Under pressure Mutharika suspends sale of Malawi Savings Bank
Coming under intense pressure from the public, the opposition and civil society on the controversial sale of the state-owned Malawi Savings Bank (MSB) to only preferred bidder FDH Bank of Thom Mpinganjira, President Peter Mutharika has decreed that the process should be halted to allow for continued debate on the matter.
In a statement delivered on Wednsday by Press Secrtary Gerald Viola, Mutharika said he has made the order following the resistance which has come about the sale of the bank.
Mutharika said it was important to learn from the past on how similar transactions have been handled.
“Not too long ago, Air Malawi found itself in a similar situation. There were people who strongly opposed inviting a strategic partner in Air Malawi. There were others who saw the need for that initiative. We argued, quarrelled and rumbled about it. By the time we concluded the transaction, Air Malawi was a mere shell and Government ended up with huge debts to settle,” said Mutharika in a statement.
“Government would like to avoid a similar situation happening in the case Malawi Savings Bank because it would be more detrimental to the interests of the country than was the case with Air Malawi,” he added.
The Malawi leader stated that the country cannot achieve consensus on a matter of this nature, hence seeking the advice of the Regulators of Banks and Financial services.
“Government has a duty not to allow the economy to collapse because of our political disagreements. I am, therefore, calling upon everyone to approach this matter with an open mind. As a Nation, we would do well to follow and take the advice and direction which those familiar and experienced in the field of financial services have pointed to us.
The President stated that his government will review the process of recapitalisation that was undertaken.
“The review will cover all the aspects of the transaction. I am therefore inviting all those who have spoken on this matter including the Members of Parliament, civil society organizations and the experts to come up with reasonable proposals covering all the aspects of the transaction so that we can map the way forward,”he said.
But Malawian citizens are urging the President that his suspension is not far reaching enough; they are demanding full cancellation of the sale and withdraw of government promissory notes to pay off toxic loans of the defaulters, mostly party financiers of his DPP.
Mutharika has been accused of leadership failure if not taking decisive action on problems facing MSB.
Even opposition lawmakers are demanding Mutharika to appear in parliament to face political grilling which will also centre of the MSB .
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in my view this issue could have been very simple had we not involved political interference.
1. I support sale of MSB bank because the govt is struggling to even to control its assets look so many cash gates everywhere Cashgate jetgate, MinAgricgate Chikangawagate, MSBgate etc.
2. The Sale must be a public one through IPO just like we did with Press Corporation. All Malawi citizens must participate ! it is our right not just one person aah!
3. Right now Bonongwe should be fired for failure to manage the bank. Why is he failing to collect the bad debts. It is this last point that suggest Bonongwe is protected because perhaps he has unwritten instructions from country leadership. Otherwise this should be a straight forward case of gross incompetence by Bonongwe
4. Financial experts were perhaps already involved and came up this ndowe we just need an objective decision not from leadership of no bias or personal interest or influence.
This is a very straight forward case.
The IMF should not apply double standards. Following the 2008 Financial Crisis the UK and other Western governments took a stake in their banks and probably still hold large shareholding is some banks. Why is Malawi Government not doing the right thing. For your information decision to sell MSB to FDH was made a long time ago even before the advert was put in papers. If they want to buy let them pay the correct price to Malawians not the peanuts they are offering.
let only those who have experience .
Ya the people have spoken. Well done Mr President
Koma kumeneko!!!!!!
The fact is that Daniel Phiri obtained the loan using Mulli. Now Peter wants to use poor Malawians to settle his brother’s loan. Don’t be fooled. He is the biggest beneficiary!
Sale MSB! Boma! boma! boma!. I have ordered nt to sale MSB. Boma! boma! boma! Pupet of govt. I’m proud to b on ze opposition side. Can’t even think and argue where thngs goes wrong.
Thats why we always say, we need strong opposition, because had it been our opposition is weak, this Ibu could have not change his mind.
