WE’RE POOR SHAREHOLDERS OF SUGARCANE COMPANY - FAMILY

MBABANE – When residents of Sidwashini in the Hhohho region surrendered their fields for sugarcane farming they had hoped to make money, but some claim to have lost up to E1 million in the process.

The residents are members of Vuka Sidwashini Farmers Company that grows sugarcane for commercial purposes.
Under normal circumstances, the company pays out dividends twice a year, at the end of the year and during the first trimester.
The company’s constitution states that its objective is to fight poverty by securing enough space to grow sugarcane, which is sold to Mhlume.

“This will be made possible if we unite as residents of Sidwashini and liaise with the Ministry of Agriculture to fulfil our dream to grow sugarcane after consultations with the Royal Kraal.”
An Mvila family is disgruntled after the company allegedly refused it to replace their father who died in 2008.
“The old man was a member together with some of his children. After his death the family nominated his wife to replace him as the constitution allows,” said Ngobeni Mvila, the son of the deceased who is also a member.
Ngobeni said the excuse they got from the company for denial of the replacement was that there were already many members from his family who were already shareholders.

According to the company’s constitution, an eligible member should own a field at Sidwashini; pay a joining fee of E50, pay membership subscription of E85 and pay E300 for fuel. It also states that a deceased member is usually replaced by a nominated family member.  In this case, however, it turns out that the deceased Mvila’s dividends have not been paid out to anyone ever since he passed on in 2008.
This is not the only financial sanction imposed on the family, but an elder son who is also a member has alleged that his dividends have remained frozen for almost three years now pending finalisation of the contest of the decision not to allow the replacement of his father.

Ngobeni said the matter has been to court where a ruling was made in March 2016 in their favour as they had challenged the decision of the company to suspend their dividends.
“After we won the case, we were told that the company filed an appeal but when we went there for the hearing of the appeal two weeks ago, we were told that the papers were not there yet it was said that we would be notified on the developments.”

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: