Malawi Savings Bank quickly sold to First Discount House despite Parliament stopping the sale
Government has sold Malawi Savings Bank (MSB) to First Discount House (FDH) on Thursday morning despite parliament recommending not to go ahead with the sale.
Parliament also wanted government to assist MSB board and management to force Mulli Brothers Limited (MBL) to pay its debts. Mulli brothers owes MSB billions of kwacha from preferential loans it got while Bingu wa Mutharika was in power.
The case between Mulli Brothers and MSB is in the courts but controversially, government had wanted MSB to write off these debts.