By Burnett Munthali
The decision by the Registrar of Financial Institutions to call for the immediate suspension or revision of the Public Service Pension Trust Fund’s (PSPTF) acquisition of the Amaryllis Hotel is a welcome move that deserves applause.
One can believe that this transaction no longer represents value for the pensioners, and it is imperative that the deal be scrutinized thoroughly to ensure that the interests of those who took their hard-earned savings to the PSPTF are protected.
The deal appears grossly inflated, effectively amounting to a blank cheque issued to the seller and their intermediaries, which raises serious concerns about potential theft and the loss of billions of kwacha belonging to the pensioners.
More concerning, it raises a serious red flag over what can only be described as potential theft: one could see pensioners lose billions of kwacha, a prospect that is nothing short of alarming.
This is either the “Sale of the Century” or the “Heist of the Decade,” and it is crucial that those responsible are held accountable for their actions.
The rational behind the MK128 billion valuation raises a lot of questions, and it is imperative that the authorities provide clarity on the matter.
Furthermore, one can be persuaded to believe that the board may have breached the law, and possibly the PSPTF’s own constitutional requirements, which mandate that major decisions of this nature be subject to a process of public participation by the members.
To imagine that the Fund fails to pay its bona fide pensioners their dues, and that this transaction comes to light in such a context, is not only deeply saddening but utterly unacceptable.
The Public Service Pension Trust Fund is a vital, mandatory savings mechanism designed to ensure workers retire with dignity, providing essential safety nets against old-age poverty, disability, and death.
Protecting the PSPTF requires strict compliance from employers in remitting contributions, strengthening governance to ensure transparency, and maintaining investment stability to secure retirement for generations.
The people of Malawi deserve transparency and accountability, and it is the duty of the authorities to ensure that the PSPTF is managed in the best interests of its members.
Hon Noel Lipipa MP’s call for scrutiny of the deal highlights the need for urgent action to protect the pensioners’ interests and ensure that those responsible are held accountable.
