Documents circulating on social media show that Yusuf Investments Limited, owners of Amaryllis Hotel in Blantyre, pegged the facility at K185 billion, but the Public Service Pension Fund Trust (PSPFT) negotiated for K128.75 billion last November.
Details in a leaked contract negotiations and sale agreement dated November 17 2025 show that the fund, led by board chairperson Chizaso Eric Nyirongo, negotiated the deal for K128.75 billion.
The fresh claims come on the back of controversy over the valuation of the hotel, which has drawn public scrutiny and prompted the Public Accounts Committee (PAC) of Parliament to open a public inquiry into the matter. President Peter Mutharika has also lent his weight behind the investigation, saying his administration is committed to transparency, accountability and the rule of law.
In pegging the hotel at K185 billion, the owners argued that it was the country’s “only five star hotel owned by a sole proprietor”, which has since 2022 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.”
The communication further shows that initially the fund 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 make it 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 divide by two. Finally, the parties agreed to the purchase price of K128.75 billion. There was a hand shake to signal agreement between the team leaders.”
Information that the parties negotiated the K128 billion price tag comes against a background that a valuer pegged the price in that range.
Yesterday, Nyirongo did not pick up The Nation’s calls for comment while the fund’s spokesperson Yamikani Sekeni disputed the documents circulating on social media purporting to be a contract agreement, saying “the fund does not share confidential documents through informal channels”.
He also disowned a document suggesting that its contents were board resolutions.
But appearing before PAC on Friday, he said the previous board had adopted a 2022 investment strategy to expand into tourism, which included the acquisition of Sigelege Boutique Hotel in Lilongwe and embarking on the construction of Lifestyle Hotel near the Clock Tower in Blantyre in partnership with Old Mutual Investment Group.
He said Nico Asset Managers initially advised that buying Amaryllis Hotel was viable, but later reversed that advice, citing inadequate due diligence.
The committee also heard that Anti-Corruption Bureau acting director general Gabriel Chembezi made a presentation at a board meeting held on November 17 2025 on behalf of law firm G.D Liwimbi and Partners, where he was a partner. This contradicted Chembezi’s submission to the committee when he appeared before it.