Ngwende nayo
great idea PP Guru,
Stop this MSB offloading process. This nonsense must stop!!!!!!!!!!!! Authorities in Malawi have stifled economic productivity and created unemployment through the deliberate and systematic assassination of state corporations and quasi – government departments at the guise of privatization, Beneficiaries have mostly been the so called entrepreneurs with political connections, and Malawians of Asian origin and in afew cases (like RAIPLY). foreigners
All this has been at the expense of the national economy and employment. Ana athu akamachoks m`ma University akagwira kuti ntchito? All our neighbouring countries are producing, exporting, employing their graduates and achieving infrastructural development. On the contrary kwathu kuno timisewu tathu tomwe tija ta Kamuzu tija, ti mabuilding take tomwe tija, tima airport take tomwe tija!!!!!!!!!
Remember the following companies/ departments:- Malawi Railways, Tyre soles, ADVANX,, Bestobell, Consolidated Textiles, Namingomba, Lever Brothers, Cold Storage, David Whitehead, Shire Bus Lines, Multi Country, OPTICHEM, Nzeru Radio,ADMARC Canning Factory, various ADMARC Farms, ADMARC Investments Holdings Corporation (AIHC with shares in National Bank, Commercial Bank, SUCOMA, SBL),Malawi Milk Marketing, NOIL, MDC, Mikolongwe Veterinary Institute, Press Poultry, Press Clothing, Chipiku, Import and Export, MTL/ Malawi Post Office,, Kandodo, PTC, Malawi Distilleries, Band C, Napolo Ukana, ITG, African Lakes Corporation – tea and rubber estates, General Farming, Engineering and Foundry, OILCOM, Shell,VIPLY, Press Furniture,SEDOM, DEMATT Various rice schemes, LORNHO, Mapanga Sweet Company, SABLE Farming, IMPALA Farming, Namimg`omba, BATA, GEP shoe, Conforzi, Spearhead Transport, Spearhead Farming Press Transport, Mandala Motors, Chamwabvi Group, Press Transport, Cheesebrough Pondds, KIWI Brands, Catepillar, Clan Transport, Government Printers, Malawi Book Service, Times Bookshop just to mention a few
The guy is buying time to pay back what his late brother Daniel Phiri borrowed through Mulli.
What a mature president we have in APM!
Here comes a listening President, lyo,lyo,lyo!!!!!!!! kunong’a
kodi pulezidenti wina aliyense azigulitsako chinachake, at de end tinzamva zoti malawi ikugulitsidwanso (take care!) ndidyera lanulo
Atleast its a listening government
Ineyo ndi munthu mmodzi yemwe MRFC inandipindulila kwambiri osati timabungwe tabwela panoti,zachisoni dziko lathulino atsogoleli amachita zithu mwawokha pazithu zopindulila a Malawi, kwambiri timalowesa ndale chifukwa mwina chinthucho sitinayambise ndife kapena tikufuna kupeza cholowa. Mapeto timapezeka tikuyambisa china chofanana ndichomwe chisakuyendacho kufuna kukwanilisa zofuna zanu, ndimoyo umenewu amalawi tikadavutika mwachitsazo akuti anathesa MRFC Yomwe inali ndimawofesi palipose dziko muno kumuzi ndi ku tawuni komwe ndikumati anthu akumuzife tizikatenga ku MADEF yomwe ili ndi mawofesi kutawuniko pano akufuna kugulisa MSB Pali zeru apa,vutn ndi MP safuna kuyankhula.kunena zoona ngati pitala aliwoganiza anakabwelesa bungwe lina kumudzi kuno ngati MRFC lomwe lizizatipasa feteleza ndi ngongole ,ife sitimakhala ndi njala kuli rural
Look at David White head where your bedfellow Muluzi gave amwenye. Evelyn Mwapasa knows it.
Following….
i think the MSB sale was a good idea
Dear my president,
Sometimes success comes when people make right decisions at the right time (timing). What I have got from your speech is that the voice of some people has been dampened. These are financial regulator (RBM) and other financial experts.
Now, to my understanding, RMB is the only authoritative institution that must come clear and provide very professional advice untainted with any bias or corruption. This, to me is a daunting task for RBM at this time because it is the same institution (current management, if I am to be more direct) that oversaw the plunder of public money through cashgate. Put it differently, it is the institution on whose watch public resources (public money) were turned into private resources through illegal means.
