Muli risks bankruptcy court action, property seizure: Owes K190m to Standard Bank Malawi

Mulli Brothers Holdings Limited (MBHL), a company owned by an official with high level connections to the State presidency and the Democratic Progressive Party (DPP) risks being declared bankrupt for failing to pay back a K190 million loan to Standard Bank of Malawi.

Mulli: Owes Standrad Bank 

According to High Court documents seen by Nyasa Times from the Commercial Division, Mulli Brothers took a K250 million loan from Standard Bank.

In March 2019, the bank and Mulli Brothers stroke out of court deal to enable the company pay in instalments of K20 million each month until the whole loan was cleared.

“In March, 2019, you were ordered to pay K20 million per month instalments but you only paid for three months for March, April and May, 2019 and has since defaulted on complying with the agreement,” says court documents in part.

The court says Mulli Brothers has shown no interest to finish the repayment of the loan and asked both parties to return to the court for determination.

The company might be declared bankrupt and its assets seized to recover the money.

Mulli Brothers also owes the defunct state owned Malawi Savings Bank in billions of money in what is commonly known as toxic loans.

A company tasked with debt collection of K5 billion from Mulli  has been struggling to do so even after a court issued a warrant for sheriffs to impound property.

Treasury issued promissory notes valued at K6 billion bailing out individuals and companies which owed MSB, among them Mulli Brothers Ltd, with the belief that the billions would be claimed back through the debt collection company.

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VYOTO
VYOTO
1 year ago

MULLI IS AMONGST THE MALAWIAN PEOPLE WHO ARE VERY MUCH AFRAID OF THE 50 +1 MAJORITY BECUASE THEY ARE THE BIG BENEFICIARIES OF THE DPP MALADMINISTRATION.

Sahara
Sahara
1 year ago

But Mulli fraudulently got K3 billion from DPP government and he couldn’t pay K190 million back? What do these people do with all this money?

Vilhomwe Ndivimbuli
1 year ago

Pay back tym

Ketulo
Ketulo
1 year ago

Wanted 10 million kwacha from std bank but it took 40 days just to say NO ….pano mwabeledwa…agalu ..abele zina mulli inu ndi atate pankhani yotapayi…muyeseni mzanu mumamudikira ku ndende uja FDH akupaseni zosala Kwama judge mukabweze achimwene

Chimulirenji
Chimulirenji
1 year ago

I had asked Standard Bank for K1M loan they put me through hell to approve it. Yet they are giving people K200M loans???????? Musova!

chayamba
chayamba
1 year ago

So people can have debts to that extent. Tisamangowona anthu enawa akusangalala koma ngongole zambiri mbiri. Ndiyenso bolani ine i leave a simple and satisfactory life with no ngongole from anybody

Chebiti9
Chebiti9
1 year ago

This is reckless lending by the bank. How can they lend this much money to someone with a bad track record? He should be liquidated

Bondo
Bondo
1 year ago
Reply to  Chebiti9

i also wonder. if dpp is gone how are they going to recover that huge sums of money

olivier
olivier
1 year ago

Kodi bwana Mulli ali antchito ogwira za accounts kapena amangotipula okha. kodi nanga ngongole zonsezi akamatenga, amatenga kuti za chiyani. I would wish Mulli have a business adviser and strong team in accounts department, Tax osapeleka, ngongole ndi Standard Bank, ngongole ndi former Malawi Savings Bank, why
otherwise this is stealing. does it mean the company was not making profits,

Madando Tippex
Madando Tippex
1 year ago

Wakuba ndiwakuba basi. Atamwalira Bingu, Mulli amaswera ku khoti kuyankha milandu yambirimbiri ambiri ife kumam’mvera chisoni koma kumapitirizabe zaukhuruku. Akuganiza kuti akhululukiridwa ngati za MSB.

Kadzanja
Kadzanja
1 year ago

He was playing with MSB which was a vehicle for official corruption. But Standard Bank is an international bank which does not tolerate such nonsense. They are in business. He dialed a wrong number. He should try FDH bank.

Sahara
Sahara
1 year ago
Reply to  Kadzanja

I am also surprised why he didn’t go to DPP money laundering bank FDH. Unless he knew from the beginning he wasn’t going to pay back.

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