Admarc, Alliance Capital K5bn deal attracts ACB interest – Malawi Nyasa Times – Malawi breaking news in Malawi

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A deal between Agricultural Development and Marketing Corporation (Admarc) and financial advisory firm Alliance Capital Limited amounting to K5 billion has attracted the eye of the graft bursting body, the Anti-Corruption Bureau (ACB), Nyasa Times understands.

Malawi Alliance Capital boss

Majavina: Alliance Capital boss to be quizzed by ACB

Local media reported at the weekend of a short-cut transaction involving Admarc and Alliance Capital which involved a third party procuring maize for the state grain trader.

One of the country’s national newspapers, Malawi News reported that a memorandum to the chairperson of Budget, Audit and Finance committee dated 6 September, 2017 titled Serious Anomalies on the Alliance Capital loan Audit, says Admarc flouted procedures and it involved itself in corruption based on corporate capture.

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The audit also notes that the delivery was made somewhere else at Charteland, and not Lilongwe Depot as specified in the contract.

The audit report says only 2,609,444 kilogrammes of maize was delivered amounting to K652 million, when the total loan drawn in favour of Admike against Admarc is K2.8 billion meaning that less maize was delivered.

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Now the ACB is silently investigating the deal, which Alliance Capital Limited lent Admarc a whopping K5 billion loan at 33% interest.

We can reveal that ACB has called for registration files for Price Commodities Limited and Admike Import and Export who are at the centre of the deal.

Insiders also confided in us that the graft bursting body is preparing to question Alliance Capital Limited Chief Executive Officer Christian Majavina on his role in the deal.

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“It looks like despite providing the loan to Admarc, Mr. Majavina was actively involved in this deal,” said a source.

It is also not known whether Alliance Capital has the mandate of issuing loans as it does not have a banking licence.

There have been no comments from Admarc bosses on the matter but Majavina confirmed to Malawi News to have had dealings with Admarc adding that he is aware of some ‘slight’ misunderstandings which they were working on with Admarc.
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