Now we have a similar situation here, where such institution (RBM leadership) that lost its moral authority is required to convince people that turning the MSB (public resource) into private hands is the most plausible decision? How will people be convinced? Personally, I would not blame those who will doubt RBM’s advice given the moral decay within the institution.
What went wrong then?
Our head of state should have changed the leadership at RBM long time ago so that when time like this comes (as it has come now) we could be getting untainted expert guidance from morally upright leadership.
What next?
Put right people with moral authority within our nation to run such an authoritative institution. and maybe, we will realise that we don’t have to sell MSB afterall! Nanaga comparison ya Air Malawi ndi MSB zikugwirizana ngati. the former was a perennial loss maker while the latter is still doing well (unless ‘Chair’s’ politics comes in and deliberately messes things up at MSB, in whish case patriotic Malawians will sort out the mess when ‘Chair-minded’ leadership is pushed aside)
Timing is very important Mr President!!!
I wish you well
We want know why MRFC is being riquidated without offering it to private instution to continue running since u failed to manage it,we know thr are some who r being benefiting
ine ndine mlomwe koma alomwe enawa awonjeza. dziko la malawi ndi la a malawi silamtundu ayi. Alomwe bwezani moto for the sake of peace mukaonjeza moto muziona.
sialomwe onse akuti finyofinyo ndi kagulu kokhako kakudya zonona.
Peter alumikizeni amalawi koma mukawasiyira alomwefe tizingosokosa sizikhala bwino
Mr ibu tsopano. Who voted this fool into the presidency??? A clueless person like this one is not fit to be president. Remember the academic saga of Chanco when he was min. of education. Chanco remained closed for quite a long time just because of Mukhitho and yet the professor Ibu was the min. of education. What type of professor is this one??? I cry for my country Malawi. People should know that this country does not belong to lomwes only. All in all where were you lomwes popanda Muluzi kukusambitsani mmaso??? Remember iri ndi dziko pangafupike pangatalike zinthu zimasitha, and yo’ll fill the pinch.
Mufinyeni kwambili budget isanadutse he is wavering! Mukwenyeninso za NAC!koma musamaleni asapange stroke.Ndale is not worth the life of a person.
Kape wazisiya. If you think people will watch you breaking this nation single handedly then you are cheating yourself. I dont know the coward we have in the name of the president. You mean the whole of you, you can not handle Mulli? you can allow this thief to ruining your political future? Perhaps we should start believing what we have heard that you are the principle beneficiary of this scam. Mr President you were entrusted to manage affairs of this nation but I can see you are not in control. Shame Shame Shame!!!!!!!!!!!!!!
Some of you peoples are just fools and idiotic, the president has cancelled the proceedings of selling the bank so as you people to give your proposals and ideas, now your saying rubbish, your just dead dogs which cannot think.
The person who is an idiot is the one who acts or speaks first, and thinks later. In the past one year we have been subjected to unnecessary reversals and retractions. As president APM should realize that he needs to show leadership: National affairs should be thought through carefully before they are announced or implemented.
People who are lauding APM as a ‘listening president’ (MCP’s Chakhwantha, Billy Mayaya, and others) are missing the point completely. APM should listen before acting; and he should make sure that affairs of state are conducted in a transparent manner.
The editor of The Nation should also not patronise Malawians. We know that all banks, whether state owned or private, should meet required international standards. However, this does not mean a state owned bank should be given away virtually for free to a DPP oligarch. MSB should be sold in a transparent manner and at fair value. This is why there is no controversy over the sale of Indebank. It is better for MSB to go under than to be given away as a prize to Thom Mpinganjira – a small cabal should not steal an important national asset in broad daylight. The Nation editor could learn some lessons from his counterpart at the Daily Times – today’s daily papers show a marked contrast in editorial intelligence. Could it be that instead of a ‘popularity contest’ we have an editorial contest instead?!
