Govt set to revive Banking Bill
Government has disclosed that it will resuscitate the controversial Banking Act (Amendment) Bill which fell through after Parliament was prorogued last December.
The Bill, among others, proposes that if a shareholder has an issue or a case in court, they should not get dividends.
The Budget and Finance Committee wanted that clause to be amended so that shareholders can still enjoy dividends from their investment.
The Bill further proposes that when a shareholder is acquitted by the courts or has had their cases discharged, the registrar of financial institutions will have a final say on the matter.
Responding to our inquiry yesterday on what business government has lined up for discussion as Parliament opens the 50th session today in Lilongwe, Leader of the House Richard Chimwendo Banda said the Bill is among four key ones that government has lined up for tabling.
He said: “I must emphasize that Banking Act [Amendment] Bill will first have to go for further consultation by Budget and Finance Committee of Parliament as well as other stakeholders, and depending on the outcome of that process it may be brought in the House for tabling.”
The proposals come at a time former FDH Financial Holdings Limited group chief executive officer and shareholder Thomson Mpinganjira is serving a sentence after his corruption conviction.
He is on bail pending appeal. FDH Financial Holdings Limited is a majority shareholder in FDH Bank plc.
The House also expects to tackle a Forex Bill which is aimed at regulating forex usage and protection.
Another Bill expected to be discussed is on improving effectiveness of Malawi University of Science and Technology by reconstituting its council.
Chimwendo Banda also pointed out that a number of reports have been lined up, including that on Affordable Inputs Programme, food availability, energy and cholera outbreak.
Meanwhile, leader of United Democratic Front in the House Ned Poya says the party will demand answers on the worsening economic situation in the country.
“We will also seek an update on construction and rehabilitation of roads in the country.
“In Lilongwe for instance, a number of roads have stalled two years after we witnessed ground breaking ceremonies, what exactly is happening. We need action on the ground.”
