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.
Suspended principal officer for the pension fund, George Jim, has informed Parliament’s Public Accounts Committee that he did not experience any pressure from the ruling Democratic Progressive Party regarding the acquisition of the Amaryllis hotel.
The Reserve Bank of Malawi has disclosed that approximately K72.6 billion associated with the contentious Amarylis Hotel transaction has been identified, with a considerable amount already frozen or secured as investigations proceed.