Peter ndiwe nyape. you think Malawians are fools. ukutinamiza chiani apa. you diont have to withdrawal but cancel the sale. you want us to pay Mulli’s debts coz Mulli has said he is going to unveil the leprosy of DPP?. amla
Sorry Mr. Ibu. Why very slow in acting on crucial issues?? Why waiting for demonstrations for you to act?? This slow actions will let into chaos one day. Jack up Mr. Ibu.
You cannot compare Air Malawi to MSB. For the records Air Malawi was a perennial loss making body. If you go and check at MSB you will find that the December 2014 Financial statements recorded profits. For Some reason the CEO Bonongwe has been manipulating, skimming with politicians and friends such as Mpinganjira to fleece MSB for a song. Bonongwe should be investigated, through the nation newspaper he managed to mislead potential buyers by understating the true value of MSB. He was not acting in good faith and his ethics are questionable. Thanks to the employees who fought tooth and nail to save the bank from vultures. Bonongwe should also be subject of scruituny by organisations such as ICAM and if he is a member he should be deregistered without delay. I also blame the board of directors who allowed themselves to be deceived by Bonongwe. Maybe they are also part of the skimming.
Heads must roll at MSB, its time for fresh Management to take the bank to the next level. Toxic loans such as those relating to Mulli were long provided for as bad ( Probably 3 financial years ago). Judging from the way Banks operate, there is no sane person who can believe that MSB made losses. An example is fixed deposits attract on average 10% interest. Borrowings by customers are charged over 40% interest. This is times 4 sufficient to cover overheads and still remain profitable. We who work in the manufacturing sector actually admire how banks make easy money.
Mr President open your eyes investigate this issue.
Talk to us about how you will recover the toxic loans then we would not stop Govt from selling MSB, issue here is about the ngongolegate!
He is just saying this so that the budget will pass. After the budget, you will see.
The statement does not cancel the sale but rather supporting it. So do not be fooled as he did on his academic career. Remember,he Just made his professorship through Collection of articles as per Prof. Danwood Mzikenge Chirwa.
Namukachaka, as a Lomwe you mean you don’t see mafia tactics here?
The public is not against government selling any company, people are angry because DPP is using mafia tactics using tax payers money to bailout a Lomwe and see the bank to another Lomwe. Don’t say we the public are clueless on that.
Akufuna athane ndi case ya mathanyula nzacheyu Kaye. Agalu awa
Sale MSB you fools, you just enjoy eating the little we have, God will burn you alive
kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk cash gate?
Cash gate began in 2005, trampled in 2013 but demonstrated in 2014 !!
PP and DPP should clarify this equation !!
Thanks for listening if this is not a trick to have the budget passed.My take is that let Parliament approve MK5 billion capital injection into the bank and prepare it for public listing in 2/3 yes time so that all Malawians are given a chance to subscribe to its shares as we did with NBS and by so doing we will keep the jobs of 630 panicking employees, maintain the MSB brand, keep the wide branch network and avert the takeover corruption scandal.
In a normal country, sale of this Bank would have been recommended. However what we as Malawians are against is the fact that you want to sell to cover up the toxic loans given to DPP cronies. that we will not accept. The truth is Mr President we made up our minds as Malawians. For 30 years we were taken advantage of by a man called Kamuzu Banda who amassed great wealth under our watch. We will demand transparency and accountability from every President that we elect without fear. Bakili has a case to answer, so does JB and the former DPP Government. We are poor but we pay taxes and it hurts to see our taxes going down the drain. We are sure that if we had a responsible Government, our country would move forward. We are tired of electing Governments that just think of draining Government resources at the expense of poor people.
Thats the type of Charles Logan leadership style that bows down to terrorists
After the twist and turns on the sale of MSB, the dust seems to have settled with the President’s speech. However,to Malawians who care , it is not over yet ! Queations regarding the toxic assets remain hanging un answered. This makes people wonder whether this new move is not a ploy to let the STORM pass and have the issue resurface in a different fashion without answering the major concerns voiced by the public. The idea of spending more, by creating a loan recovery body in order to recover the defaulted loans, also needs to be revisited. Malawians,who care, will not tire to watch on the new direction this issue goes.
