The Institute of Chartered Accountants in Malawi (ICAM) has issued a public statement announcing fresh investigations into the sale of Amaryllis Hotel to the Public Service Pension Fund Trust (PSPFT), amid ongoing public and parliamentary inquiry.
In a statement signed by ICAM President Daniel Jere, the institute says business valuations are specialised assignments that demand technical skill, professional judgement, and due diligence, and must follow recognised standards and ethical principles like integrity, objectivity, and competence.
The statement reveals that the institute will conduct its own investigation into members involved in the hotel’s valuation exercise to determine whether any professional misconduct occurred.
The probe will be guided by ICAM’s Bye-laws, Disciplinary Framework, and the International Federation of Accountants (IFAC) Code of Ethics to ensure fairness and independence.
However, ICAM reaffirms its commitment to safeguarding public interest, strengthening trust in the accountancy profession, and promoting accountability and transparency in Malawi’s financial services.
Jere has also pointed out that any proven misconduct will be addressed firmly according to the law and ICAM’s disciplinary framework.
