Firm That Pegged Amaryllis Hotel Value at K145bn Not Registered Valuer
Published on March 11, 2026 at 3:31 PM by Edgar Naitha
EMJ Advisory Public Accountants has admitted that it is not a registered valuer despite recommending that Amaryllis Hotel be valued between K115 billion and K145 billion.
The firm made the admission on Wednesday when it appeared before the Public Accounts Committee of Parliament, which is investigating the purchase of the hotel by the Public Service Pension Trust Fund at K128.7 billion.
Committee chairperson Steven Baba Malondera questioned the firm’s capacity to determine the value of the investment.
EMJ Advisory director Emmanuel Chisale told the committee that the company was only engaged to conduct a business analysis and due diligence on the hotel.
He said the work involved a desk review of the hotel’s operations and that the decision to invest rested with the pension fund.
Chisale also said the company became involved in the assignment after receiving an email and believed it had the capacity to undertake the task based on the terms of reference.
Meanwhile, consultant Simplex Bwanali defended the assessment, saying the firm conducted a business valuation and not a property valuation of the hotel.