I also said it once that this APM guy is clueless. I am sure he has done this just to ease the opposition pressure not to pass the budget. Government should be serious at times not to play with the minds of the people. All this time where was this so called President to make an outright decision on the matter. Is he doing this because he has been sanctioned to go to parliament? There are other contentious issues that he also needs to address and as it is he needs to come in the open to make that announcement and not through some illicit advisors who are merely enriching their pockets from tax payers.
This is a tragic failure in leadership. There are times when a leader should stick to his guns in the face if pressure from people who have no clue what they’re talking about. There’s this habit of calling the President clueless, which unfortunately is true. But civil society can also be clueless and in this MSB case it has shown itself to be so woefully clueless that it has misled the even more clueless public. The fact remains that government has no business running a bank and offloading MSB is very much in the interest of the public in general and the economy in particular. The matter of the Mulli loans s the only part where public anger is justified but even that is now be tackled in a proper way.
Where is the order halting the sale?
Why are people including some MPs talking of wanting a grilling of the president, when it is a constitutional obligation for the President to appear before parliament and answer questions about budget expenditure? let’s use proper language and do the right things. mtopola will get us nowhere.
Idiot. Clueless, headless chicken.
kumatero kaya. kumamvako za anthu. pano kwatsala nkhani ya nepotism musiye
Just as i predicted in my earlier comment, the comments here shows that most people against the sale are completely clueless about the reasons behind it. Its all Mulli this, Mulhakho that…… Za Ziii! UMBULI!
BigMan, umbuli is always with dpp boot lickers. You seem to be one of them. Deliberately too blind to see what is wrong with this msb sale circus.
The MSB headqts buiding alone is valued at K6 billion. Now govt wants to sell the bank at K4 illion. What a stupid govt!
Do the following:
1. Fire Bonongwe
2. Discuss with Muli how he can pay and agree to remove all court orders on the loan and agree how much he can afford per month. All the money Muli is owed by Govt must be paid to the bank. Govt failure to pay Mulli should not be enough reason to sell the bank.
3. Other banks are making prcofits to the tune of K14bn in towns. MSB is everywhere in Malawi even in Nthalile.
Do not sell MSB.
The title of this story of this story is wrong. The president has not canceled the sale as he wants dicussions
Can the president take advantage of the curent sitting of parliament to discus on our behalf.
The president must weight oportunities. The masses are the pple who vote and not IMF. He must ask himself am i ready to give up power to MCP in 2019 or still want to be a president. APM will be the first elected president to rule for 5 years only.
What Malawians want is you to cancel the seĺling of the bank..not the suspension…kasamva bwanji???
Yes! yes! i hope this is the final decision Sir be clear that the Bank will not be sold.We don’t care weather you hold it or not but as custodians of this nation we very clear Sir.Find other means of curbing your outstanding bills but not siphoning from poor peoples taxes the world is watching you.It is clear Sir that you were behind that motion of selling.I repeat don’t you dare again to think about it.See my name.
APM does not desserve to be a President. He is reacting as if he does not have a Head. Impeachment basi
Suspend the sale until budget is passed…….. No. One is impressed by your shenanigans. You are sooooo transparent
The only resonable proposal is complete transparency, and pay back of all toxic lones from your cronies
Amalawi palibe chovuta apa the storm will be
over soon after onse atabweza ngongole then malawians will decide what to do with peoples bank. Amalawi palibe chomwe chingatilake kuyendetsa bank yathu. tigula ma shares ndiponso titseka ma account tinatsegula mmabank enawa ndipo tikatsegula ku MSB. TIYENI TITUKULE BANK YATHU NDALAMA ZATHU ZIKHALA DZIKO LATHU LOMWELINO. TIYENI TIGWIRANE MANJA . DZIKO LATHU LILI 15MILLION POPULATION NDIYE TINGALEPHERE KUYENDETSA BANKI YATHU. LET US PROMOTE OUR OWN BANK. NGONGOLE TIZIKATENGA KONKO MA INTEREST OCHEPERAKO.
It was okay when JB agreed with IMF to sell the bank. It is not on for AM to sell the bank. He reverses the sale you still condemn him. Malawians do we know what we want as a country?
