Court issues order on assets related to Amaryllis Hotel fiasco

The High Court of Malawi has ordered that assets held by Yusuf Investments Limited, the proprietor of Amaryllis Hotel, must remain frozen pending the completion of investigations into the hotel’s sale and associated financial transactions.

The court invalidated subsequent freezing directives issued by the Financial Intelligence Authority (FIA), ruling that the FIA was obligated to seek judicial authorization following the magistrate’s denial of the Anti-Corruption Bureau’s (ACB) request to extend its original asset restrictions.

Justice Redson Kapindu upheld the ACB’s restriction order, which had been provisionally extended on July 8, 2026, for a duration of three months.

The court identified substantial and ambiguous fund transfers connected to the transaction requiring further examination, emphasizing that permitting access to these funds could result in their disappearance.

The court’s ruling further mandates that the ACB and FIA coordinate their investigative efforts while adhering to established legal protocols and acknowledging the court’s supervisory role.