Times Of Swaziland: EFIU ‘LEAKS’: BE SEES SILVER LINING

EFIU ‘LEAKS’: BE SEES SILVER LINING
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Timothy Simelane on 23/04/2024 13:09:00


MBABANE - Business Eswatini (BE) says reports seeking to expose leaked documents
on the Farmers Bank have also helped to highlight some institutional strength
and independence of the CBE.
BE management said, in a statement, that it had been made aware of the reports.
They were compiled by the International Consortium of Investigative Journalists
(ICIJ) titled: ‘Swazi Secrets - a glimpse inside the tiny kingdom’. One of
the reports under the ‘Swazi Secrets’ banner, was that of the Farmers
Bank’s application for a licence. It was alleged in the reports that
information was leaked from the Eswatini Financial Intelligence Unit (EIFU).
Said the BE, when responding to questions from the Times: “It would be
improper to comment on something that is ongoing and which we are still trying
to understand and confirm ourselves. That said though, one cannot deny that the
story appears to expose areas of glaring institutional weakness, which need to
be confirmed and thoroughly investigated. It also highlights some institutional
strength and independence, which we applaud.”
BE said  the matter of the CBE standing its ground on a certain matter and the
case of the minister of Finance recusing himself from chairing a meeting
ostensibly to avoid a perceived conflict of interest, all served as a case in
point for positive institutional governance and institutional integrity,
transparency and independence. “Our view as BE is that we should not waste
this crisis, but use it to formulate our remedial actions to address our
weaknesses in the economy. There has been a concerted effort by regulatory
authorities to close loopholes in the system and as BE, we will continue to
fully throw our weight behind such moves,” the organisation said.
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It said it had engaged with its members in the financial sector, and could
assure its stakeholders that its private banking and financial sector was
secure, stable and sustainable. “As a society, we cannot ignore the fact that
there are troubling instances of malfeasance and downright malpractice, which
seem to be thriving in some sectors of our economy and which are, sadly,
obscured from public view. This is alarming, to say the least. These widespread
business malpractices which seek to subvert our financial regulatory framework
should be rebuked with the contempt they deserve as they only serve to undermine
the very objectives of government, which is to grow the economy for the benefit
of all emaSwati,” the BE said.