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DPP pens Inspector General on Alliance Capital

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Steven Kayuni

Director of Public Prosecutions (DPP) Steven Kayuni has written the Inspector General of Police Merlyne Yolamu, asking her to institute criminal proceedings against individuals linked to the Alliance Capital Limited (ACL) financial scandal.

In a letter to Yolamu, number PP/ADMN/ ACL/15/1 and dated November 16 2022, Kayuni has faulted Reserve Bank of Malawi (RBM) officials for failing to effectively play their supervisory and regulatory roles.

The letter from DPP follows a High Court order last week for the authorities to liquidate the portfolio management firm over bankruptcy issues.

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“Madam IG, people’s lives, institutions and companies including tax-payers money, have been ruined in the process. People have lost long-term savings and retirement packages, much needed taxpayers money and reputation damage to public institutions.

“Madam 1G, herein lie issues that are of serious concern to the public, namely pilferage of the much needed resources by those public institutions, fraud other than false pretences, utter theft, abuse of office, negligence by public officials, money laundering, offences under the Public Finance Management Act, criminal negligence and criminal offences within the company setting,” Kayuni said.

He also says regulator RBM has to be probed for, despite being responsible for all micro-finance and supervision, looking “the other way”.

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“Madam IG, it has to be highlighted that it is a cause of worry for a corporation to embark on a scheme to defraud; for public officials to embark on a scheme to release public money (Macra, Mec, Mera just to mention a few) into a scheme with an enticement of profit when such institutions are not in any profit making ventures and the boards governing them do not authorise the same,” Kayuni says.

Malawi Police Service spokesperson Peter Kalaya Thursday said law enforcers will comply with directives from the DPP or Attorney General.

In April last year, the Reserve Bank of Malawi suspended the portfolio manager licence for Alliance Capital Limited for breach of technical operating requirements as required by the financial services law.

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