ACB freezes K38.5 billion from Yusuf Investments in hotel probe

Massive cash freeze slams a shady hotel buy linked to pension funds.

K38.5 billion gets locked down fast

• The Anti-Corruption Bureau triggered the block via the Financial Intelligence Authority.
• Yusuf Investments Limited lost control over the huge sum in its accounts.
• Freeze kicked in after a restriction notice dropped on March 14.
• Gabriel Chembezi confirmed the move in a letter dated March 19.

Investigations crank up again

• ACB restarted probes into the Amaryllis Hotel purchase on March 16.
• The team now works closely with the Malawi Police Service fraud unit.
• Scrutiny targets the full K128 billion deal from 2023 onward.
• Public Service Pension Trust Fund sits at the center of suspicion.

PAC pressure ramps things up

• Committee members hammered delays in spotting transaction red flags.
• Recent complaints pushed authorities to finally act more quickly.
• Lawmakers demanded faster handling of the irregularities.

Extra billions hit the wall, too

• Reserve Bank of Malawi tracked down K72.6 billion tied to the same mess.
• Related accounts got frozen while probes keep rolling.
• Total locked funds keep climbing as checks deepen.