The Malawi Congress of Trade Unions (MCTU) has demanded the immediate suspension of all officials involved in the approval or execution of the transaction involving the Public Service Pension Trust Fund (PSPTF) in the purchase of the Amaryllis Hotel pending the outcome of investigations.
A statement signed by its Secretary General Charles Kumchenga has called for speedy investigations and immediate arrests of any individuals found to have abused their authority, manipulated valuations, or facilitated financial misconduct.
It noted that the deal raised serious and legitimate questions about the integrity of the valuation process, the adequacy of due diligence conducted prior to the purchase, and whether regulatory guidance was deliberately ignored or not.
MCTU expressed grave concern over revelations emerging from the Public Accounts Committee (PAC) inquiry on information circulating in the public domain with reports indicating that the property was initially valued at approximately K47–48 billion and later adjusted to over K128 billion.
The worker’s body described the development as deeply alarming and unacceptable.
“Such a drastic escalation in valuation cannot be treated as a normal business decision; it demands urgent explanation and full accountability.
“As the national voice of workers, we wish to stand firmly with all civil society organisations, institutions, and citizens who have strongly condemned what appears to be a serious breach of ethical standards in the management of public pension funds. Malawi cannot claim to be fighting corruption if those entrusted with safeguarding workers’ savings are allowed to manipulate or misuse them without consequence”. read the statement
MCTU noted that Pension funds represent the hard-earned deferred wages of workers such as teachers, nurses, police officers, and thousands of public servants who have dedicated their lives to serving the nation.
The workers body said the funds belong to people who expect their retirement savings to be protected with the highest standards of prudence, transparency, and fiduciary responsibility adding that any investment decision involving such funds must therefore meet strict governance standards.
The statement highlighted that Malawi cannot build a just and prosperous society while corruption and mismanagement are tolerated within public institutions further calling for termination of the deal.
“Immediate termination of the Amaryllis Hotel transaction and full recovery or refund of any funds already disbursed by the PSPTF. A comprehensive review and strengthening of pension investment regulations to prevent exposure of workers’ funds to overpriced or high-risk investments.”
MCTU pledged to continue to stand with workers and pensioners to ensure that their hard-earned retirement savings are protected and those responsible for any wrongdoing are held fully accountable.