QHAWE’S ASSETS TO BE SOLD TO PAY CHANNEL S CLUB MEMBERS

MBABANE – Channels S boss Qhawe Mamba should just forget about his assets which were seized by the State.

The Central Bank of Swaziland has since disclosed that Mamba’s assets, which include18 cars, mobile studio, four transmitters and two pieces of land situated in the Lubombo Region, would be sold and the money realised would be used to repay members of the public he defrauded through his pyramid scheme.

The scheme was known as Channel S Club.
The bank would also use Mamba’s E3.5 million to pay claims by members of the public who were affected.
This was disclosed by the bank’s Company Secretary, Refiloe Mamogobo, in the matter where Mamba has taken the banking institution to court demanding the release of his assets which were taken by the State.

In her answering affidavit, Mamogobo stated that the assets were procured by Mamba and his company (Ultimate Production) using the money they illegally took from members of the public.

She said the purpose of taking possession of the assets was to pay the claims by members of the public who were defrauded by Mamba through the pyramid scheme.

“It is important to understand that the first applicant (Mamba) was convicted of fraud by false representations and money laundering. The conviction relates to the substantial sums of money which Mamba defrauded the public and used to purchase all these assets,” submitted Mamogobo.

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