{"id":77461,"date":"2026-04-23T20:14:14","date_gmt":"2026-04-23T20:14:14","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation"},"modified":"2026-04-23T20:22:44","modified_gmt":"2026-04-23T20:22:44","slug":"ex-rbm-boss-calls-for-pension-fund-licence-revocation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation","title":{"rendered":"Ex-RBM Boss Calls for Pension Fund Licence Revocation"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>A former Governor of the Reserve Bank of Malawi (RBM) has delivered a blistering indictment of the Public Service Pension Trust Fund, calling for its licence to be revoked over what he described as a brazen and unlawful push to buy the controversial Amaryllis Hotel.<\/b><\/p>\n

Dr. MacDonald Mafuta Mwale, appearing before Parliament\u2019s Public Accounts Committee (PAC), laid bare what he sees as outright defiance of regulatory authority\u2014warning that the Fund\u2019s actions effectively held the country \u201cat ransom.\u201d<\/p>\n

At the heart of the scandal is the Fund\u2019s decision to bulldoze ahead with the hotel purchase despite a clear directive from the RBM not to proceed until serious concerns were addressed.<\/p>\n

\u201cThis is the first time for me to see an institution disobeying the Registrar\u2019s order,\u201d Mafuta Mwale said, his frustration unmistakable.<\/p>\n

Speaking in his former capacity as Registrar of Financial Institutions, Mafuta Mwale said the breach was not just procedural\u2014it was systemic and dangerous. He urged the central bank to act decisively: revoke the Fund\u2019s licence, impose strict spending controls, and institute sweeping reforms.<\/p>\n

His criticism went further, questioning the ethical backbone of the Fund\u2019s leadership.<\/p>\n

\u201cEven without an RBM order, they had a moral obligation to stop. This deal has implicated a lot of people,\u201d he said. \u201cI don\u2019t see Old Mutual, I don\u2019t see NICO behaving this way.\u201d<\/p>\n

The PAC inquiry is probing the ballooning cost of the Amaryllis Hotel\u2014from an initial K47 billion to a staggering K128 billion\u2014raising red flags of possible abuse, collusion, and financial misconduct at the highest levels.<\/p>\n

A growing list of high-profile figures has been dragged into the controversy, including economist Collins Magalasi, former Chief Secretary to the President and Cabinet Colleen Zamba, former State House Chief of Staff Prince Kapondamgaga, Finance Minister Joseph Mwanamvekha, and Youth and Sports Minister Alfred Gangata.<\/p>\n

Zamba, a central figure in the saga, has so far dodged appearing before the committee, casting further doubt over accountability as PAC intensifies its probe.<\/p>\n

In a leaked draft report, PAC pulls no punches\u2014branding the hotel acquisition a sham investment and recommending immediate criminal investigations against Zamba, Kapondamgaga, and Chizaso Nyirongo, the former OPC legal director who later chaired the Fund\u2019s board.<\/p>\n

The net widens further:<\/p>\n

George Jim, suspended principal officer, is accused of issuing commitment letters without board approval;<\/p>\n

Boyd Hamela, acting principal officer, is faulted for pushing ahead despite professional warnings;<\/p>\n

Idrissa Mwale, investment committee chair, allegedly signed a sale agreement unseen by most trustees;<\/p>\n

Dr. Maxwell Tsitsi, OPC Principal Secretary, is cited over an irregular appointment process.<\/p>\n

In a stunning twist, PAC has also recommended the immediate suspension of Anti-Corruption Bureau (ACB) acting director Gabriel Chembezi, citing serious concerns over how the bureau handled its initial investigation\u2014described as shallow and blind to glaring red flags.<\/p>\n

As PAC hearings continue, the scandal is rapidly evolving from a questionable property deal into a full-blown governance crisis\u2014one that now tests whether regulators will act decisively or allow impunity to take root at the highest levels.<\/p>\n

For More News And Analysis About Malawi<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. A former Governor of the Reserve Bank of Malawi (RBM) has delivered a blistering indictment of the Public Service Pension Trust Fund, calling for its licence to be revoked over what he described as a brazen and unlawful push to buy the controversial Amaryllis Hotel. Dr. MacDonald Mafuta Mwale, appearing before Parliament\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":77460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234],"class_list":["post-77461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-malawi"],"yoast_head":"\nEx-RBM Boss Calls for Pension Fund Licence Revocation - Malawi<\/title>\n<meta name=\"description\" content=\"A former Governor of the Reserve Bank of Malawi (RBM) has delivered a blistering indictment of the Public Service Pen ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ex-RBM Boss Calls for Pension Fund Licence Revocation\" \/>\n<meta property=\"og:description\" content=\"A former Governor of the Reserve Bank of Malawi (RBM) has delivered a blistering indictment of the Public Service Pen ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-23T20:14:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-23T20:22:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2026\/04\/sm_1776975678.989018.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1152\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Ex-RBM Boss Calls for Pension Fund Licence Revocation\",\"datePublished\":\"2026-04-23T20:14:14+00:00\",\"dateModified\":\"2026-04-23T20:22:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation\"},\"wordCount\":529,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2026\/04\/sm_1776975678.989018.jpg\",\"keywords\":[\"Malawi\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/ex-rbm-boss-calls-for-pension-fund-licence-revocation\",\"name\":\"Ex-RBM Boss Calls for Pension Fund Licence Revocation - 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