Jul 20, 2017 Last Updated 10:01 AM, Jul 20, 2017
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President Mutharika a billionaire

The President has assets valued at over MK4.4 billion. The President has assets valued at over MK4.4 billion.
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The public now has information on the wealth of President Mutharika and his vice Saulos Chilima, according to documents sourced from the Office of Assets Declaration.

The President has assets valued at over MK4.4 billion.

The documents indicate that much of the President’s savings are in the United States where Mutharika has spent much of his time working as a law Professor.

The savings are held at Teachers Insurance and Annuity Association and are valued at $8.2 million which is approximately MK3.6 billion.

According to the documents made available to the Daily Times, apart from the US savings, President Mutharika has a local account which had over MK63 million at the time he was declaring his assets.

He also declared that he has two houses in Malawi, in Area 10 Lilongwe whose value was not declared and another in Nyambadwe-Blantyre valued at MK7 million.

President Mutharika also has nine vehicles valued at over MK397 million.

He indicates that the assets were accumulated through salaries, allowances and bonuses. 

In his declaration, Vice President Saulos Chilima indicated that he has assets valued at over 400 million kwacha.

The Office of Assets declaration was set up to enhance transparency and accountability among public officers including the presidency as a deterrent to abuse of office.         

The Public Officers Declaration of Assets Liabilities and Business Interest Act stipulates that public officers submit details of their assets within three months of being appointed.

Apart from a multitude of top government officers and all senior civil servants across the board, some officers being asked to declare assets include procurement officers, Road Traffic officers, Malawi Revenue Authority members of staff, Accounting Personnel, immigration officers, prosecutors, anti corruption bureau officers among others.

Malawi is reeling under the weight of massive fraud and plunder of public resources that has seen donors withdraw aid that would help change lives of poor Malawians.

 

                                                                                                                                              

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