DATE : 3 APRIL 2026
On 16th March 2026, the Anti‑Corruption Bureau (ACB) reopened investigations into suspected corruption related to the purchase of the Amaryllis Hotel by the Public Service Pension Trust Fund (“the Fund”) from Yusuf Investments Limited (YIL).
To prevent further transactions while the investigations are ongoing, the ACB issued a restriction notice on two amounts: MK38.5 billion previously frozen by the Financial Intelligence Authority (FIA) from YIL’s accounts, and MK38 billion representing the outstanding balance of the hotel’s purchase price. The ACB presented an update on these measures to Parliament’s Public Accounts Committee on 19th March 2026.
Further to that update, the ACB hereby informs the public of the following additional progress in the investigations:
1. The Fund paid YIL the sum of MK90.125 billion as part payment for the purchase of the hotel.
2. Between 27th January and 6th March 2026, a total of MK5,497,000,000.00 (approx. MK5.5 billion) was withdrawn in cash from a YIL account at the National Bank of Malawi. These large cash withdrawals have raised suspicions of money laundering and corruption, which the ACB is actively probing.
3. The Bureau is tracing the money trail and profiling public officials and other individuals suspected of having corruptly benefited from the transaction.
4. The investigation involves collaboration with the FIA, the Malawi Police Service’s Fiscal and Fraud Section, as well as international partners.
5. The ACB will provide further updates as the investigation progresses.
JACQUELINE NGONGONDA LAEL CHIMTEMBO SENIOR PUBLIC RELATIONS OFFICER SERVICE PUBLIC RELATIONS OFFICER
Phone : +26586829492 Phone: +265884733333
