Dust is refusing to settle on Malawi Savings Bank saga as Mulli Brothers Limited (MBL) Managing Director, Leston Mulli protest the sale of his assets by the bank, saying there is a stay order granted by the Supreme Court of Appeal.
MSB last week put on sale MBL assets valued a K3.3billion in a bid to recover a K4.97billion that the business conglomerate owes the bank.
The development followed a ruling by Supreme Court that Mulli should repay his loans at MSB and the pressure for Civil Society Organisations (CSOs) in the country, accusing government of playing double standards on the matter.
Mulli said the stay order granted was by Justice Richard Chinangwa on February 4, 2015.
MBL lawyer, Chancy Gondwe confirmed on Friday that the company had the feeling that there was contempt of court and that its lawyers were preparing papers on the same Friday.
In an interview with one of the local daily papers in the country [Daily Times], MSB Chief Executive Officer, Ian Bonongwe, said the Supreme Court presided over the matter last week Monday and authorised them to proceed with the sale.
Government, through Ministry of Finance, had initially cancelled the MK6 billion loans that Democratic Progressive Party financiers and sympathisers, including Mulli Brothers, owe the bank.
Government had described the loans as toxic assets implying it was impossible to recover. The Ministry of Finance had written Malawiâ€™s central bank to bail out the public owned bank which donors have suggested being privatized.
The development sparked criticism from all stakeholders in the country with opposition Political Parties in Parliament threatening to boycott proceedings if the government does not come out clear on the matter.
Meanwhile debate continues on the matter.
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