The Malawi Electoral Commission (MEC) has rejected an offer by investment and portfolio management firm Alliance Capital Limited, which was proposing an installment type of payment on K800 million which the electoral body invested in the company.
MEC took Alliance Capital to court early this year in an effort to recover its K800 million which it invested in the company following a decision by the Reserve Bank of Malawi to suspend the Portfolio manager license for Alliance Capital Limited for breach of technical operating requirements.
Since then, companies that invested with the company have been struggling to recover their investments.
Harris Potani Acting Chief Elections Officer for MEC told the Public Accounts committee (PAC) of Parliament on Thursday that the company was proposing to be paying MEC k15 million every month but MEC has rejected that type of settlement.
He said, agreeing to that offer would mean that the company would finish paying the money after 4 years a thing that would even affect the value of the money.
Meanwhile Potani has told MIJ Online, that MEC wants alliance capital to pay back the money in full.
But Shadreck Namalomba PAC Chairperson says the Committee wants a forensic investigation conducted before any plans to liquidate the company commences.
