Malawi's Big Bullets FC chairman Malinda Chinyama, whose committee is at loggerheads with a trustee Kinnah Phiri, said he has a financial report detailing the club's revenue and expenditure.

The chairman and his executive have also refused to attend today's meeting called by Kinnah arguing it is against corporate governance ethics. The executive has accused Kinnah of interfering with the team's operations while the latter has hit back claiming that the executive is not transparent on financial expenditures.

Kinnah wanted the executive to give a financial report on the sale of replica jerseys, fundraising activities, and the money from the club house. He said Bullets is a public entity and people have the right to know its financial details.

Kinnah said they have called for a stakeholders meeting today to discuss the issue.

However, Chinyama, who surrendered a copy of the club's financial report to The Daily Times, said the meeting is a non starter because as a trustee Kinnah has no powers to call for an extra ordinary meeting.

"The meeting is supposed to be called in consultation with the chairman of the trustees (Mr Busile), chairman of the executive and chairman of the supporters."

"In fact, Kinnah has no right to call for financial reports because as a chairman of the executive I report to Mr Busile. If there is any query concerning our finances it should be chairman of the trustees complaining and calling for an EAGM. I am supposed to give the financial report to chairman of the trustees. We are talking issues of corporate governance here," he said.

Chinyama, a qualified financial accountant, said the executive is supposed to give its financial report at the end of the season not on a weekly basis as Kinnah demands.

"I am surprised that Kinnah said he has not seen our financial report yet the chairman of the supporters has," he said.

The chairman said it is sad that Kinnah is just interested in monetary aspect overlooking the welfare of players.

"In fact, how much money is there for us to steal? If anything the club has been running at a loss and we had to meet some of the expenses using our own financial resources."

Bullets general secretary Higger Mkandawire said Kinnah must be schooled on his role as a trustee.

He said it was unfair for Kinnah to accuse the executive of financial mismanagement before the auditor's report.

"He cannot say something is wrong before it is certified by professional auditors. Kinnah must be schooled on his role as a trustee.

"Trustees can only come in when there is a crisis. Kinnah should not underrate the chairman. If that is the case then Bullets will go back to where it was seven years ago," Mkandawire said.

According to the financial report, which The Daily Times is in possession, for the period from 1 July 2011 to February 29, 2012, the team had a deficit of K2, 333,171. It had a revenue collection of K19, 361,932 while the expenditure was K21, 695,103.

It collected the revenue from games, bar trading, dinner and dance, drama and shows and also calendar sales.

The club incurred expenditure on games and ground, bar trading, dinner and dance, drama and shows, electricity and water, printing calendars and hostel rent and electricity.