Amaryllis Hotel sale battle rages in Malawi's courts

The owner of Amaryllis Hotel in Blantyre, Yusuf Investment, has applied to the High Court of Malawi to unfreeze its bank accounts at the National Bank of Malawi. This move follows court orders obtained by the Public Service Pension Trust Fund's statutory manager, Stain Singo, and the Reserve Bank of Malawi, blocking access to K90.125 billion in four bank accounts linked to Yusuf Investment Limited and Amaryllis Hotel. The accounts are held at the National Bank of Malawi's Henderson Street Branch in Blantyre.

The Public Service Pension Trust Fund's statutory manager, Stain Singo, confirmed that the matter was heard by Judge Charlotte Malonda at the High Court of Malawi Lilongwe Registry on Wednesday. The judge will rule on the application after 30 days, and the injunction remains in effect until then. Judiciary spokesperson Ruth Mputeni confirmed that the hearing took place and that the matter was adjourned to December 4 for a ruling.

The hotel sale has attracted scrutiny due to reports that the fund purchased the facility at a significantly increased price. The value of the hotel rose from K47 billion to K128 billion within a few months. The Reserve Bank of Malawi initiated legal proceedings against the former trustees of the Public Service Pension Trust Fund in September 2026 over the acquisition of Amaryllis Hotel.

Former trustees of the Public Service Pension Trust Fund, including former chairperson Chizaso Nyirongo, say they are working to comply with a court order to rescind the hotel sale. They have received court summons and are consulting on the way forward. Nyirongo stated that their plan is to comply with the court order and regularize the situation.

The Anti-Corruption Bureau is still investigating the sale of the hotel, according to chief legal and prosecution officer Chrispin Khunga. The bureau's investigation is ongoing, and no further details have been released. The hotel sale has been a contentious issue, with multiple parties involved in the dispute.

The Reserve Bank of Malawi Governor, George Partridge, who is also the Registrar of Financial Institutions, obtained a mandatory injunction requiring the trustees to rescind the hotel acquisition contract and recover all funds paid. This injunction is part of the ongoing legal proceedings against the former trustees.

The dispute over the Amaryllis Hotel sale is set to continue, with various parties awaiting the court's ruling on Yusuf Investment's application to unfreeze its bank accounts. The outcome of the case will likely have significant implications for the parties involved and may shed light on the circumstances surrounding the hotel's sale.

Key points

• The High Court of Malawi will rule on Yusuf Investment's application to unfreeze its bank accounts after 30 days.
• The hotel's value increased from K47 billion to K128 billion within a few months, sparking scrutiny over the sale.
• The Anti-Corruption Bureau is still investigating the sale of the hotel.