The Anti-Corruption Bureau (ACB) has made significant progress in its investigations into the purchase of Amaryllis Hotel by the Public Service Pension Trust Fund, with acting Director General Gabriel Chembezi confirming the development to local media.
The ACB re-opened investigations into suspected corruption linked to the purchase of the hotel from Yusuf Investments Limited, following a joint statement with the Malawi Police Service on 16 March 2026.
This move comes after new evidence emerged, prompting the bureau to take a closer look at the transaction.
To prevent further transactions during the investigations, the ACB issued a restriction notice on two amounts, including K38.5 billion previously frozen by the Financial Intelligence Authority from Yusuf Investments Limited accounts and K38 billion representing the outstanding balance of the hotel purchase price.
The ACB presented an update on these measures to Parliament’s Public Accounts Committee on 19 March 2026, highlighting the bureau’s commitment to transparency and accountability.
According to investigations, the Public Service Pension Trust Fund paid Yusuf Investments Limited K90.125 billion as part payment for the hotel.
However, the ACB has discovered suspicious cash withdrawals totaling K5.497 billion from a Yusuf Investments Limited account at the National Bank of Malawi between 27 January and 6 March 2026.
The large cash withdrawals have raised suspicions of money laundering and corruption, which the ACB is currently investigating.
The bureau is working closely with the Financial Intelligence Authority, Malawi Police Service Fiscal and Fraud Section, and international partners to trace the money trail and identify public officials and individuals suspected of benefiting from the transaction.
The investigation is ongoing, and the ACB is expected to provide further updates in due course.
