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There is a lot of talk about the sale of Malawi Savings Bank. Some people have been asking me what the implications of this sale are. I hope that we will hear a lot when the president goes to Parliament to clarify the mist. The MPs, we expect, should ask relevant questions. And We also expect that the President will have the more relevant information to feed the nation.
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3/19/2015 MPs to summon Pres Mutharika over Malawi Savings Bank sale – MCP | Malawi Nyasa Times – Malawi breaking news in Malawi
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Njobvuyalema: We will summon Mutharika to quiz him
President Mutharika to be summoned by parliament
MPs to summon Pres Mutharika over Malawi Savings Banksale – 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 anewsconferenceaddressed byleader ofopposition DrLazarousChakwera., thespokespersonof finance inMalawiCongress Party(MCP), JosephNjobvuyalemasaid said thesale should notgo ahead.
He echoed what Chawera said that in the interest of transparency, MCP feel andside with Parliament’s decision to ask the Executive to pend the sale of MSBBank until Parliament completes its oversight role as the people’s representatives.
“Malawi Parliament saw it important to intervene on the matter as it represents the people,” said Njobvuyalema.
“ Therefore, the cabinet including the President can’t just wake up one morning saying they want to sell people’s assert without thoroughconsultations. This is why we came in for rescuing Malawians from such an abuse,” charged Njovuyalema.
Njovuyalema said if government won’t listen to the calls on the matter, parliament has powers to summon the President to answersquestions 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 needsnot 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 achallenge the Budget and Finance Committee of Parliament is leading to stop the sale until they consult stakeholders, including ordinaryMalawians.
Peter Chakwantha, chairperson of the Legal Affairs Committee, which is also challenging the sale, said much as government had not floutedany law, there was need to review the legislation which empowered the Executive to get rid of a national asset without consultingMalawians.
“We believe there is a need to fo back to the people and reengage them so that recommendations towards its sale should be inclusive,” hesaid.
A member of the Budget and Finance Committee, Peter Dimba, who moved a motion in Parliament to halt the sale, has said if governmentwas 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
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3/19/2015 MPs to summon Pres Mutharika over Malawi Savings Bank sale – MCP | Malawi Nyasa Times – Malawi breaking news in Malawi
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Joseph Njobvuyalema Malawi Savings Bank MCP Email This Post
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 nolegal 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 wasregistered 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 onits sale.
He described as an exercise in futility the move by the Budget and Finance Committee to seek views from people on whether the bankshould be sold because the Minister of Finance had not flouted any laws.
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3/19/2015 MPs to summon Pres Mutharika over Malawi Savings Bank sale – MCP | Malawi Nyasa Times – Malawi breaking news in Malawi
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