The Anti‑Corruption Bureau (ACB) says about K5.5 billion was withdrawn in cash from a Yusuf Investments Limited account between 27 January and 6 March 2026.
In a statement dated April 3 2026, signed by senior public relations officer Jacqueline Ngongonda and service public relations officer Lael Chimtembo, the bureau said the large cash withdrawals were made from a Yusuf Investments account at the National Bank of Malawi.
“These large cash withdrawals have raised suspicions of money‑laundering and corruption, which the ACB is actively probing,” the statement reads.
The bureau reopened investigations into the Amaryllis Hotel purchase on March 16 2026. It was bought by the Public Service Pension Trust Fund (PSPTF) from Yusuf Investments.
On March 19 2026, the ACB told Parliament’s Public Accounts Committee (PAC) it had issued a restriction notice on two amounts: K38.5bn previously frozen by the Financial Intelligence Authority (FIA) from Yusuf Investments accounts and K38bn outstanding balance of the hotel’s purchase price. The ACB said the fund paid Yusuf Investments K90.125bn as part payment for the hotel. The account owner is believed to be one of the hotel’s directors.
“The bureau is tracing the money trail and profiling public officials and other individuals suspected of having corruptly benefited from the transaction,” the statement added. The ACB said it is working with the FIA, the Malawi Police Service’s Fiscal and Fraud Section, and international partners.
Nation on Sunday has seen documents showing cash withdrawals from the Yusuf Investments Ltd National Bank account between January 27 and March 6 2026. From that period, 25 withdrawals were recorded.
Key transactions in the documents include:
January 22 2026: K50 million withdrawn and later deposited into a Blantyre Muslim Jamaat account.
January 27 2026: K100 million withdrawn and deposited into a Food Lover’s Market account by Aisha Aubi.
January 27 2026: K75 million withdrawn and deposited into Centenary Services Fuel account by Aisha Aubi.
January 23 2026: K1.5 billion withdrawn by Charles Gibson Nankhuni; the same amount was withdrawn again three days later.
February 2026: K10 million withdrawn and later deposited into LMJ Hospital account by Fabian Chibule.
March 2 2026: K10 million deposited into Blantyre Muslim Jamaat account.
January 27 2026: K167 175,000 withdrawn by Mark Kaliati (cheque seen). On the same day Aisha Aubi withdrew four cheques: K20,075,000; K50 million; K25 million; and K17 million. Charles Gibson also withdrew K500 million that day.
January 28 2026: Jackson Phiri withdrew K10 million; Mark Kaliati withdrew K150 million.
February 9 2026: Dorothy Masina withdrew K43 million.
February 11 2026: Aisha Aubi withdrew K19 175,000.
February 17 2026: Mark Kaliati withdrew K265 million.
February 18 2026: Jackson Phiri withdrew K19 250 000.
February 19 2026: Rashird Alli withdrew K250 million; he made another transaction of K100 million on 24 February.
March 2 2026: Aisha Aubi withdrew K45 million.
March 4 2026: A. Chalenga withdrew K10 million.
March 6 2026: Mark Kaliati withdrew K400 million.
Court ruling and institutional changes
On April 2 2026, the High Court rejected Yusuf Investments’ attempt to have restrictions on its accounts lifted. Justice Redson Kapindu ruled that the company’s application was defective and failed to follow proper court procedures.
However, instead of strengthening the hunt for the missing billions, reports indicate that FIA director‑general Jean Piriminta has been removed from her position. The FIA director of legal has reportedly been seconded to the Malawi College of Accountancy.
Chief Secretary to the Government Justin Saidi did not responded to inquiries about the redeployments.
Centre for Social Accountability and Transparency (CSAT) executive director Willy Kambwandira, said the timing of the personnel changes raised serious concerns.
“It points to a well‑calculated attempt to frustrate accountability processes and ongoing investigations of the Amaryllis Hotel,” he said, adding the developments contradicted President Peter Mutharika’s assurance last month that his administration would not shield anyone involved in corruption.
National Advocacy Platform, chairperson Benedicto Kondowe warned that weakening the FIA legal team while cases are active carries serious risks. “Complex financial crimes, especially those involving asset freezing, are highly procedural,” he said.
Both Kambwandira and Kondowe urged the Executive, Parliament, the Judiciary, and civil society to respect institutional independence, remain vigilant, and sustain pressure for accountability.
The Amaryllis Hotel purchase has been under scrutiny since it emerged that the pension fund bought the property for K128.7bn. Independent valuations placed the hotel’s value at around K48bn.
Several officials have been named in connection with the deal, including former secretary to the Office of the President and Cabinet Colleen Zamba, former State House chief of staff Prince Kapondamgaga, and former director of legal services at OPC and PSPTF board chair Chizaso Nyirongo.
