The Judiciary has set July 20 2026 for assessment of deregistered Finance Bank of Malawi’s K1.1 trillion claim for loss of business after the Reserve Bank of Malawi (RBM) revoked its licence in 2005.
Parties to the case appeared before Assistant Registrar Ibrahim Hussein in Blantyre yesterday for preliminary issues and directions ahead of the assessment hearing.
In an interview after the scheduling conference, Attorney General Frank Mbeta said yesterday’s session focused on whether the witnesses to be called qualify as expert witnesses, as the assessment requires expert evidence.
“We had to adjourn because both parties need to realign on some of the issues regarding expert evidence. There are procedures to follow even in questioning expert witnesses,” he said.
Lawyers representing Finance Bank of Malawi, including Wapona Kita and Charles Mpaka, declined to grant interviews.
The assessment follows the Malawi Supreme Court of Appeal ruling of February 3 2026, which found that the central bank’s decision to revoke the bank’s licence in 2005 over alleged malpractices was unlawful.
Before the revocation of the licence, allegations included that the bank engaged in several malpractices, such as opening ghost accounts that used to externalise foreign currency.
The Supreme Court’s decision on February 3 attracted public debate, amid concerns that taxpayers could pay a heavy price for reckless decisions by individuals at the central bank.
Also, on February 12 2026, the Malawi Law Society raised “serious concern” over the 12 years it took the court to deliver its judgement.
On February 13 2026, the Judiciary’s Chief Registrar Innocent Nebi issued a statement clarifying that the court had not awarded a specific monetary sum, but had instead directed that any damages be assessed by the Assistant Registrar of the Supreme Court of Appeal.
The case began in the High Court of Malawi Commercial Division in May 2005, when FBM filed a counterclaim for loss of business following the revocation of its banking licence.
In October 2014, the High Court awarded RBM K13 million and dismissed FBM’s counterclaim.
Finance Bank of Malawi was established in 1995. After its licence was revoked in May 2005, the bank briefly resumed operations under the strict supervision of the central bank before closing permanently in January 2006.
