PCL deposits K200m security in K14.1bn case

Press Corporation Limited has deposited K200 million into the Judiciary account in compliance with a Malawi Supreme Court of Appeal order for financial security in its ongoing legal dispute with its three former senior employees.

In a May 12 2026 order, the court granted the conglomerate its wish following an application by its lawyer Patrick Mpaka challenging a High Court of Malawi decision that ordered the company to pay the trio 75 percent of the K14.1 billion compensation awarded by the Industrial Relations Court (IRC) in Blantyre last year.

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Instead of the 75 percent payment, the Supreme Court ordered PCL to provide a K200 million bank guarantee as security and directed the company to deposit the same into the Judiciary account within 28 days from the date of the ruling.

Judiciary spokesperson Ruth Mputeni in an interview yesterday said the company complied with the Supreme Court order.

“Press Corporation Limited deposited a performance guarantee in favour of The Sheriff of Malawi in the sum of K200 000 000 as security for any financial orders that may be made by the court,” she said.

Mpaka confirmed that PCL complied with the order and that IRC had completed preparing the record of appeal.

He said both parties are now waiting for formal communication from the court.

The dispute follows PCL’s decision to terminate contracts of former group chief executive officer George Partridge, now Reserve Bank of Malawi Governor, former group financial controller Elizabeth Mafeni and former company secretary Bernard Ndau after a functional review initiated by the company’s board and conducted by a consultant.

The IRC later ruled that the dismissals were unfair and ordered PCL to pay compensation amounting to about K14.1 billion.

Mafeni was awarded K8.25 billion, Partridge K3.27 billion while Ndau was awarded K2.68 billion, with the payments initially ordered to be made within 10 days from April 25 2025.

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