A storm of suspicion is brewing as Malawians question whether the K10 billion illegally paid to FDH Bank will ever be recovered. Despite initial strong commitments by state authorities, the offices of the Director of Public Prosecutions (DPP) and Attorney General (AG) appear to be backtracking on their resolve to pursue the matter. The inaction is raising alarms about the government's sincerity in addressing financial crimes involving powerful institutions.
In February 2022, then-DPP Steve Kayuni demanded that FDH Bank repay K10.6 billion, labeling the payment as "proceeds of crime" and "unjust enrichment" based on findings in a 2021 Deloitte forensic report. However, Kayuni's successor, Masauko Chamkakala, has reversed that decision, claiming the need for "fresh investigations" into the legality of the payment. This is despite the damning audit findings that revealed the money was transferred amid political uncertainty during Malawi's 2020 presidential election re-run, with questionable termination of financial arrangements.
Chamkakala defended the reversal, arguing that the initial demand was based solely on the Deloitte report without deeper scrutiny. Yet, critics view this as a weak excuse, especially since the original investigation had already identified fraudulent activities involving former Reserve Bank officials and government representatives. The AG, Thabo Nyirenda, also appears detached from the matter, claiming the "claim still stands" while offering no updates on steps taken to recover the money. This lack of urgency contrasts starkly with Kayuni's earlier warnings that FDH Bank's actions constituted financial crimes deserving of asset confiscation.
The apparent retreat by state institutions is fueling public frustration and casting doubt on Malawi's fight against corruption. While the DPP and AG fumble with "fresh investigations," Malawians are left wondering whether justice will ever be served or if the powerful players implicated in this financial scandal will walk away unscathed. As the days drag on, the question remains: who will ensure the recovery of the stolen billions, and will those responsible ever face meaningful consequences?
