Times Of Swaziland: LIKHWANE BENEFICIARIES CONFRONT FSRA BOSS

LIKHWANE BENEFICIARIES CONFRONT FSRA BOSS
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Sithembile Hlatshwayo on 11/10/2023 15:03:00


MBABANE – Beneficiaries whose pension was invested in Likhwane Beneficiary
Fund, paid an unfriendly visit to the FSRA, to demand a solution on behalf of
the dependents who have been stranded for over four months now.
FSRA is an acronym for Financial Services Regulatory Authority. The visit
follows that of Eswatini Electricity Company (EEC) on Monday, where the
beneficiaries also demanded an audience with the Managing Director (MD), Ernest
Mkhonta, wanting answers to the delay in the distribution of their benefits.
Some of the beneficiaries broke down in tears when relating the challenges they
faced, following that Likhwane had stopped paying the dependent’s necessities
such as food and school fees, among others. The parents, some of whom were
holding back tears, said God would deal harshly with FSRA management as He was
silently working on the matter in His  way. The beneficiaries accused FSRA of
allegedly failing to engage them and yet they were now telling them about
liquidation. According to the beneficiaries, this was the fourth month that they
had not received funds from Likhwane, while the dependents suffered.
Investing
It should be noted that FSRA is merely a regulator of the financial services
industry and is not in the business of investing people’s funds. One of the
parents even stated that she was happy to be addressing the FSRA Chief Executive
Officer (CEO), Ncamiso Ntshalintshali, on the matter, whom God had entrusted and
the words coming out of her mouth were like fire that would remind him, while
sitting in his chair, that they were spoken by a woman. She said the CEO had
been placed by God in that office. He has trusted him to look after the
vulnerable as He (God) knew that this time would come. FSRA has been granted an
interim order for the provisional winding up of Likhwane, though the former is
opposed to the order being made final. The beneficiaries wanted answers from the
FSRA senior management on how their children would be assisted, while the matter
continued in court. “We are stuck at home with the children who have dropped
out of school for owing fees. The minors are also starving as we can hardly
provide food for them,” they said in a meeting with FSRA.
According to the recipients, January was approaching and they would be required
to pay huge sums of money for school fees. Another parent stated that some of
their children had passed with flying colours but because the government had
limited scholarships, they were stranded and could not further their education.
They accused FSRA of running to court to apply for a provisional liquidation,
which resulted in Likhwane suspending operations completely. Such, they said,
was allegedly an inconsiderate move by FSRA, which contributed to the suffering
of the dependents of the fund. The beneficiaries wanted to know if the regulator
could suspend the liquidation to allow Likhwane to continue giving them money.
Questioned
Furthermore, they questioned the FSRA on what assurance they had that the
liquidator would have enough funds to distribute to them after the liquidation.
According to their knowledge, they said there was a possibility that there was
E5 or E0.001 in the investor’s coffers (Likhwane), wondering what would happen
then as the instruction for liquidation had already been issued, albeit on an
interim basis. “What will happen to our children when we rush to liquidate,
yet it would not assist in any way? The monies of the beneficiaries also vary,
so why rush to implement the insolvency decision,” they asked FSRA.
According to the beneficiaries, not all channels had been exhausted because when
winding up the company, it meant there was completely nothing they could do.
“How certain is FSRA that we will get something or they just want to close the
matter because they are exhausted in dealing with it,” they asked again. They
lamented that if FSRA simply wanted to wind up Likhwane without due appreciation
of the situation at hand, there would be a lot of problems in the future.
Meanwhile, the recipients added that some did not even have homes and were
renting apartments, of which they were now helpless and could not pay rent.
Furthermore, they said they were furnished with the balance of funds currently
held at Likhwane, which, in their opinion, were too good to be true.
Liquidation
“It would make sense if FSRA can say we will get 70 per cent of whatever was
in the coffers, then we would support the liquidation. If not, other avenues
should be considered and the liquidation be set aside,” they said. The
beneficiaries further claimed that FSRA had powers to engage the other investors
and come up with a temporary solution as the matter was being dealt with by the
courts. “We need to get this money from whatever hole it has been placed in as
there are depends involved here who need to survive,” stated the recipients.
They said by hook or crook, the funds had to be recovered and if it called for
them to take to the streets naked every day, that was exactly what they would
do, adding that it was unfortunate that they might decide to act like barbarians
because of this situation.
The beneficiaries said they needed the money not for their use but that of the
children. One parent said she was the head of the family now and had three
children she was failing to look after all by herself, while FSRA was telling
them about their laws. “FSRA, just look into what you can do for us and the
children,” the parent said. She said they could even submit school receipts of
the monies required and FSRA would make the payment. The parent said she had
nothing and this could even lead to her taking her own life. “What is
happening to us is very wrong, no matter what laws you quote. Call us when you
have answers,” she said. Another parent said FSRA should consider the fact
that they were engaging widows. She said God in the Bible made it clear that
‘if you cruelly treat a widow or an orphan, you are touching the apple of His
eye’.
“Our husbands and parents’ monies have been taken by yourselves with the
authority and power you have and invested it with Likhwane,” they claimed. The
beneficiaries in one accord stated that they had no relationship with Likhwane
and that their deceased loved ones did not work for Likhwane, but for other
companies. They implored FSRA to take responsibility and ensure the welfare of
the children was looked after.