I do not see anything sensible here but lies,lies,lies. The difference between Air Malawi & msb are mulli, msb is making profits whilst Air malawi was loss making, msb has an issue of compliance in nature whilst Air Malawi had operation issues, so the president is comparing pawpaw & stone.Lies lies lies
Don’t sell the Bank, don’t bale it out. In true business sense isove yokha. I would not like to see my tax money baling out this carcas of the so called bank which has reached a point of no life even if can still leave it to live. It will eventually die in this current state.
Resuscitate it ? Yes! How?
All loans MUST be recovered. Its current Executive should be fired and replaced with new one with substance.
Invite public to buy shares to recapitalize the Bank.
Improve its Brand by focusing on aggressive marketing.
Let all policitians hands off this Bank.
There was a simmilar situation in South Africa on African Bank. It was resuscitated then and showed some life and two decades later, it is back to where it was, why? Because of too much lending to clients.
MSB has come to this level due to too much lending to untrustworthy customers. How MSB will survive in future remains to be seen but I don’t give it any hope in the current state.
I strongly support DPP no body can denie this but in this issue the APM lead government should not sell the Bank rather those who are deemed defaulters should be squeezed to pay back and with interest.Malawi had companies before they were all sold and look what is happening now we can’t proudly say this is 100% Malawian
Wawa APM. Zigawenga za mu DPP sizidya nawe.
Never seen such a clueless President, By the way why has it taken him so long to respond to the issue because the article does not show that he is against the sale rather he is trying to strengthen his earlier silent position on selling MSB to his kinsmen. Is this a genuine response or coming out of fear of appearing in Parliament for grilling. Besides, going by the content of the above article its easy to see that APM still strongly wants to sell MSB to his cronies and we do not trust the so called regulators of banks and financial services he is talking about whether international or local are they not the same who advised government to pay off Mulli loans instead of allowing MSB to use its legal mandate to quiz its loan defaulters (whether they used the loaned-funds to support DPP or not). If its the IMF or World bank he is referring to he should know that no country that gets wholesomely advice from IMF does well economically. Malawi should learn to avoid IMF’s imperialist advice on such critical matters, remember the ill-advice on privatization,where are those companies now? By the way which studies is APM referring to suggest that cancellation of the sell will lead to collapsing of an economy. Let APM be decisive as a leader so far his major weakness is procatisnation critical issues of national interest.
Let him go to Parliament and face grilling.
Abwana you are not on the payroll of Mulli and other defaulters who failed to honour the huge loans of MSB.Approach this issue with sober mind and debate with Malawians on the TV wouldn’t be bad.You will be doing this for the interest of Malawi nation.To be frank never ever make a mistake to please the Mulli and other Dpp defaulters.That bank belonged to all Malawians regardless of any party affiliations.Dont just get advice from the few atidyenawo that have surrendered you.A genuine friend is the one who tells you the truth than the one who hides in the mask and leads you astray to finally laugh at your failures.Learn to be bold enough to take constructive critism that most Malawians hates.Selling MSB will be your last nail on Malawi politics.The Malopas and Ben Phiris of Dpp cannot tell you the truth because they are not honest enough to tell you the truth.
And I. Ask. Mulli to settle the loan forthwith
Even a lay person like me was wondering if there was sanity in selling the bank. Thieves!
Ena Akukondwera Akuti Ali Ndi Mphamvu, President Wayamba Waimika Ganizo Logulitsa Bakiyi. Chifukwa Ati Akuopa Iwowo.
Kkkkk Anthu Enawa Ndioseketsa Zedi.
At last the president has uttered something on this toxic msb sale debate. But are these regulators the same stupid rbm people or other puppets already in your pocket with decisions having already been made behind the scene? Just rubber stamping what Gondwe has already told us is to happen to msb?
People would like know what the regulators would say on how the mulli debts and others would be repaid. How the bank would eventually be sold if that is the option to be taken? If it is to be retained, how the bank will operate differently this time and what will be the role or no role of politics in the bank? Will the promissory note be cancelled?
I welcome the guarantee that no branch closures will take place but how water tight will be the Agreement or contract? People always try to find loopholes.
