FDH Bank has described as nonsense the story that a K4 billion cheque issued to Malawi Electoral Commission (MEC) through the bank was a bribe to palm oil the electoral body.
The financial institution is facing heavy accusations from the public for misconduct. Malawians have painted the bank’s name black arguing it is part and parcel of the alleged corrupt act.
In clearing its position over the suspicious financial transaction via a press statement dated 1 July, the bank has laughed off all foul play claims. It argues the electoral body’s current account where the funds were transfered to is a valid one for financial transactions within their scope of service delivery.
According to the bank, the account in question was taken over in July 2015 as one of Malawi Electoral Commission’s operational accounts from Malawi Savings Bank, when it was acquired by FDH.
“Please note that the account meets the legal requirements for operating a legitimate account in the country,” reads part of the statement.
Despite the bank defending its position on the matter, there are claims that MEC’s account hosted more funds than the limit. The account’s limit is said to be K500 million.
This controversy stem from the unsatisfactory results of the 2019 presidential results. Opposition Malawi Congress Party and United Transformation Movement have the backing of their supporters as they challenge the results in court.
The aforementioned political organizations strongly link DPP’s triumph in the presidential elections to corruption.