Malawi cancels arms deal with SA firm

2014-09-06 13:18

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Blantyre - Malawi's new government has cancelled a $145m arms deal with South Africa's Paramount Group, Malawi's finance minister, Goodall Gondwe told Saturday's Nation newspaper.

"The agreement between the Malawi Government and Paramount Group has been abrogated. That is all I can confirm and say", Gondwe said.

The paper quoted a source within the finance ministry as saying the government of President Peter Mutharika told the firm the deal was "illegal and expensive".

The agreement with Paramount, Africa's largest private defence firm, was signed by the former administration headed by Joyce Banda, who was ousted by Mutharika in May elections.

Under the deal, the impoverished southern African nation was expected to make quarterly payments of $5m over several years for patrol boats and other military equipment.

Read more on:    joyce banda  |  malawi

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