Public Accounts Committee (PAC) of Parliament says it has resolved to summon the Malawi Revenue Authority (MRA) to clarify whether taxes were paid in the Amaryllis Hotel sale deal.
PAC chairperson Steve Malondera in an interview yesterday said submissions from key stakeholders in the inquiry, including FDH Bank Plc and the Financial Intelligence Authority (FIA), raised questions about a tax clearance certificate tied to the transaction.
However, he said the committee has not seen any such certificate relating to the hotel sale, making it necessary to engage MRA for an explanation on its role, if any, in the deal.
Said Malondera: “We are talking of tax clearance in the region of K90 billion. That is a substantial amount.”
| Nation
FDH Bank, which processed the transfer of funds from the Public Service Pension Trust Fund to Yusuf Investment Limited, told the committee that part of the 70 percent initial payment may have covered tax obligations.
FDH head of Treasury and Investment Banking Esnat Suleman said the bank acted on instructions that did not specify the payment as a 30 percent tranche.
She said the agreement between Yusuf Investment Limited and the fund, signed on November 27 2025, provided for an initial payment of 40 percent within 14 days, followed by a second 30 percent payment upon receipt of a tax clearance certificate.
PAC had earlier concluded its inquiry into the purchase of Amaryllis Hotel by the fund and compiled a report, but the tabling in Parliament was halted following objections from government and other stakeholders.
Authorities argued that key parties, including former Secretary to President and Cabinet Colleen Zamba and Yusuf Investment Limited, had not been accorded a hearing.
The committee has since reopened the inquiry to allow all relevant individuals and institutions to present their side.
