Yusuf Investment, owner of Amaryllis Hotel in Blantyre, has filed an application in the High Court of Malawi to have their bank accounts held at National Bank of Malawi unfrozen.
The move follows two separate court orders the Reserve Bank of Malawi (RBM) and Public Service Pension Trust Fund obtained last month blocking access to K90.125 billion held in four bank accounts linked to Yusuf Investment Limited and Amaryllis Hotel.
The fund’s statutory manager Stain Singo confirmed in an interview yesterday that the matter came before Judge Charlotte Malonda at the High Court of Malawi Lilongwe Registry on Wednesday. The judge told the court that she will rule on the application after 30 days.
“The judge is yet to make a decision, so the injunction is still standing,” he said.
Judiciary spokesperson Ruth Mputeni confirmed that hearing took place on Wednesday.
She said: “The matter was adjourned to 4th December for ruling.”
standing. | Nation
The orders, obtained by Singo in his capacity as statutory manager and the Registrar of Financial Institutions, respectively, targeted accounts held at National Bank of Malawi’s Henderson Street Branch in Blantyre.
The hotel sale has attracted scrutiny after reports indicated that the fund moved to purchase the facility whose value rose from K47 billion to K128 billion within a few months.
Meanwhile, former trustees of the Public Service Pension Trust Fund say they are working on modalities of complying with a court order to rescind the hotel sale.
Former chairperson of the fund’s 12-member board of trustees, Chizaso Nyirongo, said they have received court summons and are consulting on the way forward.
He said in a telephone interview on Tuesday: “We are hoping that we can regularise everything and proceed as directed by the court because our plan is to comply with the order of the court.”
In September 2026, RBM initiated legal proceedings against the former trustees at the High Court of Malawi over the controversial acquisition of Amaryllis Hotel in Blantyre.
RBM Governor George Partridge, who is the Registrar of Financial Institutions, obtained a mandatory injunction requiring the trustees to rescind the hotel acquisition contract and recover all funds paid.
Meanwhile, Anti-Corruption Bureau chief legal and prosecution officer Chrispin Khunga has said bureau is still investigating the sale of the hotel.
