A Treasury Insider Fires Back: “Know the System Before Pointing Fingers” in K128.7 Billion Amaryllis Storm

A former Treasury financial expert has issued a blunt warning amid the growing uproar over the K128.7 billion Amaryllis Hotel deal: stop the rush to blame individuals without first understanding how public pension funds actually operate. Speaking on condition of anonymity, the expert pushed back against mounting calls—led by the Human Rights Defenders Coalition (HRDC)—for President Peter Mutharika to dismiss Finance Minister Joseph Mwanamvekha and two other senior officials. According to the insider, the outrage risks oversimplifying a complex financial system.

“The Public Pension Fund Trust is not a department under political control. It is an autonomous institution with its own Board of Trustees, professional management, and independent banking structures,” he said. He stressed that investment decisions—including high-value acquisitions like the Amaryllis Hotel—are not made by politicians, but by the Fund’s Board and licensed investment managers operating under strict legal and fiduciary frameworks.

At the centre of his argument is Section 60 of the Pension Act (2023), which explicitly shields trustees from external interference. “The law is very clear: trustees must not be subject to direction or orders from any person when exercising their powers over the fund,” he said. “That protection exists to safeguard pensioners’ money from political influence.” His remarks cut directly into the current narrative, which has seen public pressure intensify on top government officials, with critics alleging political interference and demanding immediate accountability.

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But the expert cautions that misreading the governance structure could lead to misplaced blame—and ultimately distract from the real issues. “If there were failures, they must be traced within the actual decision-making structures of the Fund. Accountability should follow the process, not assumptions,” he said.

Meanwhile, President Peter Mutharika has thrown his weight behind the ongoing parliamentary probe into the controversial transaction, signalling a tougher stance by warning that no one implicated in wrongdoing will be protected. As the Public Accounts Committee continues to dig deeper, the battle lines are becoming clearer: a public demanding answers, activists calling for heads to roll, and insiders urging caution—insisting the truth lies not in political offices, but within the inner workings of the pension fund itself.

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