Times Of Swaziland: ENPF AMONG 4 BIDDERS FOR SWAZI SPA

ENPF AMONG 4 BIDDERS FOR SWAZI SPA
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Mbongiseni Ndzimandze on 03/05/2022 16:48:00


MBABANE – ENPF is among the companies that have made offers for the purchase
of Swazi Spa Holdings.
Eswatini National Provident Fund (ENPF) is a retirement savings scheme and its
main purpose is to provide benefit for employed persons when they retire from
regular employment.
The list of the companies which have shown an interest in purchasing the hotels
under Swazi Spa Holdings, which is currently under liquidation, has been
provided to the master of the High Court by lawyers representing the liquidator
of the companies under Sun International Management limited.
In total, there are four companies which have made offers to purchase the hotels
situated in Ezulwini. However, the amounts put forth by each bidder have not
been included in the court documents. Some of the companies which had reportedly
made offers as per the list are; Africa Orbit Holding (PTY) Limited, Africa
Harvest (PTY) Limited and VZN Investment Limited. The amount of money which was
being offered by each of the interested buyers was, however, not disclosed on
the list which had been forwarded to the master of the High Court.
On the list compiled by lawyers from Dynasty Attorneys, the master was informed
that it was for offers received so far. In June 2021; the High Court of Eswatini
issued a final order for the liquidation of five companies under Sun
International Management Limited. The affected companies include Swazi Spa
Holdings, which was operating Swazi Spa Hotel and Casino, Lugogo Sun and the
Ezulwini Sun. It was recently disclosed that there was a bid of E1 billion which
was, however, being doubted by the master of the High Court. Sun International
Management Limited on the other hand informed the court that the identity of the
bidder for the amount of E1 billion was currently confidential.
In her answering papers, Deputy Master of the High Court, Lindelwa Magagula,
averred that the story of the E1 billion in bids for the purchase of the Swazi
Spa Holdings was one that was colourful without any meat. The contention by the
deputy master is contained in an affidavit she deposed to, in the matter where
the appointment of Paul Mulindwa as co-liquidator is being challenged. Mulindwa,
who is the second respondent in the matter, was appointed by the master to work
together with Marissa Boxshall Smith, the third respondent.
The Sun International Management Limited, which is the first applicant in the
matter, is challenging the appointment, together with four other applicants
which are Nedbank Swaziland Limited, Former Employees of Swazi Spa, Eswatini
National Provident Fund (enpf) and Chick-Fil-A Swaziland (Pty) Limited. In the
affidavit, Magagula submitted that the liquidator had claimed that she had
received financing for E1 billion, and the same was deposited into a bank and
that the deposit was to be verified by the creditors committee. The deputy
master said upon further investigation and enquiry, the story changed to the
effect that the interested bidders only showed their bank statement but had
either refused and or failed to file bank guarantees.