By Edwin Mauluka
It has emerged that EMJ Advisory Public Accountants, the firm that recommended a valuation of Amaryllis Hotel at between MWK115 billion and MWK145 billion to the Public Service Pension Trust Fund (PSPTF), is not a registered property valuer.
The firm’s director, Emmanuel Chisale, conceded this during an appearance before Parliament’s Public Accounts Committee (PAC), which is investigating the MWK128.7 billion purchase of the hotel.
PAC chairperson Steven Malondera pressed Chisale on whether the firm was legally qualified to undertake the valuation.
“Honourable chair, we are registered as a firm,” Chisale responded.
But Malondera pressed further.
“Are you a registered valuer? I am asking this because one of the valuers, Continental Asset Managers, told us yesterday that at MWK48.7 billion it would take 36 years to recover the investment,” said Malondera.
“Yet you are saying the value is between MWK115 billion and MWK145 billion and the recovery period would be 18 years. So, as a valuer, are you registered?”
“No,” Chisale replied.
Malondera responded: “So we are dealing with someone valuing property worth over MWK127 billion who is not a registered valuer.”
Chisale told the committee that EMJ Advisory Public Accountants was contracted by PSPTF in November 2025 to assess the viability of purchasing the hotel.
He said the firm was required to complete the assignment within 10 days, but produced the first draft of its report in two days.
According to Chisale, the assignment involved desk research based on information provided by parties involved in the proposed transaction. The firm was paid MWK26 million for the work.
A consultant for the firm, Simplex Bwanali, who conducted the financial analysis, told the committee that their modelling suggested the investment would take about 18 years to recover.
Based on the analysis, EMJ recommended a purchase price range of MWK115 billion to MWK145 billion.
However, Bwanali clarified that the exercise focused on business valuation, not property valuation of the hotel itself. He added that the final decision to invest rested with PSPTF.
Explaining how the firm produced its report within two days, Bwanali said EMJ had already begun analysing the business before a formal contract was signed.
He said the firm received a phone call from a PSPTF official instructing it to proceed while the contract was being processed.
However, Bwanali declined to reveal the name of the official despite repeated requests from the committee.
Chisale later hinted that the caller worked in the procurement department, describing the person as the only officer in that office and the same individual who later sent an email asking the firm to carry out the valuation.
Meanwhile, the Malawi Law Society (MLS) also appeared before the committee and presented documents and correspondence it claims relate to the transaction.
MLS vice-chairperson McHarven Ngwata said the information had been supplied by a whistleblower.
He urged Parliament to expedite the enactment of a Whistleblower Protection Law, arguing that such legislation is crucial in strengthening the fight against corruption.
Meanwhile, the Acting Director General of the Anti-Corruption Bureau (ACB) and the Governor of the Reserve Bank of Malawi are also scheduled to appear before the committee as the inquiry continues.
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