Thursday, February 22, 2024

CDEDI tells RBM to act on Mount Meru over non-remittance of sugar export proceeds

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CDEDI executive director Slyvester Namiwa

The Centre for Democracy and Economic Development Initiatives (CDEDI) has written the Reserve Bank of Malawi (RBM) governor to act on Mount Meru Millers’ failure to account for proceeds from sugar export in Rwanda.

According to a letter dated December 5, 2023, CDEDI’s action follows a Forensic Audit Report the Malawi government commissioned on Salima Sugar Company Limited (SSCL).

 “Right at the onset, CDEDI would like to draw your attention to pages 28 and 29 of the Forensic Audit Report the Malawi government commissioned on Salima Sugar Company Limited (SSCL) 5.1.7 under the sub-headline Malawi Kwacha Capital Contribution Repayments.

“The last paragraph on page 28 reads in part “SSCL supplied 1,500 MT of sugar inventory to Mount Meru Millers Limited and also provided an export clearance letter to the Malawi Revenue Authority (MRA) for Mount Meru Millers Limited to export 12,000 MT of Sugar.

“CDHIB did not issue any release order in favour of Mount Meru Millers Limited, implying that this sugar was delivered without approval of CDHIB. Mount Meru Millers Limited sold SSCL sugar in Rwanda and no sale proceeds was declared to the Reserve Bank of Malawi.”

“Needless to remind you Sir, that the economy is on its knees due to the acute scarcity of forex. It is therefore, our expectation that matters of non-remittance of export proceeds ought to be treated with the seriousness they deserve.

“CDEDI, therefore, is requesting your office to act on the aforementioned, and ensure that the said proceeds are recovered and that Malawians are informed of the same in line with both the Republican Constitution and the Access To Information (ATI) Act,” reads part of the letter signed by CDEDI executive director Slyvester Namiwa.

There was no immediate reaction from Mount Meru Millers as we went to press.

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