If you had been decisive from start mr president, people would not have decided enmasse to take out their money from the bank as their confidences were destroyed by your continued silence. That has already damaged the bank.
It is a step in the right direction but we can still see some thorns in front.
Mbuzi ya President. Ask your Zambian counterpart amuimba kuti wabwera ndi suitcase yopanda kanthu……..
If Government can’t run msb how can they run the malawi economy? How difficult is it to recover loans? Where are the securities these borrowers pledged? Tell people the truth and discard this rubbish in the bin. Why should msb make loses? Nbm makes 14b profit while the bank that is run by Mr proffesor is bankrupt. May be we dont need proffesors in Malawi.
Wakumana nazo mkulu !!
Running a country is a serious business !!
No business as usual !
The bank is the people’s bank , it is believed most of the 92bn which Bingu syphoned he used the MSB with the big brain of Mwananveka.
Ask Malawians if they are willing to contribute K6bn in form of shares. We are 15m Malawians and if everyone Malawian bought K400 shares we can recapitalise the bank but remove Bonongwe and employ credible person. What do u think amalawi. Even if 5m malawins each bought K1200 shares we have 5,000,000 x 1,200 = K6bn. Tatipatsani mpata amalawi tigule.
I hope this is not a tactic to run away from meeting MPs in the chamber…
A pm musangoti mwapanga kaye suspend kugulitsa msb koma muneneletu apa kuti msb isagulisidwe basi chifukwa msb si yaunu kapena ya banja lanu kapena ya dpp chipani chanu ayiii msb ndi ya boma ndi anthu onse a dziko la malawi fullstop
uyisova ganga iwe
Tactical move to let Parliament pass the budget. What is the Presidents stand on the toxic loans because that is the most controversial part of the sale of the Bank
Mutharika is very aware that the trick government was hatching has failed. This is suicidal to the government. This is a clear case whereby the Mutharika government was trying to protect crooks who siphoned money from public coffers to fund political parties. Mutharika is actually tongue-tied to bite the fingur that feeds him.
Zikachitika timvera kwa inu!
awa ndiye ndi achitsiru ndithu…..stupid man.monse tinayamba kunena za bankiyi anali kuti.
Indeed a dubious professor.
How can u sell the bank with an intension to clear loan of DPP and MULAKHO.
Not all malawians r dull,umwalina nawenso ngati galu yakhanu ija
Its not just suspending the sale. All toxic loans should be paid back by all your cronies.this is including Mulli brothers who are now going to implicate you Mathanyula and “Daniel Phiri’s” estate. Koma ndale zikukoma!!!
Chicken!!!!
Positive direction.
This president is always a slow thinker, he reacts too late.
Mwasiyako
All this could have been avoided if the Ministry of Finance had handled isuues in a very sober way and reduced arrogance. The Minister of Finance must go he is now becoming a liability to the system.
No, it the president who is a liability. He could have censored the minister from start if he didn’t agree.
APM in his statement has indicated that whatever happens, no single branch of MSB should be closed. This conclusively tells us that APM has made a decision to sale the bank. He is just panic with the budget. Again such statement is meant to mislead People. He should come clearly.
The aurguments of other stake holders is still to sale the bank in the open manner through MSE after all issues have been addressed. Why is he not buying these ideas. This is very clear that he want to serve his on selfish interests. Malawi should not accept this
The president has done this due to pressure from the owners of the bank. The bank is owned by Malawians and not DPP and therefore it only proper to listen to the owners of the bank. This must be a lesson to any politicians in power. NO MAN IS BIGGER THAN THE COUNTRY.
BUT I HAVEN’T HEARD ANYTHING TO DO WITH MULLI LOANS. APELEKA NDALAMA ZO?
SECONDLY, AM URGING ALL MALAWANS TO CONTINUE WITH SUCH pressure EACH TIME THINGS SIM NOT ADD UP.
NEXT, LET’S RIGHT QUARTER SYSTEM. THIS EVIL THING MUST GO.
This country is a farce. We are just like crabs happy to languish in a basket of misery and poverty , nobody wants to let anybody out! A people too lazy to look at facts and easily misled daily by half cooked politicians playing political ping pong in the national assembly.
