Parliament seeks answers on Malawi Savings Bank sale proceeds

Members of parliament on Tuesday took the government to task over the Malawi Savings Bank (MSB) sale proceedings five years after it was sold to FDH Financial Holdings Group, demanding to know the whereabouts of K9 billion proceeds from the transaction.

Chimwendo Banda: Malawians deserve to know

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

Dowa East MP Richard Chimwendo Banda of Malawi Congress Party (MCP) asked the Minister of Finance, Economic Planning and Development Joseph Mwanamvekha to give an account of the sale.

In response, Mwanamvekha said all the money realized from the sale was intact.

He said the government was keeping the money which will be used for the setting up of Malawi Agricultural Industrial Court whose main function would be to improve agriculture in the country.

MCP alleges that the ruling elite colluded to benefit from the sale, arguing that some people within the ruling elite failed to repay loans to MSB, resulting in its failure to meet requirements.

At the time of sale, the MSB had 13 branches and 35 agencies.

In selling MSB, government had gone  against recommendations of the Budget and Finance Committee of Parliament whose resolution was that government should recapitalise the bank to enable it meet regulatory requirements.

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Nyenkhwe
9 months ago

CHIMWENDO-ASK THE MINISTER TO BRING A BANK STATEMENT AS OF TODAY TO EVIDENCE THE FUNDS ARE AVAILABLE AS ALLEGED

National CEO
National CEO
9 months ago

I salute the current parliament.

Moya
Moya
9 months ago

Intact where? Who has been using the money? I wont b surprised if the money was still with FDH Bank

wa Nyau
wa Nyau
9 months ago

Ndye MCP imeneyo,zochita kudzidzimukila basi.mose muja munalikuti nyau inuu.
its now 5 years.Ndale zopusa basi kumafuna kuoneka ngat mukupanga zokomela a MALAWI pomwe kuseriko mumakhala mukudziwana ndi agalu a DPP wo.mxii mbuzi za anthu

Fake Petros
Fake Petros
9 months ago
Reply to  wa Nyau

Siwe wa NYAU, ndiwe WAMISALA. You need full mental assessment and subsequent admission at Zomba Mental Hospital. You like some MEC & DPP commissioners L are an EXISTENTIAL THREAT to the Malawi nation. You are one of political APHIDS. But DDT (not DPP) is right on the way to get rid of you once and for all.

wa Nyau
wa Nyau
9 months ago
Reply to  Fake Petros

panganitu mental assesment yo baba mukuoneka zachipatala mumazitsata tu

Dowa boy
9 months ago
Reply to  wa Nyau

And galu ameneyu chimwendo akuzitenga ochenjera koma masiku ake atsala pang’ono. Lolilitsa sichedwa kung’ambika

wa Nyau
wa Nyau
9 months ago
Reply to  Dowa boy

kkkk

Lazy
Lazy
9 months ago

FIRST LETS START WITH THE JET PROCEEDS!!! WHERE IS THE MONEY??????

wa Nyau
wa Nyau
9 months ago
Reply to  Lazy

iwe ndye wanena

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