Businessman Sambiri arrested over Exploits University sale

By Staff Writer:

Police in Lilongwe on Wednesday arrested businessman Benjamin Sambiri over the sale of Exploits University.

According to information we have gathered, Sambiri sold the university to Madison Holdings at Mk30,000,000.00 in 2018, tried to sell the same school to another person at Mk65,000,000.00 after trying to change landownership illegally.

When contacted, National Police Spokesperson James Kadadzera confirmed the arrest saying Sambiri is to be charged with making false document, forgery and uttering false documents

According to a source who is close to the case and opted for anonymity, in May 2018, Madison Holdings bought 100 percent shares of Exploits University. At the time of the purchase, Madison Holdings was operating Riverton University which was much smaller in size than Exploits University.

At the same time, Exploits University had been shut down both by Malawi Revenue Authority and landlords due to financial mismanagement and maladmistration of the then shareholders, Benjamin Sambiri, Kingstone Ngwira and Pentecostal Church International.

The source further said that at the time of sell negotiations, Madison Holdings was presented with a list liabilities as well as assets, which included vehicles and land. On that basis, Madison agreed and paid Mk30,000,000.00 for 100 percent shares of Exploits University.

However after the sale, it transpired that the previous shareholders had changed ownership of all university vehicles and sold them and the list of Creditors had been doctored and figures changed.

“After the sale of the University, new management undertook to obtain title documents, from Ministry of lands. The University followed the procedures, firstly, by submitting formal application, surveying, Plot Application approvals by Lilongwe City Council (which was granted), deed plans, etc.

“In 2019, Benjamin Sambiri run as a member of parliament in Kasungu. To finance his campaign, he tried to convince the person who had sold land to the University to sign another sale agreement transferring the land direct5ly to Benjamin Sambiri so they can sell and share the proceeds. The previous landowner refused to entertain the illegal request

“After failing to convince Mr. Pondani, Benjamin Sambiri, forged sale agreement documents, signature of Mr. Pondani and proceeded to sell Exploits University land to a Chinese national at a price of Mk65,000,000.00,” he said

Kadadzera said Sambiri is expected to appear in court anyday.

 

 

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