Chimbanga spits fire: “Don’t blame the loss of Finance Bank case on APM’s AG Frank Mbeta”
Published on February 7, 2026 at 3:07 PM by Robert Ngwira
Well-known close-ally of President Professor Peter Mutharika, Leonard Chimbanga has brushed off assertions attributing the loss of Finance Bank case on the newly appointed Attorney General Frank Mbeta.
Malawi Supreme Court of Appeal last week faulted the Reserve Bank of Malawi’s decision to revoke Finance Bank’s licence over alleged malpractices, including claims that the bank opened ghost accounts used to externalise foreign currency.
In a ruling a panel of 5 Judges namely; Chief Justice Rizine Mzikamanda, Deputy Chief Justice Lovemore Chikopa and Justices of Appeal Frank Kapanda, Charles Mkandawire, Sylvester Kalembera, Dingiswayo Madise and Rowland Mbvundula ordered RBM to compensate finance Bank billions.
The ruling has attracted mixed reactions among Malawians with some attributing the loss to Attorney General Frank Mbeta.
But writing on his official facebook page Chimbanga attributed the loss on former AG Kalekeni Kaphale for failing to file a defence on the matter.
“It is legally absurd to blame the loss of the Finance Bank case on President APM’s choice Attorney General Frank Mbeta. The matter began in 2005, and by 2015 the appeal was ready. However, the then Attorney General, Kalekeni Kaphale, failed to file the required skeletal arguments a procedural lapse that virtually guaranteed defeat. Courts decide cases based on properly filed documents, not intentions or excuses.
“Attempting to shift blame to Mbeta now is nothing more than a distortion of the factual record. A basic review of the case history would have prevented such a misguided accusation but perhaps research is no longer fashionable,” wrote Chimbanga.
Added Chimbanga: “As for Thabo, the nation has not forgotten the fertilizer procurement fiasco and the bogus passport scandals both of which occurred under his watch and resulted in significant public loss. It is therefore rather ironic to see him, or his defenders, posture as authorities on accountability.
“Next time, conduct proper research before attacking the Yale-trained President’s choice of AG. Confidence is admirable, but it is far more persuasive when supported by facts.”
Finance Bank opened its doors in 1995 and after its licence was revoked in May 2005, it briefly reopened under strict supervision of the central bank before formally closing in January 2006.
