PAC Chairperson Seeks Citizens’ Help on K128 Billion Amaryllis Hotel Deal

By Dean Chisambo………

Public Accounts Committee (PAC) of Parliament Chairperson Baba Steve Malondela has appealed to Malawians to assist in investigating the K128 billion purchase of Amaryllis Hotel by the Pension Fund.

Malondela made the appeal on Wednesday at Parliament in Lilongwe after the committee summoned EMJ Consultants, one of the stakeholders involved in the deal.

The committee has expressed dissatisfaction with the Pension Fund’s engagement of EMJ Consultants, saying the firm is not registered to conduct research analysis for such transactions.

Malondela has therefore called on accountants, asset valuers, lawyers and other professionals to come forward and assist Parliament with expertise in reviewing the matter.

“We have noted that members of the committee have capacity, but we also believe there are other citizens in this great nation with the expertise to come forward and assist Parliament in legitimate ways to be part of resolving this issue,” said Malondela.

According to the committee’s findings, EMJ Consultants conducted the research analysis within just ten days and recommended the purchase of the hotel, while other firms such as NICO Asset Managers took about thirty days to complete their assessments.

PAC also heard that EMJ Consultants received the contract through a phone call, prompting Malondela to ask the firm to provide full details of the engagement, including the name of the person who awarded the contract and any related email correspondence.

EMJ Consultants Director Emmanuel Chisale told the committee that their role was purely advisory, stressing that the final decision was made by the Pension Fund Board.

The purchase of Amaryllis Hotel has raised public concern, with questions over whether proper procurement and investment procedures were followed.

The Speaker of Parliament has since directed PAC to investigate the matter, and the committee is currently engaging several stakeholders, including FDH, EMJ Consultants, Old Mutual, NICO, and Asset Management.

The Pension Fund, a state-owned institution, is responsible for investing pensioners’ money in various ventures aimed at generating returns for its members.