The Reserve Bank of Malawi, through the Registrar of Financial Institutions, has revoked the licences of 11 trustees of the Public Service Pension Trust Fund under section 36(1)(d) of the Pension Act, 2023. The individuals named in the notice are no longer authorised to undertake any transaction, decision or action in their capacity as trustees of the fund. The revocation was based on the trustees' failure to comply with an administrative penalty requiring them to remedy a contravention of financial services law by rescinding the contract for the acquisition of Amaryllis Hotel and recovering all funds paid to Yusuf Investment Limited, the owner of the hotel.
Reserve Bank of Malawi 2026-04-30
Reserve Bank of Malawi revokes licences of 11 Public Service Pension Trust Fund trustees for failing to unwind Amaryllis Hotel acquisition
The Reserve Bank of Malawi, through the Registrar of Financial Institutions, has revoked the licences of 11 trustees of the Public Service Pension Trust Fund under section 36(1)(d) of the Pension Act, 2023. The trustees are no longer authorised to act for the fund after failing to comply with an administrative penalty requiring them to rescind the Amaryllis Hotel acquisition contract and recover all funds paid to Yusuf Investment Limited.