Times Of Swaziland: KING DEMANDS  ARRESTS  IN DUBIOUS  FINANCIAL  SCHEMES

KING DEMANDS  ARRESTS  IN DUBIOUS  FINANCIAL  SCHEMES
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Ntombi Mhlongo and Nonduduzo Kunene on 01/02/2025 09:11:00


LOBAMBA – With thousands of emaSwati having lost millions after investing in
different investment schemes, His Majesty King Mswati III has called for the
arrest of those responsible.
This happened yesterday when His Majesty delivered the Speech from the Throne as
part of the Official Opening of the Second Session of the 12th Parliament.
Consolidation
The King was sharing feedback on the country’s credit outlook, which he said
has improved due to economic and institutional reforms, financial stability,
fiscal consolidation, monetary policy discipline, effective administration of
the revenue stabilisation fund and sound policy advice provided to government by
the Central Bank of Eswatini (CBE).
His Majesty said he is pleased that the bank has finally launched the first
phase of the national payment switch project to enhance the efficiency and speed
of electronic transactions, modernise the national payment system and promote
financial inclusion in the country.
He commended the bank for what he termed its significant role in various
financial sectors and being shortlisted for the Global Banking & Markets Africa
Awards 2025. He then said: “The bank is now urged to double its efforts in
protecting people’s finances against dubious financial schemes. Above all, it
must ensure that those responsible for such crimes face the full might of the
law”.
Even though he did not mention names, it is a fact that in the past decade or
so, thousands of emaSwati had their lives turn for the worst after they lost
hundreds of Emalangeni which they invested in different schemes.
Invested
The one scheme that is currently on everyone’s lips is Ecsponent Limited,
where over 1 138 investors who include pensioners, non-governmental
organisations, retired police officers, churches and others lost millions of
Emalangeni which they invested since 2014. The money had accumulated to E431
million when it was discovered missing.
While millions of Emalangeni have been spent in conducting forensic
investigations to ascertain how the funds were lost, there have been less
arrests.
Already, over 70 people who invested in Ecsponent have reportedly died, mainly
due to stress-related illnesses emanating from effects of the E431 million loss.
Meanwhile, in 2018, it was reported that almost 4 000 emaSwati lost their monies
invested in Sharemax - the largest failed property syndication scheme in South
Africa and no one has been held accountable.
Eswatini companies, co-operative societies and individuals invested their
pensions and terminal benefits worth about E27 million in the real estate
investment scheme called Sharemax.
Benefits
Victims of the Sharemax investment scheme include, among others, Hlalawati
Cooperative, Credit Society, Swaziland Union of Financial Institutions and
Allied Workers (SUFIAW). Others are the Swaziland Investment Consortium and a
certain scheme for employees of the then Swaziland Posts and Telecommunications
Corporation (SPTC), now known as the Eswatini Posts and Telecommunications
Corporation (EPTC). EmaSwati reportedly invested between E200 000 and E300 000
each of their terminal benefits and pensions after being retrenched by their
various companies.