Malawi: PAC Launches Public Inquiry Into Psptf's Controversial Amaryllis Hotel Purchase

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The purchase of the Amaryllis Hotel in Blantyre by the Public Service Pension Trust Fund has become one of the most explosive public finance controversies in recent years, and is currently under investigation by the Public Accounts Committee of Parliament.
10 March 2026
Nyasa Times (Leeds)

The Public Accounts Committee (PAC) of Malawi's Parliament has launched a special public inquiry into the highly controversial purchase of Amaryllis Hotel by the Public Service Pension Trust Fund (PSPTF), amid growing public concern over the transaction.

The inquiry began today with officials from FDH Bank appearing before PAC to explain the bank's role in facilitating the hotel acquisition. Their submissions will be closely scrutinized as the Committee seeks to uncover whether proper procedures were followed or if misconduct occurred.

Later in the day, Continental Asset Management Limited is scheduled to provide further details on their involvement, raising questions about due diligence, valuations, and potential conflicts of interest in the deal.

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The hearings will continue on Wednesday, 11 March 2026, with EMJ Advisory presenting in the morning, followed by officials from the Malawi Law Society in the afternoon. Each session promises to dig deeper into the legality and transparency of the PSPTF transaction.

On Thursday, 12 March 2026, the Acting Director General of the Anti-Corruption Bureau (ACB) is expected to appear, signaling a potential probe into corruption risks tied to the deal. In the afternoon, the Governor of the Reserve Bank of Malawi, acting as Registrar of Financial Institutions, will provide clarity on regulatory compliance and oversight of PSPTF.

The inquiry will proceed on Friday, 13 March 2026, with the PSPTF Board of Trustees and senior officials giving testimony--likely to be the most critical phase as questions about fiduciary responsibility and accountability take center stage.

The final scheduled appearance will be on Monday, 16 March 2026, when the Attorney General of Malawi is expected to outline the government's legal position on the purchase, potentially closing gaps in understanding the transaction's legality and implications for public trust.

With the eyes of the nation fixed on Parliament, this inquiry could reshape public confidence in the management of pension funds and set precedents for transparency and accountability in Malawi's financial sector.

Read the original article on Nyasa Times.

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