PAC Summons Reserve Bank Governor Wilson Banda

Malawi’s Reserve Bank Governor Wilson Banda has been summon by Public Accounts Committee (PAC) of Parliament to give an explanation on the alleged maladministration in the appointment of auditors to audit Export Development Fund (EDF).

Shadreck Namalomba, chairperson of the committee has confirmed the development.

According to Namalomba, the committee is expecting answers from Banda on the matter.

This comes as a special audit report on EDF, an RBM subsidiary, found that acts of negligence and abuse of office by the firm’s management resulted in the organization losing about K12.8 billion through questionable business decisions.

EDF is a wholly-owned subsidiary of RBM the regulator and registrar of financial institutions and was established in 2012 as a private development finance institution (DFI) for export businesses.