…40 people sue, want money back
…offers cooking oil for cash
…MPs, prominent Malawians on the list
After promising new companies and investments, Kondwani Kachamba Ngwira, a popular social media entrepreneur and motivational speaker has been sued for collecting money from business people in pretext of investing into various enterprises.
The Investigator Magazine can reveal that over 300 Malawians have sent money running into millions of kwacha, which was supposed to be used in the self styled industrial revolution that has failed to kick off.
The Investigator Magazine second edition out this May will publish details and responses from various government institutions which he has been telling the prospective investors that he has applied licences and certificates.
Case number 75 of 2023 at the High Court Commercial Division has been assigned to Justice Chifundo Kachale who has since given Kachamba 14 days to file response and provide documents related to the matter.
The court documents were recieved by Kachamba Ngwiras representative in Lilongwe identified as Mirriam Makungwa on 18th April, 2023.
The court documents identify the lead complainant as Prisca Palasa Chifikana and 39 others who gave Kachamba Ngwira between K250,000 to K400,000 for various projects.
After receiving court documents, Kachamba Ngwira called for a meeting of investors- the first time in months only to tell them their K250,000 Share money had shrunk to K7,500,000 which could be refunded.
According to one of the documents irate investors have shared with The Investigator Magazine, Kachamba Ngwira claims the Revolutionary Farming Business which had 205 members only had a bank balance of K67,000.00 as of Saturday 22 April 2023.
Out of the 205 partners each paid average of K250,000 but the accounts show that the company only sold K735 800.00 worth of cooking oil.
The statement claims it has K3 876 000 as unsold cooking oil and another K1, 250 000 as available sunflower cake.
The unusual financial statements include K11 million as value of assets namely a warehouse and a tractor.
The notes places the value of the company at K16.928 million with undisclosed pending expenses pegged at K1.5 million.
“Agreed estimated Share value as of 22.04.2023 75,231.95. Distibution of Share value Cash value at 5% 3,761.60
Property (asserts and unsold products)95% 71,470.35, Total 75,231.95,” reads part of the statement which is riddled with errors.
The accompanying notes claim 95% of share value is in unsold cake and oil,tractor and warehouse.)
“Those interested to withdraw can get cocking (cooking) oil equivalent to their current sharevalue of MWK75231.95. Those withdrawing have up to Thursday 20th April 2023 to confirm their withdraw direct to steering committee chair.
Next meeting will be held on 29th April 2023 to finalise with a view of giving dues for those withdrwaing by 4th May 2023 following the approval by CEO,” reads the document, the same day he is supposed to respond to court process.
An insider at PIC claim there is no paper work as all money is controlled and managed by the founder.
According to our investigations Kondwani Kachamba Ngwira claimed K50,000 for each VIP member sent to his phone number for office administration and amounts from K50,000 to K2.4 million were paid by dozens of people into his accounts for up to 17 partnerships.
None of the listed projects have taken off and our reporters uncovered that between June 2022 to March 2023 he made K20 million in one mobile phone account from peoples contributions.
His accounts under Project Innovation Centre which are at FDH Bank show transactions of close to K45 million annually that night have accumulated over a period of 3 years.
Some lucky ones have had their money refunded after they queried lack of progress on projects that included a filling station, cooking oil plant, TV and Radio Station, Beach House, MicroFinance and what he called Revolutionary Farming.
Our Investigations team have spoken to a man who contributed K2.4 million from Mzimba and he has been distraught with Kachamba Ngwira either blocking those that raise queries.
We have also spoken to a Blantyre based Member of Parliament who paid K400,000 for training in his constituency but was told off by Kondwani Kachamba Ngwira. He is yet to get refund.
Kondwani Kachamba Ngwira came into public limelight when he conducted free training sessions on basic goods manufacturing across the country.
He pledged to support 200 new companies and Banks and Airtel Money supported the initiative.
The Investigator Magazine invites those that have contributed to the partnerships to send receipts and amounts to whatsapp 0999920866 or email: firstname.lastname@example.org
The Magazine will publish full comments from agencies and Kondwani Kachamba Ngwira outside the court proceedings.