Fund, RBM block K90bn in Amaryllis deal

Public Service Pension Trust Fund and Reserve Bank of Malawi (RBM) have separately blocked access to K90.125 billion held in four bank accounts linked to Yusuf Investments Limited and Amaryllis Hotel Limited.

The High Court of Malawi has granted the fund and RBM Governor George Partridge, acting as Registrar of Financial Services, an order to freeze the accounts in a fresh legal battle relating to the fund’s controversial acquisition of Amaryllis Hotel in Blantyre.

Ironically, the orders came 24 hours after the expiry of a separate restriction order obtained by the Anti-Corruption Bureau (ACB) over accounts linked to the transaction. The bureau did not renew the order.

Registrar of financial

services: Partridge. | Nation

The High Court Commercial Division in Lilongwe ordered on October 7 2026 that the defendants were barred from dealing in any way with K90 125 000 000 or any part of the money held in four specified accounts held at National Bank of Malawi (NBM) plc.

Three of the accounts are in the name of Yusuf Investments Limited and one under Amaryllis Hotel Limited.

The order said that the restriction will remain in force until determination of the matter or until a further order of the court.

On the other hand, the registrar obtained an order in Commercial Case Number 250 of 2026 before High Court Commercial Division Judge Charlotte Malonda.

The order, granted on October 5 2026, also added NBM plc as the 13th defendant in the proceedings and restrained the bank from dealing with funds or assets held in the same four accounts belonging to Yusuf Investments Limited and Amaryllis Limited.

ACB director of legal and prosecutions Chrispin Khunga yesterday said the bureau will continue with its investigations into the matter despite not renewing the order.

On why the bureau did not apply for an extension of the restriction order, he said the ACB did not have sufficient time to file the application, indicating that the application process takes about two weeks, including serving the defendant and allowing the defendant to respond.

The orders do not, in themselves, determine the ultimate ownership of the K90.125 billion or establish wrongdoing by Yusuf Investments or Amaryllis Hotel Limited. Rather, they prevent the funds from being dealt with while the respective court proceedings and enforcement processes continue.

The fund bought the hotel for K128 billion despite earlier valuations quoting the business lower, drawing public reaction and a parliamentary probe.

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