Months after the matter dominated public debate, triggered a parliamentary inquiry, and led to the freezing of accounts, there have still been no arrests and no recovery of funds linked to the controversial purchase of Amaryllis Hotel.
The 90-day period during which the affected accounts were reportedly frozen elapsed and the accounts are operating with more funds being withdrawn raising fresh questions about whether authorities have done enough to preserve evidence, trace the funds, and recover any money in the interest of Justice .
Cables can confirm that funds from the Public Service Pension Trust Fund (PSPTF) were deposited into account number 1010354548, held by Yusuf Investments Limited, the owners of Amaryllis Hotel, at the National Bank of Malawi.
As previously reported by Cables, several large transactions were made from this account by a number of individuals shortly after the funds were deposited.
Despite the significance of these transactions, there has been no public explanation of where this money went from the withdrawals, accomplices and attempts taken against those involved.
According to information seen by Cables, the following withdrawals were allegedly made from account 1010354548:
Charles Gibson Nankhuni allegedly withdrew a total of MK3.5 billion between 23 and 28 January 2026, including MK1.5 billion in a single transaction.
Mark Kaliati allegedly withdrew MK167 million on 27 January 2026, followed by MK265 million on 17 February 2026 and MK400 million on 6 March 2026, bringing the total to MK832 million.
Aisha Aubi allegedly withdrew more than MK100 million on 27 January 2026, with portions reportedly deposited into accounts belonging to Food Lover’s Market and Centenary Services Fuel.
Rashid Alli allegedly withdrew a total of MK350 million—MK250 million on 19 February 2026 and MK100 million on 24 February 2026.
Fabian Chibule allegedly withdrew MK10 million in February 2026, reportedly depositing the funds into an account linked to LMJ Hospital.
Jackson Phiri allegedly withdrew MK10 million around 28 January 2026.
With what appears to be a detailed money trail, many Malawians are questioning why there have been no arrests, no prosecutions, and no public recovery of funds, despite months having passed since the transactions came under scrutiny.
Senior government officials, including the Acting Director General of the Anti-Corruption Bureau (ACB), State House, and other public officials, have been publicly linked to the wider controversy.
As each day passes, concerns continue to grow that the chances of recovering the money are diminishing.
Meanwhile, pensioners continue to struggle to access their hard-earned retirement benefits, while those responsible if any criminal conduct is ultimately established risk continuing to enjoy the proceeds of alleged financial crime.
Where is the money? Why has no one been arrested?
And what has become of the investigation into one of the country’s most controversial financial scandals?
Nothing ! For those that benefited are the rich , the powerful and the ruling elites .
As for Malawians ? The nation will pretend everything is alright and nothing happened . Just some billion lost .
About the Author
