Malawi to probe Bingu wa Mutharika's K61bn wealth

The late Malawi president Bingu wa Mutharika. (File: AFP)
The late Malawi president Bingu wa Mutharika. (File: AFP)

Lilongwe - The Public Accounts Committee (PAC) within Malawi's parliament has sanctioned a probe into former president Bingu wa Mutharika's alleged K61bn wealth, reported to be stashed in offshore accounts.

According to a Nyasa Times report, committee vice president Kamlepo Kalua said that he would enlist the services of the country's Financial Intelligence Unit (FIU), the Anti-Corruption Bureau (ACB), as well as the Reserve Bank of Malawi (RBM) to ensure that a thorough investigation was conducted into the matter.

"We will empower these institutions to trace the money to the countries where the accounts are held and then probe the source of that money," Kalua stated.

The three institutions are expected to provide testimony and information regarding transactions conducted by the ex-president during his tenure between 2004 and 2012.

Should funds prove to have been looted during Mutharika's administration, Kalua assured Malawians that parliament would push to have the money brought back to the state.

The development followed allegations made by opposition members who ordered that funds stashed in offshore accounts belonging to the ex-president be brought back and utilised towards recovering the country's ailing economy.

"There is money there which belongs to the people of Malawi," Member of Parliament Harry Mkandawire was quoted as saying.

Malawi's ruling Democratic Progressive Party (DPP) previously came out in defence of Mutharika, saying that the late leader had the capacity to accumulate an estimated K61 billion without having to loot government funds.

According to All Africa, Information Minister Patricia Kaliati rubbished Mkandawire's accusations, saying that evidence proving corruption was non-existent.


We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
Who do you think is going to win the 2020 US election?
Please select an option Oops! Something went wrong, please try again later.
Results
Biden is going to take it
47% - 8501 votes
It's four more years for Trump
53% - 9655 votes
Vote
ZAR/USD
16.19
(+0.14)
ZAR/GBP
21.09
(+0.36)
ZAR/EUR
19.12
(+0.47)
ZAR/AUD
11.53
(+0.26)
ZAR/JPY
0.15
(+0.28)
Gold
1901.10
(+0.16)
Silver
24.25
(-0.69)
Platinum
872.00
(-2.61)
Brent Crude
41.25
(0.00)
Palladium
2346.00
(-0.90)
All Share
54890.88
(-0.81)
Top 40
50286.90
(-0.80)
Financial 15
10644.91
(-1.35)
Industrial 25
74457.36
(-0.60)
Resource 10
52092.66
(-0.89)
All JSE data delayed by at least 15 minutes morningstar logo