All this attempt to sabotage the sale of the government shares in the struggling MSB is triggered by the lie that the sale was just for the sole reason of rescuing Mulli from paying his loans. It is not true at all, as one can see that MSB is already trying to grab its loans from Mulli despite the Reserve Bank issuing the promissory notes in order to stop the bank from collapsing. In fact, 99% of the people against the sale dont even know or care to know what a promissory note is, but they are barking against it like some clueless bare arsed baboons!
MSB is a mess and the cash strapped government cannot continue to pump money in it just to keep it afloat, a bank cant be run like a bloody statutory corporation for God’s sake. The shares need to be disposed off to a commercial entity that will manage the bank professionally and at a profit. MSB is not a charity organization, its a bank!!! This pathetic wail of “cant sell it because it belongs to Malawians” just shows the emptiness of our national grey matter.
The fact that it is FDH which chose to bid because the other banks weren’t interested in such a toxic bank is neither here nor there. Would you as Malawians be happy if it was bought by a foreigner and not a Malawian successful business man? What manner of people are WE? Kaduka, Nsanje, Ufiti cant continue to be our national genetic code.
And the idea that government needs to consult with Trapence, Mtambo, Sembereka, Chodzi, abiti Mtila, and every vendor selling cucumbers by the roadside before making a decision to privatize a toxic asset such as MSB makes me sick.
Let me tell you what will happen: the bank will still be sold, but in the meantime we will waste lots of time bickering like idiots about the price, the buyer, which party has mandate to run government, basic rights of every villager to have a fully staffed MSB bank in his village that he never uses, how the elections were stolen, access to information bill, a forensic audit on the bank before the sale, lets sell it after the next election……….etc..etc…etc…! Meanwhile the bank will lose value due to the uncertainty and eventually will be disposed off probably to some bank from India and a much lower price than was bid by Malawi’s own FDH Bank.
What a country, a state of flux!
Bwana BigMan m’maona ngati mungotola bankiyi? Mwauponda! Simunati, mulembabe ma essay ngati amenewa ambiri.
You are right, MSB will eventually still be sold; probably to DPP’s own (as opposed to Malawi’s own) FDH bank. The idea is to exact the highest possible political cost on DPP, because the sale of this national asset is not being done in the public interest. Cashgate was effectively used by DPP to discredit PP as a party. This is our chance to use MSBgate to discredit DPP in the same way because these two political parties are run by thieves. In the end the sale of MSB will be a hollow victory for the DPP government…
What a welcome move from a listening leader, I salute you Mr President.
Umenewo nde umunthu umene akufuna Malawi,komabe simunati mukathane kaye ndi asilikali,but let me warn you Mr.president!,any mistak kumene nde akakuchotsa mano amene atsalawo,kkkkkkk
fans ya ngongole ndi bank imeneyi itseguka m’mimba sure. the longer this issue drags on, the more ma interest azingophatana kumeneko. kaya!
Hmmm,so he has done this to avoid being grilled by parliamentalists just incase he is made to stand before the august house and fired with wise and intelligent questions from the likes of Chakhwantha? Not that he cares about the taxpayer’s mny. The man has no heart n cant b bothered who suffers the consequences of the sale as lons as its niether him nor his reputation.
Thats my listening state president congratulations for the good decision
Malawian people have apokwn and their faithful servand has reaponded. This is the way presidents regaun their trust and respect. Thank you Peter for listening. You are learning the people’s language really fast. Stay the course.
Try and error Gvt, what are trying to protect here because we know that u people are thieving everyday. That what u know best than governance
Muthu alibe pabwino
kkkk job creativity in nyasaland
Kulamulira dziko is simple one just need to value ideas eliminate bad ones and proceeds with good ones. In the end people calls u genius of their own ideas
Dead man walking.
Believe his intentions at your own peril. There is a political catch to this. As for me, I shall wait until after the Budget is passed. Atigwilisapo chiphwisi
Mutifunsileko Ma Lecture A Chirwa Ndi A Kanyongolo Kuti Akuziona Bwanji Kkkkkk Nde A Chakwera Ndi Kabwila Anena Chani Tsapano!