Malawi Savings Bank (MSB) has put on sale Mulli Brothers assets worth about K3.3 billion.<\/p>\n
The state-owned bank is currently embroiled in controversy following government\u2019s decision to sell it.<\/p>\n
The sale has faced widespread opposition, a situation inflamed by the government\u2019s recent move to pump into the bank K6 billion.<\/p>\n
Government\u2019s argument in injecting the K6 billion into the bank through promissory notes is that it intends to improve the bank\u2019s liquidity position to preserve depositors\u2019 funds.<\/p>\n
But the move has been seen as government\u2019s way of effectively bailing out some individuals and private companies who have failed to service their loans with the bank.<\/p>\n
However, government argues that the move is a way of institutionalising the process of recovering the bank\u2019s bad debts, a process to be effected by an independent company.<\/p>\n
Mulli Brothers Limited (MBL) owes the bank a reported 83 percent of the bad debts amounting to K4.97 billion.<\/p>\n
But amid the controversy over the bank going into private she said.<\/p>\n
MSB has been pursuing Mulli Brothers Limited (MBL) over the loans since December 2012 when it filed the case with the High Court (Commercial Division) in Blantyre.<\/p>\n
The court ruled that MBL had to repay the loan that had risen to K3.2 billion at that time.<\/p>\n
MBL committed to pay it in 60 months in installments of about K82 million per month.<\/p>\n
However, the company went back on its word and obtained a stay order against the ruling of the High Court.<\/p>\n
In November last year, MBL sought an extension of the order, until the matter was brought before Judge Chinangwa in February.<\/p>\n","protected":false},"excerpt":{"rendered":"
Malawi Savings Bank (MSB) has put on sale Mulli Brothers assets worth about K3.3 billion. The state-owned bank is currently embroiled in controversy following government\u2019s decision to sell it. The sale has faced widespread opposition, a situation inflamed by the government\u2019s recent move to pump into the bank K6 billion. Government\u2019s argument in injecting the […]<\/p>\n","protected":false},"author":3,"featured_media":2899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/2896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=2896"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/2896\/revisions"}],"predecessor-version":[{"id":2900,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/2896\/revisions\/2900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/2899"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=2896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=2896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=2896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}