Africa-Press – Malawi. Malawi legislators are expect to have a joint committee of inquiry on the missing of customers MK21.7 billion from Alliance Capital Bank. The joint inqury committee will include public accounts , Trade and Industry and legal affairs,
Minister of Finance, Sosten Gwengwe told the just opened budget review session of Parliament on Tuesday, November 15, 2022 that it is very sad to note that it took time for other regimes to probe over the matter since the bank started it’s operational in 2004.
He said the bank was only suspended two years ago despite the central bank receiving numerous complaints from customers. Gwengwe made the remarks after Dedza West legislator Joshua Malango asked the house to look into the matter as the court ordered that the Alliance Capital Bank should sell all properties and share the money to customers involved.
Malango said the fraud looks like an organised scam and that there is need for proper investigation. Alliance Capital was established in 2004 and Reserve Bank of Malawi (RBM) suspended the firm over fraud.
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