Reserve Bank Traces K72.6 Billion Linked to Amaryllis Hotel Deal
Published on March 19, 2026 at 11:30 AM by Edgar Naitha
The Reserve Bank of Malawi has traced approximately K72.6 billion from the Public Service Pension Trust Fund linked to the controversial Amaryllis Hotel transaction, with a significant portion now frozen, director of Pension and Insurance Supervision Kaluso Chihana has told the Public Accounts Committee (PAC).
Chihana said the central bank moved to preserve the funds after uncovering serious governance breaches and irregular payments.
“Right now, we have the money… payments have been made, so we focused on compliance with the direction,” he said.
On February 27, 2026, letters were sent to the Financial Intelligence Authority and commercial banks, including National Bank and CDH Investment Bank, to track transactions and freeze investment accounts linked to the pension fund.
Chihana also revealed that administrative penalties were imposed on trustees on March 4, 2026, for failing to submit sale agreement documentation on time under Section 135 of the Pension Act.
He explained that substantial payments were made while the fund operated without an active board, and the registrar had earlier issued a direction on November 14, 2025, to halt the transaction pending review.
When the board met on November 19, some trustees were reportedly unaware that the sale agreement had already been signed.
The seven-day period for receiving the sale agreement will elapse on March 19, while the ten-day window for paying K40 million in penalties will expire on March 24.
