An unprecedented financial scandal has hit National Bank of Malawi and its subsidiary Stockbrokers Malawi Limited over 1,800 Press Corporation plc (PCL) shares that mysteriously vanished in an unauthorized 2004 trade , only Cables can confidently reveal.
Cables has received and seen a copy of share certificate, emails, and all official correspondence linked to the transaction.
The verified paper trail in one of the emails, National bank itself confirms that 1,800 PCL shares were legally acquired in 1997 in the name of a minor, who was just seven years old at the time.
However, banking records reveal that seven years later, in 2004 when the boy was 14 years of age , the entire shareholding was quietly liquidated and sold off through Stockbrokers Malawi Limited.
Cables investigation confirm that neither the child nor his co-signatory mother ever authorized the sale.
Both maintain they were living thousands of miles away in the United Kingdom when the 2004 transaction was executed back home.
Crucially, the mother confirms she never received a single dividend payout or tambala from National bank throughout the entire period the asset was supposedly held and managed.
How did Stockbrokers Malawi and National Bank clear a trade for a minor without authorization or verification from his living custodian?
Why was the co-signatory mother completely bypassed and starved of all dividend payouts by National Bank?
Where did the funds from the 2004 liquidation actually go?
Cables will bring you the full story.
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