Mwanamvekha arrested

Former Malawi Minister of Finance Joseph Mwanamvekha has been arrested.

Mwanamvekha who is also Member of Parliament for Chiradzulu South has been arrested today.

The arrest comes after Minister of Information Gospel Kazako and Attorney General Thabo Nyirenda on Monday warned that Government will investigate the sale of Malawi Savings Bank (MSB).

The bank was sold in 2015 for K9.6 billion during the Peter Mutharika administration. In the same year, government repaid about K6 billion in toxic loans on behalf of MSB defaulters including Mulli Brothers, with the belief that the borrowers will repay the money to government.

Mwanamvekha served once as the bank’s chief executive officer. He left the role in 2009 and he was Minister of Trade in the Peter Mutharika administration when the bank was being sold.

He served as Minister of Finance between 2019 and 2020 when Mutharika lost the 2020 Fresh Presidential elections.

There have been claims from the Tonse Alliance Government that the Mutharika administration was cooking figures to make the Malawi economy seem better than it was.            .

Yesterday, Attorney General Nyirenda warned that action will be taken against people who presented the cooked-up figures to International Monetary Fund and World Bank.