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| National |
| Muluzi’s bank not operating |
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by
McDonald Chapalapata, 24 August 2004
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12:01:33
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Former President Bakili Muluzi’s bank, Trade and Investment Bank of Malawi Limited (TIB) remains closed to business under uncertain circumstances which insiders say are connected to a banking licence from the Reserve Bank of Malawi (RBM).
Insiders said most of the staff at the bank have been sent on leave until the bank sorts out the licence with RBM.
A visit by Nation Online to TIB offices in Delamere House in Blantyre on Monday indicated that indeed most of the bank’s senior personnel, including the chief executive Fred Kanjo, were on leave.
There was only a secretary, an accountant, a cleaner and a guard.
But Kanjo said in an interview on Monday that he has quit the bank and declined to disclose the reasons for leaving TIB.
“I am no longer there, so if there is anything about TIB, talk to Atupele (Muluzi),” said Kanjo.
Atupele, who is the former president’s son is also a director of the bank and doubles as its legal officer. He was reported to be away to the United Kingdom until next week.
Asked why RBM has withdrawn a licence for the bank as suggested by some quarters, RBM Governor Elias Ngalande Banda said : “Did they have a licence? I am not aware of anything.”
Former chief executive designate for TIB the late Kalonga Stambuli confirmed to Nation Online in August last year that Muluzi has the largest shareholding in the bank while Stambuli himself had a minority stake in it.
He also said the bank, which had an initial capital injection of K1 billion, was not going to accept deposits, adding that the bank was going to specialise in trade finance and investment banking.
TIB has been operating from the sixth floor of Delamere House since last September and employed a few notable names in the banking industry like Brian Honde, who once worked with Stanbic Bank.
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