3/19/2015

MPstosummonPresMutharikaoverMalawiSavingsBanksaleMCP|MalawiNyasaTimesMalawibreakingnewsinMalawi

National

Politics

Sports

Business

Columns

Education

Entertainment

Health

MPs to summon Pres Mutharika over Malawi Savings Bank

sale MCP
March 19, 2015

Wanga Gwede- Nyasa Times

Business, Featured

No comments

Malawi parliament will summon President Peter Mutharika for questioning if the state goes ahead to sell Malawi Savings Bank (MSB)
despite MPs asking that the sale be pended.
Speaking at a
news
conference
addressed by
leader of
opposition Dr
Lazarous
Chakwera., the
spokesperson
of finance in
Malawi
Congress Party
(MCP), Joseph
Njobvuyalema
said said the
sale should not

President Mutharika to be summoned by parliament

go ahead.
He echoed what Chawera said that in the interest of transparency, MCP feel and

Njobvuyalema: We will summon Mutharika to quiz him

side with Parliaments decision to ask the Executive to pend the sale of MSB
Bank until Parliament completes its oversight role as the peoples representatives.
Malawi Parliament saw it important to intervene on the matter as it represents the people, said Njobvuyalema.
Therefore, the cabinet including the President cant just wake up one morning saying they want to sell peoples assert without thorough
consultations. This is why we came in for rescuing Malawians from such an abuse, charged Njovuyalema.
Njovuyalema said if government wont listen to the calls on the matter, parliament has powers to summon the President to answers
questions regarding to it in the best interest of Malawians not few individuals.
If they insist to sell the the bank as propased then parliament will do its needful job on the matter as this is the public taxes which needs
not be used for selfish gains in the name of saving money but Malawians interest, challenges Njovuyalema.
The Public Private Partnership Commission (PPPC) has opened bids for the sale of MSB where FDH Bank was the only bidder amid a
challenge the Budget and Finance Committee of Parliament is leading to stop the sale until they consult stakeholders, including ordinary
Malawians.
Peter Chakwantha, chairperson of the Legal Affairs Committee, which is also challenging the sale, said much as government had not flouted
any law, there was need to review the legislation which empowered the Executive to get rid of a national asset without consulting
Malawians.
We believe there is a need to fo back to the people and reengage them so that recommendations towards its sale should be inclusive, he
said.
A member of the Budget and Finance Committee, Peter Dimba, who moved a motion in Parliament to halt the sale, has said if government
was sincere about raising capital to save the bank then it could do so through an initial public offer (IPO) on the Malawi Stock Exchange
(MSE) to enable all Malawians participate in the running of MSB

http://www.nyasatimes.com/2015/03/19/mpstosummonpresmutharikaovermalawisavingsbanksalemcp/

1/3

3/19/2015

MPstosummonPresMutharikaoverMalawiSavingsBanksaleMCP|MalawiNyasaTimesMalawibreakingnewsinMalawi

The parliamentary committee hinted it would seek legal redress if government went ahead with the transaction.
However, the Malawi Law Society (MLS) and Sunduzwayo Madise, a law expert in financial services regulation, have said Parliament has no
legal basis to challenge the proposed sale of MSB.
Madise, who teaches law at Chancellor College in Zomba but currently pursuing further studies in the United Kingdom, said MSB was
registered under the Companies Act, but it was not a statutory entity created by a Statutory Act of Parliament for the MPs to have a say on
its sale.
He described as an exercise in futility the move by the Budget and Finance Committee to seek views from people on whether the bank
should be sold because the Minister of Finance had not flouted any laws.
Joseph Njobvuyalema

Malawi Savings Bank

MCP

Email This Post

Related Posts

Chakwera says MCPs risks of

losing headquarter driven by
political motive: Hits at DPP

March 19, 2015

Chakwera blasts Mutharika: Go ye MCP given 30 days to settle K265m Opposition, CSOs irked with govts
and repaint cells
city rates: Risks losing head office delay to table Tenants Labour Bill
in Lilongwe
March 19, 2015
March 17, 2015

March 18, 2015

Leave a Reply
Your email address will not be published. Required fields are marked *
Name *

Email *

Website

Comment

Post Comment

Notify me of follow-up comments by email.

Notify me of new posts by email.

http://www.nyasatimes.com/2015/03/19/mpstosummonpresmutharikaovermalawisavingsbanksalemcp/

2/3

3/19/2015

MPstosummonPresMutharikaoverMalawiSavingsBanksaleMCP|MalawiNyasaTimesMalawibreakingnewsinMalawi

Find us on Facebook

2006 - 2015 Malawi Nyasa Times - Malawi breaking news in Malawi

http://www.nyasatimes.com/2015/03/19/mpstosummonpresmutharikaovermalawisavingsbanksalemcp/

3/3