NOTICE—ACB acting Director General Gabriel Chembezi
By Mercy Matonga:
The courts are today expected to deliver a ruling on whether to uphold a restriction notice imposed by the Anti-Corruption Bureau (ACB) to prevent Yusuf Investment, former owners of Amaryllis Hotel, from accessing frozen funds.
In March this year, the ACB, working with the Financial Intelligence Authority (FIA), froze approximately $23 million (K38.5 billion) in bank accounts linked to Yusuf Investments.
Today’s hearing follows the expiry of a 90-day freeze period that had been placed on the restriction.
The Daily Times has gathered that ACB officials have written the court, requesting that the order be extended while investigations into the sale of Amaryllis Hotel are ongoing.
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This is according to a court letter we have seen.
ACB Senior Public Relations Officer Jacqueline Ngongonda also confirmed the development.
“Parties are expected to appear before the Resident Magistrate on 19/06/2026 at 9 o’clock for a renewal of the restriction notice,” reads the notice.
“Our expectation, subject to the Honourable Court’s discretion, is that the accounts will remain restricted, thereby enabling the State to recover the funds if investigations establish wrongdoing,” Ngongonda said.
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The K128.7 billion purchase of Amaryllis Hotel by the Public Service Pension Trust Fund (PSPTF) remains under intense investigation.
Parliament’s Public Accounts Committee and ACB are probing the transaction, which independent assessors previously valued significantly lower—at between K30 billion and K48 billion.
