By Wezzie Gausi:
The Reserve Bank of Malawi (RBM), in conjunction with the Financial Intelligence Authority (FIA), has reportedly frozen about K72.6 billion kwacha linked to the controversial purchase of Amaryllis Hotel by the Public Service Pension Trust Fund (PSPTF).
RBM governor George Partridge said this Wednesday when he appeared before the Public Accounts Committee (Pac) of Parliament.
Partridge said the bank moved into enforcement after establishing that payments had already been made despite a directive to halt the transaction.
“Right now, we have the money, payments have been made, so we focused on compliance with the direction,” he said.
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Partridge said RBM engaged the FIA on February 27, 2026 to trace and freeze funds connected to the deal.
According to Partridge, enforcement escalated on March 4, 2026 when he invoked provisions of the Pension Act to impose administrative penalties on trustees.
“Each one of them is required to pay K1 million kwacha for disobeying the Registrar’s direction,” he said.
Trustees have been given 10 days to pay the fines, while the PSPTF itself has also been sanctioned, with compliance timelines already running.
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Pac chairperson Steven Malondera said the case raises serious concerns about the management of public pension funds.
“We must ensure that public funds, especially pension contributions, are protected and managed in accordance with the law,” Malondera said.
The committee also heard from the acting Controlling Officer for the pension fund, Boyd Hamela, who confirmed that funds had already been disbursed.
Hamela told the committee that some officials within the Pension Fund’s secretariat allegedly fabricated board minutes and a resolution, including forging his signature, after he reported the matter to the Anti-Corruption Bureau (ACB).
“It was meant to tarnish my image because I had reported to ACB that there were no signed minutes and no board resolution,” Hamela said.
The Amaryllis Hotel deal has drawn scrutiny from regulators and lawmakers over alleged governance failures, breaches of regulatory directives and the handling of pension funds.
