The acting principal officer of the Public Service Pension Trust Fund has defended the engagement of EMJ Advisory Public Accountants before Parliament’s Public Accounts Committee.
Boyd Hamela told MPs the firm was qualified and completed its work within the agreed timeframe for the controversial K128.7 billion acquisition of Amaryllis Hotel in Blantyre.
Members of the committee took turns pressing Hamela on why the fund paid K26 million for a task that took about 10 days, noting that the firm is not registered with the Reserve Bank as a business valuer.
But Hamela explained that the firm was engaged under specific terms, saying if they had gone beyond the agreed days, the agreement would have been breached and they should not have been paid.
On qualifications, Hamela said the assignment required business analysis and EMJ indicated they were qualified, adding that under PPDA rules they are categorised as business analysts and accountants.
EMJ director Emmanuel Chisale told the committee earlier that his firm is not a licensed property valuer but was engaged to conduct business analysis, recommending the hotel’s value be pegged between K115 billion and K145 billion.
