Court extends freeze on Amaryllis owners’ funds

The High Court of Malawi has ordered the continued restriction of funds belonging to Yusuf Investments Limited,owners of Amaryllis Hotel.

This comes as investigations into the hotel’s sale and related financial transactions continues.

Justice Redson Kapindu has made final the Anti-Corruption Bureau’s (ACB) restriction notice, which was initially renewed on an interim basis on July 8, 2026, for three months.

However, the court has set aside fresh freezing directives issued by the Financial Intelligence Authority (FIA), saying the authority should have sought court approval after a magistrate declined to renew the ACB’s restriction notices.

In his ruling, Kapindu said there were substantial and unexplained movements of money linked to the transaction that required further investigation.

The judge said releasing the funds could expose them to the risk of dissipation before the investigations are completed.

The court has also directed the ACB and FIA to cooperate in investigating the matter while ensuring that their actions comply with judicial oversight and the rule of law.