Update: The High Court's Financial Crimes Division has dismissed a fresh legal application by Yusuf Investments Limited, the owner of Amaryllis Hotel, which sought to unfreeze bank accounts holding approximately K38.5 billion. According to Nation Online, Justice Redson Kapindu rejected the company's request for a mandatory injunction, describing the legal filings as "utterly defective" and "misconceived under the law".
The accounts were previously frozen by the Financial Intelligence Authority and the Anti-Corruption Bureau amid ongoing investigations into the controversial K128.75 billion sale of the hotel to the Public Service Pension Trust Fund. Nation Online reports that the court halted the proceedings because the application lacked the required signature of either the company or its legal counsel, leading the judge to direct the court registrar to return the documents.
As noted by Malawi24 and Nyasa Times, Yusuf Investments attempted to challenge the restrictions imposed under the Financial Crimes Act and the Corrupt Practices Act by using an improper legal route. Justice Kapindu ruled that the company failed to comply with established court procedures by splitting its claim across multiple documents instead of outlining the full claim within a specially endorsed summons. The decision leaves the financial restrictions firmly in place, though the court indicated the hotel owners could reapply if they follow correct legal procedures.