Amaryllis Hotel Deal: Yusuf Investment Pushes for Closed-Door Hearing as PAC Inquiry Resumes

Lilongwe, Malawi – The Public Accounts Committee (PAC) of Parliament has resumed its inquiry into the controversial purchase of Amaryllis Hotel by the Public Service Pension Trust Fund, with attention now shifting to Yusuf Investment Limited, owners of the property, and their request for closed-door proceedings.

PAC Chairperson Steven Baba Malondera says the company, led by Shiraz Yusuf, asked that its appearance before the committee be held in camera after receiving an invitation dated April 10, 2026. The firm was initially scheduled to appear on April 23, 2026.

However, the committee rejected the request on April 13, insisting that the proceedings remain open to the public in line with transparency requirements.

Shortly after the decision, Shiraz Yusuf informed the committee that he was unwell and receiving treatment in South Africa, prompting a rescheduling of the hearing to April 29, 2026.

Malondera said while the committee has taken note of the development, the inquiry will not be delayed.

“If Shiraz Yusuf is still unable to appear, board members of Yusuf Investment Limited, including one of the signatories to the sale agreement, will be required to appear without fail,” he said.

The committee has also summoned several key figures linked to the transaction, including former Registrar of Financial Institutions MacDonald Mafuta Mwale, former Secretary to the President and Cabinet Colleen Zamba, Chief Secretary Justin Saidi, and National Bank of Malawi officials.

Meanwhile, the committee has noted that it has not received any communication from Colleen Zamba, who is expected to appear before PAC on April 28, 2026. The hearing is expected to proceed as scheduled regardless.

The inquiry comes amid continued scrutiny of the Amaryllis Hotel acquisition, with regulators and former officials raising concerns over compliance and governance in the deal.

Former Registrar of Financial Institutions MacDonald Mafuta Mwale told the committee that he advised against the transaction, saying the Public Service Pension Trust Fund proceeded despite regulatory concerns.

He also described the situation as highly unusual, stressing that institutions are expected to follow regulatory directives to safeguard pension funds.

Former Reserve Bank Governor Mwale further stated that the Reserve Bank of Malawi did not authorise the transaction, adding that a stop order was issued due to non-compliance with regulatory procedures and concerns over pension fund security.

The PAC inquiry continues as lawmakers seek clarity on how the transaction was approved and who authorised its progression despite regulatory warnings.