proceeds of the sale of MSB and the attendant toxic assets,” says the notice of the motion in part.

Government sold MSB in 2015 after it failed to meet regulatory requirements to capitalise the entity as recommended by Reserve Bank of Malawi.

MCP allege  the ruling Democratic Progressive Party (DPP) elite colluded to benefit from the sale and that  some people within the ruling elite failed to repay loans to MSB, resulting in its failure to meet requirements..

Former Finance minister Goodall Gondwe said the money realized during the sale of the MSB to FDH Bank is lying safely and the government is still thinking of what to do with the money.

The former Treasury Czar is also on record having told the National Assembly that the MSB toxic loans the government settled on behalf of the DPP elites will be collected, but no single tambala has been collected.

MCP  legislator said  Malawians don’t even know where the proceeds of the sale amounting to K9.9 billion are being kept and for what.

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Doba Doba
1 year ago

Nobody in dpp is serious about developing the country —

njonjo njo
njonjo njo
1 year ago

kkkkkk akulu masowo ati nchani akufuna kutulukamo nkhani ya msb yomweyi ,have maners pliz

1 year ago


1 year ago


Godfearing Person
Godfearing Person
1 year ago

Mkaka that is very good. We need to know that issues. But also ask about Jet proceeds and ask Joyce Banda to come to parliament to explain where the money is after selling the jet.

Mr Truth Pains
1 year ago

I support u Mkaka 100% ,let them show us where our money is being kept rather than coming up with another trick of establishing another bank.

Let all the toxic asset reimburse the monies b4 moving to another bank.

Check the Audit report on all councials, it’s very painful to see how they abuse resources given to them.

No even single district councial has come up clean. So stealing is in the blood of DPP. Started by their founding Father who went away with 90Billion plus.

1 year ago

A very good point and this needs to reach a logical conclusion or else the people involved in this scam need to be exposed and those who benefited corruptly need to be arrested..but police is compromised by Cadet IG, as for ACB we don’t even know when they last concluded a case successfully that leaves only the protestors (citizens)to go in the street to demand justice of their tax money stolen thru NBS sale and toxic loans, my foot!

PP litete
PP litete
1 year ago

Good question

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