By Benadetta Chiwanda Mia:
The Reserve Bank of Malawi has announced that it will meet investors and other creditors this month to update them on the findings of the forensic audit and outline the next steps in the liquidation process of Alliance Capital Limited (ACL).
A statement released on Monday by the central bank, signed by RBM Wilson Banda, indicates that these meetings follow the submission of the final forensic audit report on ACL by the auditing firm Baker Tilly.
In November 2022, the High Court Commercial Division delivered a landmark ruling ordering the liquidation of Alliance Capital Limited due to a financial scandal that led to an estimated loss of about K60 billion for investors, including prominent government entities and individuals.
The government entities affected by these losses include; Malawi Electoral Commission which invested K800 million.
Malawi Revenue Authority invested K1 billion, Malawi Communications Regulatory Authority invested K500 million, Malawi Police Sacco invested K1 billion and Malawi Energy Regulatory Authority invested K500 million
It marks one of the largest financial scandals in Malawi’s history.
Meanwhile RBM has scheduled investor meetings across all three regions, starting in Blantyre on November 18, followed by Lilongwe on November 20, and concluding in Mzuzu on November 22, 2024.
