Malawi Sheriffs have closed down private-owned radio Matindi FM over unpaid rental arrears amounting to K2.3 million.
Matindi FM which is housed in a building once occupied by NBS Bank in Limbe, stopped its transmission on Monday morning following the closure.
The Sheriffs shut down the radio station on orders from the building owners, Nico Holdings.
Finance and Administration Manager, Oscar Nyamalo could not answer his phone when Nyasa Times contacted him.
But in separate interviews with several employees, it was revealed the station was sailing through financial turbulence with workers not paid for three months now.
”Two weeks ago our transmitters for the northern and central regions were also confiscated by creditors,” revealed one of the employees.
Matindi FM owned by businessmen Elvis Nserebo and Oswald Lutepo, has lately been losing some of its employees who are dumping the once well-paying station for green pasture.
Meanwhile, the country’s two major commercial banks are currently on the neck of the chief Cashgate suspect, Oswald Lutepo over a K1 billion loan he, together with his business colleague Elvis Nserebo obtained in 2012.
Business partners Nserebo and Lutepo who are directors for Matindi Business Empire which owns Matindi academy,
Matindi FM and Agri-Feeds Limited owe Standard Bank and National Bank over K1.3 billion- including interest.