MPs to summon Pres Mutharika over Malawi Savings Bank sale – MCP

Malawi parliament will summon President Peter Mutharika for questioning if the state goes ahead to sell Malawi Savings Bank (MSB) despite MPs asking that the sale be pended.

Njobvuyalema: We will summon Mutharika to quiz him

Njobvuyalema: We will summon Mutharika to quiz him

President Mutharika to be summoned by parliament

President Mutharika to be summoned by parliament

Speaking at a news conference addressed by leader of opposition Dr Lazarous Chakwera, the spokesperson of finance in Malawi Congress Party (MCP), Joseph Njobvuyalema said said the sale should not go ahead.

He echoed what Chawera said that in the interest of transparency, MCP feel and side with Parliament’s decision to ask the Executive to pend the sale of MSB Bank until Parliament completes its oversight role as the people’s representatives.

“Malawi Parliament saw it important to intervene on the matter as it represents the people,” said Njobvuyalema.

“ Therefore, the cabinet including the President can’t just wake up one morning saying they want to sell people’s assert without thorough consultations. This is why we came in for rescuing Malawians from such an abuse,” charged Njovuyalema.

Njovuyalema said if government won’t listen to the calls on the matter, parliament has powers to summon the President to answers questions regarding to it in the best interest of Malawians not few individuals.

“If they insist to sell the the bank as propased then parliament will do its needful job on the matter as this is the public’ taxes which needs not be used for selfish gains in the name of saving money but Malawians interest”, challenges Njovuyalema.

The Public Private Partnership Commission (PPPC) has opened bids for the sale of MSB where FDH Bank was the only bidder amid a challenge the Budget and Finance Committee of Parliament is leading to stop the sale until they consult stakeholders, including ordinary Malawians.

Peter Chakwantha, chairperson of the Legal Affairs Committee, which is also challenging the sale, said much as government had not flouted any law, there was need to review the legislation which empowered the Executive to get rid of a national asset without consulting Malawians.

“We believe there is a need to fo back to the people and reengage them so that recommendations towards its sale should be inclusive,” he said.

A member of the Budget and Finance Committee, Peter Dimba, who moved a motion in Parliament to halt the sale, has said if government was sincere about raising capital to save the bank then it could do so through an initial public offer (IPO) on the Malawi Stock Exchange (MSE) to enable all Malawians participate in the running of MSB

The parliamentary committee hinted it would seek legal redress if government went ahead with the transaction.

However, the Malawi Law Society (MLS) and Sunduzwayo Madise, a law expert in financial services regulation, have said Parliament has no legal basis to challenge the proposed sale of  MSB.

Madise, who teaches law at Chancellor College in Zomba but currently pursuing further studies in the United Kingdom, said MSB was registered under the Companies Act, but it was not a statutory entity created by a Statutory Act of Parliament for the MPs to have a say on its sale.

He described as an exercise in futility the move by the Budget and Finance Committee to seek views from people on whether the bank should be sold because the Minister of Finance had not flouted any laws.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

  Subscribe  
newest oldest most voted
Notify of
geoffrey lwanja
Guest

MSB has its loots from POSB.We the laymen understand that MSB is a Baby of POSB and therefore parliamentarians are not wrong.

At the same time it is very obvious that the whole issue is not transparent.There is alot of shady dealing,no wonder the people that support this diabolic act are fortune seekers and inside them know the truth.

CONCERNED CITIZEN
Guest

Why does muli get special treatment or say favoured by gov. If the company is owing why should it be a problem for the bank to demand payment. where are debt collectors in Malawi or sherrifs .They should attatch mulis property untill the company pays back what belongs to the bank . shame to politicians if you have shares in muli brothers and now you want to steal from ordinary Malawians

Tsotso
Guest

Breaking any law or not should not be the issue here. DPP is talking advantage of knowing the law and giving Malawians a raw deal in turn. It all started on 20th May. Shame on you!

Arthur G.M. Mtambo
Guest

PLEASE CONSULT OR ASK PRESIDENT OPUMA BWANA BAKILI MULUZI, WITH THE MOVE HE MADE WITH OTHER COMPANIES AND GVT ASSESTS ——— HE WILL TELL YOU WHAT HE DID —– THE ANSWEAR IS WITH HIM.

Jelbin mk
Guest

Believe it or not and no matter how long it takes we the northerners will one day be a sovereign state because there is more and more drama in the running of the central government than professionalism and accountability of which we believe is a key indicator for development

Tilibemau
Guest
A malawi ndi anthu omvetsa chisoni .They just support blindly and they don’t care whether its good or bad for the country and we are miles away from the rest of the world.You can’t see why the govt is doing all this?They want Mulli’s debt of 3billion to be fofeirted.Are you sure all this money must be gone like that?Stupid malawians.This is our tax.This country will never be developed because of these stupid leaders and politicians who are there to enrich themselves and leave the ordinally malawian languishing In poverty.Rabbish!!!!!!Kumayikila kumbuyo zauchtsiru ndithu,kumvetsa chisoni.Banki iyi amayikira anthu wamba but look… Read more »
powder
Guest

what does the law say on this? u will change it after this sale. So after the chair’s selling u were confortable, now mukudzidzimuka mochedwa ipita msb. Its 5late!!

Shasha
Guest

Am a customer of MSB and to me it doesn’t matter whether it’ll go or not.How many of you have felt the bitter pangs from this ‘only bank’ in a remote area after being told that you won’t be attended to because of poor network signal?
Osamangoti fwe! fwe! apa chifukwa cha mabala apa 20 May.The govt has failed ena atenge we want better services.

paul mphwiyo
Guest

Headless chicken president? Kiki waste of time

Njirazasintha
Guest
MCP shouldn’t wait until MSB is sold, and then summon APM to the National Assembly. By then it will be too late. In any war it is important to use superior weapons and tactics to the ones your opponent is using. DPP claims the sale to be ‘legal’ – MCP should also go the legal route: Knowing DPP they are bound to have missed many important steps…APM and DPP are not the sharpest tools in the shed. They rely on money and brute force to get their way. The strategy should be to delay the sale for as long as… Read more »

More From Nyasatimes