ACB Freezes K38.5bn in Amaryllis Hotel Deal Probe
Published on March 19, 2026 at 7:15 PM by Edgar Naitha
The Anti-Corruption Bureau (ACB), working with the Financial Intelligence Authority (FIA), has frozen approximately K38.5 billion from accounts belonging to Yusuf Investments Limited, owners of Amaryllis Hotel, as investigations into the controversial K128 billion acquisition by the Public Service Pension Trust Fund (PSPTF) intensify.
In a letter dated March 19, 2026, addressed to Public Accounts Committee (PAC) chairperson Steve Malondera, ACB Acting Director General Gabriel Chembezi confirmed that the FIA had already initiated action prior to receiving the bureau’s formal request and has since frozen K38,509,208,689.67 linked to Yusuf Investments Limited.
The bureau also issued a restriction notice on March 14, barring the Acting Principal Officer of PSPTF from making any further payments towards the hotel purchase, with about K38 billion still outstanding.
According to the ACB, investigations into the transaction were officially reopened on March 16, 2026, in collaboration with the Fiscal and Fraud Section of the Malawi Police Service. The probe will cover the entire acquisition process dating back to 2023.
The development follows growing pressure from PAC, which recently expressed concern over delays in addressing suspected irregularities in the deal involving the Blantyre-based Amaryllis Hotel.
Meanwhile, Reserve Bank of Malawi Governor George Partridge told the committee that the central bank, working alongside the FIA, has traced approximately K72.6 billion connected to the transaction and has already frozen related bank accounts.
Earlier, Malondera indicated that the committee had initially withheld public comment to allow recovery efforts to proceed without interference.
