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Cables can confidently reveal that two vehicles; a Lexus and a Toyota VX V8 were confiscated from Dr. Collins Magalasi’s residence last evening by Fiscal Police in connection with the movement of MK5 billion withdrawn from National Bank.
Magalasi’s arrest in connection with the Amarylis Hotel transaction has raised fresh questions about the wider money trail and the involvement of other individuals who are yet to face arrest.
Cables understands that President Arthur Peter Mutharika is aware that four senior cabinet and ACB official benefited financially from proceeds connected to the sale of Amarylis Hotel.
The officials implicated in the Amarylis Hotel sale money sharing are:
- Minister of Finance Joseph Mwanamveka
- Attorney General Frank Mbeta
- Deputy Minister of Homeland Security Norman Chisale
- Secretary to the President and Cabinet Justin Saidi
Cables have also received credible information that Gabriel Chembezi, the Acting Director General of the Anti-Corruption Bureau (ACB), benefited from money linked to the transaction.
MAGALASI ARRESTED , BUT WHAT ABOUT THE MONEY?
Magalasi is being investigated over the withdrawal and movement of approximately MK5 billion from Yusuf Investment, money originated from proceeds connected to the Amarylis Hotel sale.
But the big questions remain over Magalasi’s exact role and why others have been left out.
Cables understands that Magalasi did not authorize the original payment relating to the sale of Amarylis Hotel and did not personally make the cash withdrawal.
Sources familiar with the investigation, however, claim that Magalasi knew how the money was moved and where it ultimately ended up.
Police sources indicate that Magalasi could face charges relating to aiding and abetting money laundering, although the final charges remain a matter for investigators and prosecutors.
TWO VEHICLES SEIZED
Cables can further reveal that Fiscal Police, accompanied by more than 30 officers from Area 3, confiscated a Lexus and a Toyota VX V8 from Magalasi’s residence last evening.
Investigators are examining the vehicles in connection with the transportation of cash withdrawn from Yusuf Investment.
Sources have also disclosed that two individuals linked to the Malawi Defence Force from Air Wing were present at the bank during the withdrawal and assisted with security.
THE BIGGER QUESTION: WHERE DID THE MK5 BILLION
The central question is no longer simply why Magalasi has been arrested.
If the police establish that MK5 billion was lawfully withdrawn, moved or distributed, who authorized the transaction?
Who physically withdrew the money?
Who transported it?
Who received it? And, most importantly, where is the money now?
An arrest alone cannot provide accountability if other individuals who participated in, facilitated or benefited from the transaction remain untouched.
The authorities must follow the money, secure suspected proceeds, establish the complete chain of transactions and, where sufficient evidence exists, hold every responsible person to account.
The real story may not be Magalasi’s arrest. The real story is where the MK5 billion went and who ultimately benefited from it.
Magalasi is currently being held at Area 3 police .
Cables are following the money trail.
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