Malawi: PAC Launches Public Inquiry Into Psptf's Controversial Amaryllis Hotel Purchase

Malawi: PAC Launches Public Inquiry Into Psptf's Controversial Amaryllis Hotel Purchase

The Public Accounts Committee (PAC) of Malawi's Parliament has launched a special public inquiry into the highly controversial purchase of Amaryllis Hotel by the Public Service Pension Trust Fund (PSPTF), amid growing public concern over the transaction.

Pac hearing exposes governance gaps in hotel purchase

By Mercy Matonga The Public Service Pension Trust Fund (PSPTF) continues to hog the limelight over its investment in Amaryllis Hotel, with a parliamentary hearing exposing what members have described as serious governance gaps. Officials from Continental Asset Managers, who appeared before the Public Accounts Committee (Pac) of Parliament, told the committee that the firm’s role was limited to providing an interim investment analysis. Read more,…

Parliament probes K128.7bn Amaryllis Hotel transaction

Public Accounts Committee (PAC) of Parliament has started probing the Public Service Pension Trust Fund acquisition of Amaryllis Hotel for K128.7 billion amid some documentation showing that earlier valuations placed the property far lower. At the start of the public inquiry in Lilongwe yesterday, the committee heard that FDH Bank plc valued the hotel at about K30 billion in 2023 while Continental Assets Management Limited, a subsidiary of CDH I…