LIKHWANE BENEFICIARIES CONFRONT FSRA BOSS

MBABANE – Beneficiaries whose pension was invested in Likhwane Beneficiary Fund, paid an unfriendly visit to the FSRA, to demand a solution on behalf of the dependents who have been stranded for over four months now.

FSRA is an acronym for Financial Services Regulatory Authority. The visit follows that of Eswatini Electricity Company (EEC) on Monday, where the beneficiaries also demanded an audience with the Managing Director (MD), Ernest Mkhonta, wanting answers to the delay in the distribution of their benefits. Some of the beneficiaries broke down in tears when relating the challenges they faced, following that Likhwane had stopped paying the dependent’s necessities such as food and school fees, among others. The parents, some of whom were holding back tears, said God would deal harshly with FSRA management as He was silently working on the matter in His  way. The beneficiaries accused FSRA of allegedly failing to engage them and yet they were now telling them about liquidation. According to the beneficiaries, this was the fourth month that they had not received funds from Likhwane, while the dependents suffered.

Investing

It should be noted that FSRA is merely a regulator of the financial services industry and is not in the business of investing people’s funds. One of the parents even stated that she was happy to be addressing the FSRA Chief Executive Officer (CEO), Ncamiso Ntshalintshali, on the matter, whom God had entrusted and the words coming out of her mouth were like fire that would remind him, while sitting in his chair, that they were spoken by a woman. She said the CEO had been placed by God in that office. He has trusted him to look after the vulnerable as He (God) knew that this time would come. FSRA has been granted an interim order for the provisional winding up of Likhwane, though the former is opposed to the order being made final. The beneficiaries wanted answers from the FSRA senior management on how their children would be assisted, while the matter continued in court. “We are stuck at home with the children who have dropped out of school for owing fees. The minors are also starving as we can hardly provide food for them,” they said in a meeting with FSRA.

According to the recipients, January was approaching and they would be required to pay huge sums of money for school fees. Another parent stated that some of their children had passed with flying colours but because the government had limited scholarships, they were stranded and could not further their education. They accused FSRA of running to court to apply for a provisional liquidation, which resulted in Likhwane suspending operations completely. Such, they said, was allegedly an inconsiderate move by FSRA, which contributed to the suffering of the dependents of the fund. The beneficiaries wanted to know if the regulator could suspend the liquidation to allow Likhwane to continue giving them money.

Questioned

Furthermore, they questioned the FSRA on what assurance they had that the liquidator would have enough funds to distribute to them after the liquidation. According to their knowledge, they said there was a possibility that there was E5 or E0.001 in the investor’s coffers (Likhwane), wondering what would happen then as the instruction for liquidation had already been issued, albeit on an interim basis. “What will happen to our children when we rush to liquidate, yet it would not assist in any way? The monies of the beneficiaries also vary, so why rush to implement the insolvency decision,” they asked FSRA.

According to the beneficiaries, not all channels had been exhausted because when winding up the company, it meant there was completely nothing they could do. “How certain is FSRA that we will get something or they just want to close the matter because they are exhausted in dealing with it,” they asked again. They lamented that if FSRA simply wanted to wind up Likhwane without due appreciation of the situation at hand, there would be a lot of problems in the future. Meanwhile, the recipients added that some did not even have homes and were renting apartments, of which they were now helpless and could not pay rent. Furthermore, they said they were furnished with the balance of funds currently held at Likhwane, which, in their opinion, were too good to be true.

Liquidation

“It would make sense if FSRA can say we will get 70 per cent of whatever was in the coffers, then we would support the liquidation. If not, other avenues should be considered and the liquidation be set aside,” they said. The beneficiaries further claimed that FSRA had powers to engage the other investors and come up with a temporary solution as the matter was being dealt with by the courts. “We need to get this money from whatever hole it has been placed in as there are depends involved here who need to survive,” stated the recipients. They said by hook or crook, the funds had to be recovered and if it called for them to take to the streets naked every day, that was exactly what they would do, adding that it was unfortunate that they might decide to act like barbarians because of this situation.

The beneficiaries said they needed the money not for their use but that of the children. One parent said she was the head of the family now and had three children she was failing to look after all by herself, while FSRA was telling them about their laws. “FSRA, just look into what you can do for us and the children,” the parent said. She said they could even submit school receipts of the monies required and FSRA would make the payment. The parent said she had nothing and this could even lead to her taking her own life. “What is happening to us is very wrong, no matter what laws you quote. Call us when you have answers,” she said. Another parent said FSRA should consider the fact that they were engaging widows. She said God in the Bible made it clear that ‘if you cruelly treat a widow or an orphan, you are touching the apple of His eye’.

“Our husbands and parents’ monies have been taken by yourselves with the authority and power you have and invested it with Likhwane,” they claimed. The beneficiaries in one accord stated that they had no relationship with Likhwane and that their deceased loved ones did not work for Likhwane, but for other companies. They implored FSRA to take responsibility and ensure the welfare of the children was looked after.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: