Malawi Savings Bank (MSB) has cracked down on rogue employees who purchased houses on the bank’s house ownership scheme and rented them out to third parties.
In an Administrative Notice No. 132 dated 3 November 2011 signed by the acting CEO, Kayisi Sadala, the bank strongly warns staff that the purpose of the housing scheme “is to assist staff purchase their own house for occupation and not for letting out”.
Sadala further states that the management has noted “with regret that some employees who have benefited from the facility are letting out their houses to third parties” contrary to the spirit of the policy.
MSB said its Human Resources department will be inspecting all the houses purchased under the scheme.
The bank warned the staff that those found in fault will be punished by paying commercial interest rates effective from this month.