A week ago, President Peter Mutharika said he is following with keen interest Parliament’s inquiry into the controversial purchase of Amaryllis Hotel by the Public Service Pension Trust Fund.
In his statement, he said he would not shield any corrupt public official, throwing his weight behind Parliament’s Public Accounts Committee (PAC) probe.
“The fact that this inquiry is taking place is proof of our resolve to let oversight institutions work without interference,” said the President. “As I promised upon assuming office, I will not shield anyone involved in corruption. That promise remains unbroken.”
Mutharika said his administration is not in office for a feast, stressing that public office is a sacred trust bestowed by Malawians.
But assurances alone do not carry weight.
Critics are demanding decisive action to be taken against public officials implicated in the hotel’s controversial deal.
They want the President’s sentiments to be followed by action.
Centre for Social Accountability and Transparency executive director Willy Kambwandira says Malawians are expect decisive action, not rhetoric.
He states: “It is evident that the whole transaction was fraudulent. However, such assurances must now be matched with concrete action. For too long, Malawians have heard strong statements on accountability that are not followed by transparent and decisive actions.
“This matter involves significant public resources and raises serious questions about procurement integrity, value for money and possible abuse of office.”
Kambwandira said they expect the inquiry to proceed without political interference, with full disclosure of all contractual, financial and decision–making processes surrounding the transaction.
Concurring, Human Rights Defenders Coalition national chairperson Michael Kaiyatsa says Malawians, especially contributors to the pension fund under siege, expect everyone implicated in the dealshould be held accountable until the law taking its full course.
“What the public expects now is full accountability for all those involved, no matter how powerful or politically connected they may be,” Kaiyatsa says. “Malawians are tired of such scandals that generate headlines, but eventually end without consequences.”
According to Kaiyatsa, the case opens a rare opportunity for Mutharika and his administration to demonstrate their commitment to fighting corruption.
“Anything less will only confirm the growing public suspicion that corruption is tolerated when it benefits those in power,” he states.
As PAC continues to hold the public inquiry, the Institute of Chartered Accountants in Malawi (Icam) president Daniel Jere on March 18 2026 said it would conduct its own investigation into the matter.
The Icam statement reads: “Icam is following the matter with keen interest and will conduct its own investigation on the matter in so far as it relates to its members involved in the valuation exercise with the aim of establishing whether or not there was any act of professional misconduct.” “This investigation will be guided by the Institute’s by-laws, Disciplinary Framework, and the International Code of Ethics for Professional Accountants issued by the International Federation of Accountants. The Institute is committed to ensuring that the investigation is conducted fairly, independently, and in line with the principles of natural justice.”
Jere said, Icam will address any proven cases of professional misconduct firmly in accordance with the law and its disciplinary framework.
Jere said: “Icam reaffirms its commitment to safeguarding the public interest, strengthening trust in the Accountancy profession, and ensuring that its members adhere to the highest ethical and professional standards.
“The institute will continue to collaborate with relevant regulatory bodies and national institutions to promote accountability, transparency, and professionalism in financial and advisory services in Malawi.”
In the midst of PAC’s ongoing inquiry, leaked documents emerged, showing that owners of the hotel, Yusuf Investments Limited, pegged the facility at K185 billion.
A purported sale agreement dated November 17 2025 further shows that the pension fund led by its board chairperson Chizaso Eric Nyirongo, negotiated the deal for K128.75 billion.
In justifying the K185 billion price, Yusuf Investments Limited argued that the hotel was the only five-star facility owned by a sole proprietor.
The owners further argued that since 2022, the hotel has operated with positive returns and has a well-established customer base.
Read minutes, dated November 17 2025, in part: “The seller indicated that for the sake of business, consider that this hotel is someone’s lifeline and the whole life of the seller, he invested in this hotel and it wouldn’t be ideal that he sells the hotel at a price he will not be able to meet lifetime obligations.”
According to the leaked documentation, the fund initially offered to buy the hotel at K110 billion, but later opened prolonged negotiations with the owner which led to the discounting from K185 billion to K160 billion, then K150 billion and K132 billion.
Further reads the communication: “The seller negotiated for a win-win that the buyer goes up a bit and that the seller goes down a bit and meet midway. The seller provided a further discount of K8 billion to K132 billion as his last offer price.
“To ease the stand-off, the parties agreed to meet midway, that is, to have [K132-K123] the answer divided by two. Finally, the parties agreed to the purchase price of K128.75 billion. There was a handshake to signal agreement between the team leaders.”
