By Durell Namasani
A stunning revelation has rocked the ongoing Parliamentary inquiry into the K128.7 billion purchase of Amaryllis Hotel after it emerged that the financial experts behind the massive valuation are not even registered valuers.
EMJ Advisory Public Accountants, the firm that told the Public Service Pension Trust Fund the hotel was worth between K115 billion and K145 billion, dropped the bombshell during testimony before the Public Accounts Committee today.
Committee chairperson Steven Baba Malondera grilled director Emmanuel Chisale after noticing massive discrepancies in recovery timelines. One valuer had previously testified it would take 36 years to recover a K48.7 billion investment, while EMJ insisted their K115-K145 billion range would pay off in just 18 years.
“Are you a registered valuer?” Malondera demanded.
Chisale’s response sent shockwaves through the hearing: his company has no valuation credentials whatsoever.
The director scrambled to explain that the Fund only hired them for a “business analysis” and “desk review” of the hotel operations. He admitted his firm never participated in any negotiations and simply responded to an email invitation after deciding they were “capable” based on the terms of reference.
Consultant Simplex Bwanali, who prepared the financial analysis, defended their work by claiming they performed a “business valuation” rather than a “property valuation” – despite their numbers directly influencing the final purchase price.
The revelation has thrown the entire K128.7 billion transaction into question, with committee members now demanding answers about why unqualified consultants were allowed to determine the value of one of the country’s most prestigious hotel properties.
