The Anti-Corruption Bureau (ACB), through the Financial Intelligence Authority (FIA), has frozen about K38.5 billion from accounts belonging to Yusuf Investments Limited as investigations into the Amaryllis Hotel deal intensify.
The action forms part of renewed scrutiny into the K128 billion purchase of the property by the Public Service Pension Trust Fund.
In a March 19, 2026, letter to the Public Accounts Committee (PAC), ACB Acting Director General Gabriel Chembezi stated that the move followed a restriction notice issued on March 14.
The FIA had already initiated the process before receiving the bureau’s request and proceeded to freeze over K38.5 billion held in accounts linked to Yusuf Investments.
The development comes amid pressure from PAC members, who recently raised concern over delays in acting on suspected irregularities in the transaction.
Chembezi said the ACB has since reopened investigations effective March 16, working with the Malawi Police Service’s Fiscal and Fraud Section to examine the entire acquisition process from 2023.
Meanwhile, the Reserve Bank of Malawi has traced K72.6 billion connected to the deal and has also frozen related accounts as investigations continue.
