The battle for control of the Public Service Pension Trust Fund (PSPTF) has intensified with the fund’s chairperson Chizaso Nyirongo declaring that the “matter is far from over”.
Nyirongo’s remarks follow a move by the Registrar of Financial Institutions, George Partridge, to revoke the licenses of 11 trustees.
The purge comes after the trustees allegedly defied an administrative order to scrap the controversial acquisition of the Amaryllis Hotel.
Partridge—who also serves as Governor of the Reserve Bank of Malawi—enforced the revocation under the Pension Act (2023), citing a failure to recover funds paid to Yusuf Investment Limited.
Those affected, besides Nyirongo, are Chikondi Veronica Phiri, Idris Mdala Mwale, Maxwell Spencer Tsitsi, Ireen Chikapa, Arthur Manyunya, Precious Chimbamba, Yona Phiri, Richard Zimba, Brazio Mphepo and Bernard Nyondo.
Effectively immediately, the 11 officials, are barred from making any further financial decisions for the Fund.
Late yesterday, Nyirongo noted that while he was aware of the press release, official word from the Registrar had yet to reach him.
“Perhaps others have been notified, but my stance on the Registrar’s conduct remains unchanged—and this situation only proves my point,” Nyirongo stated in a written rebuttal. He clarified that no fines have been settled as the appellate process is still active, adding, “I am certain this purported revocation is far from the final word on the matter.”
The tension follows a briefing by the Reserve Bank of Malawi (RBM) to Parliament’s Public Accounts Committee (PAC).
Acting as the Registrar of Financial Institutions, the RBM revealed it slapped the trustees with administrative penalties on March 4 2026, for defying directives under the Pensions Act.
According to RBM’s director of Pension and Insurance Supervision Kaluso Chihana, the K40 million fine—due by March 24—stems from a failure to submit critical sale agreement documents on time.
Commenting on the fallout, private practice lawyer Benedicto Kondowe noted that the Registrar’s decision effectively strips the trustees of their legal mandate, barring them from exercising fiduciary power over the fund.
While the move creates a temporary governance vacuum, Kondowe emphasised its protective nature: it “firewalls” members’ assets against a non-compliant board.
“The Registrar, typically in coordination with the Reserve Bank of Malawi, may now install an interim administrator or place management under strict regulatory lockdown until a new board is seated,” Kondowe explained.
He added that while the revocation doesn’t dictate the result of the ongoing parliamentary inquiry, its weight cannot be ignored.
“It is a clear signal that the regulator has found prima facie evidence of fiduciary breach.”
Under Section 135 of the Pensions Act (2023), the stakes are high: non-compliance with administrative sanctions can trigger a K100 million fine and up to 10 years in prison.
A leaked report from an initial probe into the K128.75 billion Amaryllis Hotel buyout has sent shockwaves through the capital, calling for immediate suspensions, criminal investigations, and potential prosecution of several high-profile figures tied to the Public Service Pension Trust Fund (PSPTF) deal.
