By Benadetta Chiwanda Mia
The Reserve Bank of Malawi (RBM) spokesperson Mark Lungu has said the registrar of financial institutions will soon begin implementing forensic audit recommendations on Alliance Capital Limited (ACL) liquidation.
This follows a recent engagement between RBM Governor Wilson Banda, investors and creditors on the way forward.
The meeting aimed to update stakeholders on the forensic audit findings and outline next steps in ACL’s liquidation process, following the report’s submission by auditing firm, Baker Tilly.
“It is true that the Governor met with investors to brief them on progress, particularly the outcomes of the forensic audit.
“It will be difficult to indicate a time frame when implementation will begin as some processes may involve legal proceedings,” Lungu said.
In November 2022, the High Court Commercial Division ordered the liquidation of Alliance Capital Limited after a financial scandal resulted in an estimated K60 billion loss for investors, affecting both government entities and individuals.
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