‘Bingu was worth more than K61bn’

The wealth of former Malawi president the late Bingu wa Mutharika could be higher than the reported K61 billion (about $152m) following revelations that he held more bank accounts and property in three other countries.

Mutharika died of cardiac arrest on April 5 last year.

A report on preliminary assessment of his estate has since revealed that he accumulated wealth in the region of about K61 billion in just under eight years after declaring his assets at about K150 million (about $375 000) when he assumed office in May 2004.

However, it has emerged that the figure could be higher after revelations that the former president had accounts in more countries than reported.

According to working files of YMW Property Investment, the company government, through the registrar general, contracted to assess Mutharika’s real estate, shares and stocks, bank balances, chattels and other assets, the former president also had assets in Singapore, Australia and Isle of Man.

The files show that in Singapore, Mutharika had an account and three houses; in Australia, there are two presidential flats and a bank account while in the Isle of Man, there is a bank account.

The report shows that the Isle of Man account was the most active because the former president used it frequently.

The Isle of Man, otherwise known simply as Mann, is a self-governing British Crown Dependency located in the Irish Sea between the islands of Great Britain and Ireland. The head of State is Queen Elizabeth II, who holds the title of Lord of Mann.

The area, which is 572 square kilometres, has a population of 83 327 people (2011).

Mutharika’s estate is embroiled in controversy. When his will, which was written after the death of his first wife, Ethel, was released, it transpired that his second wife was not included.

But Chancellor College dean of law Dr Mwiza Nkhata told Tuesday’s edition of The Nation that the will could be challenged as it became invalid the moment Mutharika married Callista.

On 30th May 2013, deputy registrar general Geoffrey Nkhata wrote several banks asking them to remit duty to government and also pay part of the money to YMW Property Investment.