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Malawi to probe Bingu wa Mutharika's K61bn wealth

24 June 2016, 13:13

Lilongwe - The Public Accounts Committee (PAC) within Malawi's parliament has sanctioned a probe into former president Bingu wa Mutharika's alleged K61bn wealth, reported to be stashed in offshore accounts.

According to a Nyasa Times report, committee vice president Kamlepo Kalua said that he would enlist the services of the country's Financial Intelligence Unit (FIU), the Anti-Corruption Bureau (ACB), as well as the Reserve Bank of Malawi (RBM) to ensure that a thorough investigation was conducted into the matter.

"We will empower these institutions to trace the money to the countries where the accounts are held and then probe the source of that money," Kalua stated.

The three institutions are expected to provide testimony and information regarding transactions conducted by the ex-president during his tenure between 2004 and 2012.

Should funds prove to have been looted during Mutharika's administration, Kalua assured Malawians that parliament would push to have the money brought back to the state.

The development followed allegations made by opposition members who ordered that funds stashed in offshore accounts belonging to the ex-president be brought back and utilised towards recovering the country's ailing economy.

"There is money there which belongs to the people of Malawi," Member of Parliament Harry Mkandawire was quoted as saying.

Malawi's ruling Democratic Progressive Party (DPP) previously came out in defence of Mutharika, saying that the late leader had the capacity to accumulate an estimated K61 billion without having to loot government funds.

According to All Africa, Information Minister Patricia Kaliati rubbished Mkandawire's accusations, saying that evidence proving corruption was non-existent.

- News24


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