Wa Mutharika’s worth revealed

Just a week after President Bingu Wa Mutharika was pronounced dead due to cardiac arrest, information is emerging revealing how much wealthy was the late President.

The information reveals billions of money Mutharika accumulated on top of million-worth of properties he amassed locally and international.
The information further disclosed how Wa Mutharika abused powers vested on him as country’s President in enriching some of his political aids apart from abusing private and government institutions for his own benefit.

Personal Wealth

Late Mutharika in just a period of eight years in power as Malawi President had managed to accumulate eye-raising wealth in monetary and property. Among the notable properties include:

– Ndata mansion worth K14 billion.
– Presidential villa and yatch in Portugal worth US$18 million.

– A US$60 million hotel in Portugal, which was acquired through Reserve Bank of Malawi (RBM).

– K300 million Lonhro building in Limbe, Blantyre.

– Personal Maybach Benz worth K65 million (currently kept at his farm in Zimbabwe) .

– A house in Nyambadwe worth K38 million and was bought from Shanil Muluzi.

Bank Accounts/Shares

The information in our possession reveals that Mutharika had several bank accounts where he hid millions of money. The accounts include:

– A K7.8 billion Inde Bank joint account he maintained with Zimbabwean President Robert Mugabe.

– K20 billion worth of shares in Zimbabwe Commercial Bank.

-US$6 million in Zimbabwe bank account.

He had other accounts in Portugal, UK and Australia with millions of uncounted dollars.

Personal Favours and abuse of office

As country’s President, Mutharika was receiving millions of money from various institutions both locally and international apart from using presidential powers to favour himself contrary to the country’s Constitution he sworn to uphold.

On personal favours, Mutharika had ensured that his business partner, Mulli Brothers Limited gets a lion’s share of government’s contracts at the expense of local Malawians.

Among other things Mutharika used his powers to extend a K400 million loan to Mulli Brothers Limited to purchase Bestobell at Ginnery corner through Malawi Savings Bank (MSB).

– He acted as surety to Mulli Brothers Limited’s overdraft facilities with Malawi Savings Bank (K5 billion), National Bank of Malawi (K2.5 billion), NBS Bank (K2 billion), First Merchant Bank (K1.2 billion) and Stanbic Bank (K0.8 billion).

– He authorized government to
offer a K4 billion fertilizer subsidy supply contract to Mulli Brothers without tender.

– He also authorized the award of a K11 billion government petrol and diesel supply by-tanker contract to Mulli Brothers without tender.

– Mutharika authorized award of a K200 million supply of foods-to-prisons contract in Malawi to Mulli Brothers Ltd.

– He also awarded a K6 billion government stationary supply contact to Mulli Brothers Ltd without tender.

On abuse of office Mutharika had ensured that he benefit himself from the powers the local people vested on him through ballot paper by, among other things, drawing K50 million from Malawi Savings Bank every two weeks for his personal use.

– He instructed Malawi Revenue Authority (MRA) to surrender 10 percent of revenue for DPP 2014 campaign.

– He instructed ESCOM to give Mulli Brothers Limited K160 million to buy Chitakale estate.

– He instructed the transfer of K 5 billion from treasury to Masangwi’s shipping company.

– Mutharika also instructed National Bank of Malawi to deposit to his personal account K70 million every month.

– He further instructed government to send eight vehicles and 4 tractors that were donated by Libyan government to his personal farm in Zimbabwe.

– He instructed Reserve Bank of Malawi to lend the government of Zimbabwe US$ 30 million at the time country was experiencing acute shortage of forex.

– He instructed Treasury to deposit K60 million to Malawi Savings Bank to be used towards silencing and wooing NGOs.

Mutharika also drew K20 million allowances each time he made internal trip or government project tours.

– He also instructed Reserve Bank of Malawi to extend to his wife Callista a loan of K50 million.

– He instructed the central bank
to transfer into his Zimbabwean account US$6 million.

Corruption deeds

As the President, Mutharika, despite championed the fight against corruption, was on the
fore front receiving kickbacks from various institutions that sought favours from him. These include:

– Paladin Mining Company deposits US$5 million every quarter to Mutharika’s Australian account.

– Mota-Engil has been giving Mutharika 50 percent of all contracts proceeds through his Portugal account.

– He fraudulently pocketed K1.6 billion through First Merchant Bank account from money meant for preparation of 2009 general elections.

– He fraudulently benefited to the tune of K3.8 billion from the proceeds of MTL privatization.

Lavish Lifestyle

Despite being old and renowned economist, Mutharika was living lavish lifestyle that called for scrutiny. He, among other notable acts, spent millions of kwacha on various events at the expense of taxpayers.

– Spent K100 million on his engagement to Callista on the Valentines day of 2010.

– spent K350 million on his first wedding anniversary in 2011.

– Lavish expenditure of K200 million on his 78th birthday celebrations.

Bags of US Dollars found in
Mutharika’s bedroom

Police on Monday stopped some members of the family as they were attempting to loot the New State House of money and other valuables which they claim belonged to their deceased relation.

A State House source confided that armed men from the Malawi Police Service stormed the New State House premises after Nyasa Times reported that that some people were at the house removing some valuables from the presidential palace.

However, a team of the law enforcers was shocked to find out that among the valuables
were ‘shocking’ stashes of money in both the local kwacha currency and US dollars packed in bags and cartons ready to be taken out of the palace.

“It is not yet established how much was the money as some senior police officers have been directed to count how much was it. It is believed that the hard cash can be in excess of five billion kwacha. Most of that money is US dollars in millions,” said the source.

Meanwhile, government is expected to spend K150 million on his funeral.

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  • daniel  On 09/01/2013 at 11:52

    i wish u could write about joyce banda now, how much she is wealthy perhaps this will help us than talking about the past and things and money lost, its only by exposing the present that can help us build the future, wake up.

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