May 18, 2021

CDEDI gives Deloitte 7 days to Respond on RBM’s Audit Leakage

The Centre for Democracy and Development Initiatives [CDEDI], has written a letter to the Audit Manager, Deloitte, demanding clarification on an audit leakage at the Reserve Bank of Malawi [RBM].


CDEDI says the matter has attracted huge public interest and anxiety and that Malawians are waiting with baited breath to see how his office is going to manage the situation, giving him the next seven days to respond on the raised issues.


The organization adds it is its expectation, and that of many Malawians of goodwill, that Deloitte would not like to be dragged into disrepute due to the current developments taking place at the RBM, challenging his office to advise the central bank to publish a public statement to either explain or disassociate itself from such unethical and unprofessional conduct.


In the letter dated 28 December 2020 signed by its Executive Director, Sylvester Namiwa on leakage of information at the RBM, CDEDI expressed concern over the conduct of Deloitte and the RBM in the way information in the ongoing forensic audit is being managed, saying the RBM is a public institution established by the 1989 Act, and just like any other bank, is a corporate body with integrity to protect.


CDEDI mentions it is extremely worried, on behalf of all well–meaning Malawians with the leakage of the bits and pieces of the audit that Deloitte is conducting at the Reserve Bank of Malawi, as before the final report has even been released, the information has reached social media platforms, which is as a worrisome development.


…….”We are saddened to note as a reputable firm you have not even raised a query when your audit reference focal point was changed from the suspended Chief Internal Auditor to the RBM Governor, this alludes to interference on the part of the audit and puts the whole process into question as the Governor is a political appointee,’’……reads part of the letter.’


Former Governor of the RBM, Dr. Dalitso Kabambe is reported to have been receiving MK 27 Million per month while his Directors, MK 20 Million, adding Dr. Kabambe’s monthly salary was twice to that of British Prime Minister, Boris Johnson, a development which has raised more questions than answers that Malawi having been preached to be one of the poorest country in the world, is paying out to its public officers, millions of Kwachas as monthly salaries to individuals.


Reports circulating on social media are also alleging that the new Governor of the RBM, Dr. Wilson Banda is receiving MK12 Million a month and the Directors are refusing to have their salaries slashed by MK9 Million.


Meanwhile, recent allegations circulating on social media indicate that the Office of the President and Cabinet [OPC] has stopped payment of over MK1 Billion to former RBM Governor, Dr. Kabambe as compensation and other terminal benefits, saying the cheque was detected by OPC after it got wind that there is that payment.

By Vincent Gunde

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