Times Of Swaziland: 49 INDIVIDUALS INVESTED E1M, ABOVE EACH IN ECSPONENT

49 INDIVIDUALS INVESTED E1M, ABOVE EACH IN ECSPONENT
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Kwanele Dlamini on 02/01/2024 09:26:00


MBABANE – At least 49 individuals invested amounts of E1 million and above
each in Ecsponent Eswatini (Pty) Ltd, which is now known as ESW Investment Group
(Pty) Ltd.
The 49, who comprised of 36 men and 13 women, are part of the 1 400 individuals
and entities that invested a total of E406 932 055.55 in ESW Investment Group
(ESWIG), of which E335 240 000 was transferred allegedly fraudulently to the
Republic of South Africa. To date, the money has not been recovered and
currently, the investors are no longer reaping any benefits from their
investments. Some of the investors, such as Likhwane Beneficiary Fund, which
invested E63 million, have approached the court for redress. A default judgment
in favour of two investors, ordering ESWIG to refund them their investment of
E600 000 - E300 000 each - was rescinded in November 2023.  The rescission,
which was granted by High Court Judge Maxine Langwenya, granted leave to ESWIG
to defend itself in the matter. The highest amount to be invested by an
individual, a man, was E4 710 040.81.
This was the only amount above E4 million to be invested by an individual. The
second highest amount, E3 657672.69, was invested by a woman. The other amounts
above E3 million were E3 146 252.99 and E3 288 534.82. Thirteen people invested
amounts ranging between E2 million and E2.9 million. At least 32 of the 49
people invested amounts ranging from E1 million to E1 906 599.69.
Invested
The lowest amount invested by an individual was E10 000. Likhwane Beneficiary
Fund made the highest investment by any organisation or entity of around E63
million, which it is now demanding from ESWIG and the Financial Services
Regulatory Authority (FSRA), through the court. United Life Assurance Ltd
invested E7 148 718.48. The University of Eswatini’s (UNESWA) investment was
E5 900 000. Others were the Royal Eswatini Police Death Benefit, with an amount
of E3 457 474.90 and E2 439 107.43 was invested by the Royal Eswatini Police
Death Scheme.  The Eswatini Correctional Canteen Club invested E2 159 407.16,
while Yetfu Sonkhe Savings and Credit Cooperative Society invested E1 million.
ESWIG accused the former Chief Executive Officer (CEO) of the Financial Services
Regulatory Authority, Sandile Dlamini, of being involved in the transfer of the
investors’ E335 240 000 fraudulently outside of Eswatini.
The investment group made the allegation in its combined summons, where it is
demanding the sum of E335 240 000 from FSRA, Ecsponent Limited South Africa and
GetBucks (Pty) Limited South Africa. Other defendants are Dave Van Niekerk,
Edwin Soonius, the former FSRA CEO, Lindiwe Vilakati and Anton Hay. According to
the combined summons, Dlamini allegedly knew about measures to control ESW
Investment Group in order to ensure the fraudulent transfer of the amount of
E335 240 000 to South Africa. The money had been invested by a number of
individuals and other entities in ESW Investment Group to obtain higher returns.
However, E335 240 000 of the invested E406 932 005.55 was allegedly transferred
to South Africa, and the investors want their money back.