Mystery Surrounds The Wealth Of Malawi's Former Ruler
Mystery Surrounds The Wealth Of Malawi's Former Ruler
May 13, 2000
Raphael Tenthani
PANA Correspondent
LILONGWE, Malawi (PANA) - Graham Carr, a firm of public accountants appointed by the High Court to ascertain how much Malawi's former president-for-life was really worth, has said its efforts - which has taken them to overseas banks - has almost drawn a blank.
In a report, carried over a period of two years, Graham Carr says a missing death certificate has further complicated their efforts to break the jinx on Banda's wealth since most financial institutions demanded the certificate before they could release records of Banda's bank details.
The report says the administrators only registered success with two British financial institutions, NatWest Bank and Invesco Unit Trust.
At NatWest, Graham Carr dug up 17,374.83 pounds while Banda had 320,015.39 pounds at Invesco.
"To date, we have corresponded with two banks in the UK, Barclays and NatWest. Barclays have yet to respond and NatWest will not provide information without the death certificate," it says.
Who is keeping the death certificate is itself a mystery and a hot subject for conspiracy theories.
Cecilia Tamanda Kadzamira, Banda's life-long Official Hostess who was at Banda's bed side when the centenarian died on 25 November 1997 at a South African clinic, told PANA Saturday in an exclusive interview she has no idea who is keeping the death certificate.
"I wish I knew who has it since no one can gain access to the records without the death certificate," she said.
Kadzamira, who the late leader fondly referred to as Mama, has a direct interest in the battle for Banda's estate since Banda's relatives are accusing her in court of twisting the old man's hand to bequeath her the best part of his estate.
She denies the charge.
The administrator says it was surprising that people like Kadzamira, Banda's financial aide Farook Sacranie and his lawyers, had no information on the whereabouts of the important document and other information regarding the estate.
"All advisors to the late Dr. Banda denied any knowledge of any overseas assets."
The missing death certificate is stirring fears that somebody might be spiriting money from Banda's estate behind the back of the interim administrators, Banda's relations and the courts.
The interim administrators fear that the missing death certificate and the lack of co-operation from those who are supposed to be in the know will not only delay the conclusion of the court cases surrounding the distribution of the estate but may also adversely affect viability of some of his concerns.
Graham Carr, in the report, says Banda might also have had interests in a South African mining concern.
Banda was at one point estimated to be wealth over 445 million US dollars (about 20 billion Malawi Kwacha) in cash and several millions in fixed and disposable assets.
But Graham Carr says as at 31 August 1999, Banda's estate was estimated to be worth 319.5 million kwacha (7.2 million US dollars.)
Banda's assets ranged from real estate and agriculture concerns to investments in both local and foreign companies and off-shore accounts.
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Copyright © 2000 Panafrican News Agency. All Rights Reserved.
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