Court dismisses ACB's bid to extend K5 billion account freeze

By Mercy Matonga: The Magistrate Court in Lilongwe has dismissed an application by the Anti-Corruption Bureau (ACB) to extend a restriction order on accounts linked to Yusuf Investments after questioning the sufficiency of evidence provided in support of the request. Yusuf Investments are the owners of Amaryllis Hotel, which the Public Service Pension Trust Fund (PSPTF) acquired. The purchase is at the centre of controversy following claims that it was made at inflated prices. According to a court order seen by The Daily Times, Senior Resident Magistrate Shukurani Kumbani ruled that the ACB failed to adequately demonstrate progress in its investigations or provide sufficient justification for the continued freezing of the accounts. "The filed affidavit in support only discloses that the investigations are ongoing and that money was withdrawn from the respondent account. "The affidavit does not disclose the extent of the investigation or any nexus between the withdrawn money and any corrupt practice," the ruling reads. The court added that while ACB argued the restriction was necessary to preserve funds suspected to be proceeds of corruption, it did not present evidence directly linking the transactions to corrupt conduct. The bureau told the court that K5,386,175,000 was withdrawn from Yusuf Investments Limited and allegedly distributed to three members of the PSPTF Board to facilitate negotiations and the signing of a sale and purchase agreement. However, Yusuf Investments lawyers argued that ACB had been given sufficient time to investigate the matter but had failed to identify any corrupt payment, unlawful benefit or evidence linking the withdrawn funds to wrongdoing. Reacting to the ruling, ACB acting Director General Gabriel Chembezi said the bureau remains concerned about the movement of more than K5 billion within a short period. "We will challenge the ruling. Allegations suggest some funds were given to three board members and PSPTF Secretariat staff involved in the sale," Chembezi said. The ruling follows the expiry of a 90-day restriction notice previously placed on the accounts. ACB had applied for an extension while investigations into the controversial sale of Amaryllis Hotel continue. In March this year, the bureau, working with the Financial Intelligence Authority, froze about $23 million (K38.5 billion) in accounts linked to Yusuf Investments. The K128.7 billion purchase of the hotel by PSPTF remains under investigation, with Parliament's Public Accounts Committee and ACB probing the transaction, which independent assessors previously valued at between K30 billion and K48 billion.

WIRE — By Mercy Matonga: The Magistrate Court in Lilongwe has dismissed an application by the Anti-Corruption Bureau (ACB) to extend a restriction order on accounts linked to Yusuf Investments after questioning the sufficiency of evidence provided in support of the request. Yusuf Investments are the owners of Amaryllis Hotel, which the Public Service Pension Trust Fund (PSPTF) acquired. The purchase is at the centre of controversy following claims that it was made at inflated prices. According to a court order seen by The Daily Times, Senior Resident Magistrate Shukurani Kumbani ruled that the ACB failed to adequately demonstrate progress in its investigations or provide sufficient justification for the continued freezing of the accounts. "The filed affidavit in support only discloses that the investigations are ongoing and that money was withdrawn from the respondent account. "The affidavit does not disclose the extent of the investigation or any nexus between the withdrawn money and any corrupt practice," the ruling reads. The court added that while ACB argued the restriction was necessary to preserve funds suspected to be proceeds of corruption, it did not present evidence directly linking the transactions to corrupt conduct. The bureau told the court that K5,386,175,000 was withdrawn from Yusuf Investments Limited and allegedly distributed to three members of the PSPTF Board to facilitate negotiations and the signing of a sale and purchase agreement. However, Yusuf Investments lawyers argued that ACB had been given sufficient time to investigate the matter but had failed to identify any corrupt payment, unlawful benefit or evidence linking the withdrawn funds to wrongdoing. Reacting to the ruling, ACB acting Director General Gabriel Chembezi said the bureau remains concerned about the movement of more than K5 billion within a short period. "We will challenge the ruling. Allegations suggest some funds were given to three board members and PSPTF Secretariat staff involved in the sale," Chembezi said. The ruling follows the expiry of a 90-day restriction notice previously placed on the accounts. ACB had applied for an extension while investigations into the controversial sale of Amaryllis Hotel continue. In March this year, the bureau, working with the Financial Intelligence Authority, froze about $23 million (K38.5 billion) in accounts linked to Yusuf Investments. The K128.7 billion purchase of the hotel by PSPTF remains under investigation, with Parliament's Public Accounts Committee and ACB probing the transaction, which independent assessors previously valued at between K30 billion and K48 billion.

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