AG Frank Mbeta hits the ground running, halts proposed acquisition of a hotel by Public Pension Service Trust Fund

The youthful newly appointed Attorney General Frank Mbeta has moved in to stop the proposed acquisition of a hotel by Public Pension Service Trust Fund.

The development follows a statement issued by the Malawi Law Society (MLS) asking the Attorney General and Minister of Justice to investigate the matter as reports have it that PSPTF is being pressured to buy an unnamed hotel at a price that ranges between K115 billion and K145 billion.

The society, among others, alleged that the board initially demonstrated due diligence by passing a resolution not to proceed with the purchase that was then valued at K47 billion based on financial expert advice from one of the Fund Managers.

Confirming the development with the state owned Malawi Broadcasting Corporation (MBC) Mbeta said that he directed the Fund and the ACB to stop the hotel purchase.

“Yes I can confirm I have ordered ACB to halt the purchase of the said Hotel,” Mbeta was quoted as saying.

Meanwhile, the Anti-Corruption Bureau (ACB) has complied with the order and it has issued a statement blocking the deal.

President Professor Arthur Peter Mutharika appointed Mbeta to the post of the Attorney General few weeks ago and his appointed attracted criticisms from Civil Society Organizations (CSOs).

But Mbeta is proving them wrong as he has started delivering on his post. Mbeta is carrying the hopes of many youths in the country.

Faceofmalawi will keep you updated.