CHAOS ERUPTS AS BUNYE’S E1.7M MISUSED

KWALUSENI – The words, ‘where is the money, we want it back’, notably reverberated in the ears of some people like a peal of thunder. 

This was after simple mathematical calculations reflected that a sum of E1.7 million was mismanaged by certain individuals at Bunye Betfu Buhle Betfu Savings and Credit Co-operative.

At a special meeting held yesterday to get feedback on a forensic audit carried out by Kobla Quashie on the instruction of the Sandile ‘Chief’ Dlamini-led no-nonsense Financial Services Regulatory Authority (FSRA), the co-operative society’s financial books were found wanting in many accounting aspects.

Accounting shortfalls resulted in chaos as some members would disrupt proceedings to address the chairman of the meeting at the same time. They shouted expletives at people they suspected to have mismanaged their funds, calling their names, after which they called for their swift arrest. It was not clear if the people suspected to have mismanaged funds were present.

In the aftermath of the fracas, the director of proceedings, at some point, had to pause for about two minutes to allow the members to calm down. They were angry to learn that certain people did not follow accounting guidelines when withdrawing their money from the bank to finance services that benefited them personally “What nonsense is this (maye babo, sivani namuhla!),” some of the emotionally charged members were overheard saying.

The meeting, attended by about 3 000 members, was held at the University of Eswatini’s Sports Emporium.
Bunye Betfu, which owns some immovable assets in the capital city, is one of the largest credit co-operatives in the country. Its members are civil servants. Currently, it has 5 784 members. This is about 14 per cent of the total population of the employed civil servants.

FSRA to rope in cops

Back to the meeting, the irate members calmed down after Dlamini, the Chief Executive Officer (CEO) of the FSRA, had assured them that law enforcement agents would definitely be asked to intervene in the issue. He was referring to the police and Anti Corruption Commission (ACC).

Ironically, certain members of Bunye Betfu are top investigators at the ACC. Despite the fact that they are members of the co-operative society, they did not make submissions during the meeting. Instead, they were quiet, but appearing observing the proceedings.

 The meeting almost got out of hand as a certain member made submission which did not go down well with the majority of the members. He was booed and shouted down, with certain members swearing that they would deal with him harshly and swiftly. He took his seat after seeing a group of female members approaching him shaking hands in anger, and swearing at him. The attacked member’s transgression was to ask for patience and evidence that the implicated members actually mismanaged the funds.

The meeting temporarily continued smoothly after Fortunate Lukhele, the current Chairperson of Bunye Betfu, had announced that one of the people who misappropriated their money had been suspended and subsequently removed from the management committee. “Now you are talking, he must be arrested,” a member from the floor said.

How the fracas began?
Trouble started when they were informed about the findings of the auditors. The FSRA and executive committee of the co-operative society reported to the meeting that a certain officer’s wife was paid E22 000 for highly questionable services.

Names of the people thought to have mismanaged the money would not be revealed because the FSRA said it was taking the matter up with the law enforcement agents. The auditors also established that tender regulations were not followed when a sum of E839 000 was paid to a certain company. The mere mention of this figure was enough for the members to vent out their anger to the previous Board. “Such huge amount of money; they turned the co-operative society into a fattening ranch,” someone shouted.

At this time, the members would time and again rise from their feet as if they were seeing someone who manipulated their money. “Where are they? Where is the person who took our money? we want to deal with him now?” another member shouted at the top of his voice.
This infuriated member walked out of the packed hall shaking his head in apparent anger.

It was a worse scenario when the FSRA reported that E134 520 was paid to a company with links to one of the executive members of the previous Board. “Wow, these people were really up to mischief,” a female member who sat next to this reporter murmured in frustration.
It was further reported that a sum of E168 000 intended to buy a printer was released in contravention of the co-operative’s financial regulations to do things that were not clear to the auditors.

Adding salt to the wound, the members were greatly infuriated again when it was reported that a whopping E470 000 was also used under questionable circumstances.  “I think I have to go home now, there’s nothing more I have to know, as they have said it all. What! E470 000?,” the woman who sat next to this reporter continued to belt out her anger and frustration. “Where’s the ACC.”
The audit report also reflected the questionable usage of E89 912.

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