49 INDIVIDUALS INVESTED E1M, ABOVE EACH IN ECSPONENT

MBABANE – At least 49 individuals invested amounts of E1 million and above each in Ecsponent Eswatini (Pty) Ltd, which is now known as ESW Investment Group (Pty) Ltd.

The 49, who comprised of 36 men and 13 women, are part of the 1 400 individuals and entities that invested a total of E406 932 055.55 in ESW Investment Group (ESWIG), of which E335 240 000 was transferred allegedly fraudulently to the Republic of South Africa. To date, the money has not been recovered and currently, the investors are no longer reaping any benefits from their investments. Some of the investors, such as Likhwane Beneficiary Fund, which invested E63 million, have approached the court for redress. A default judgment in favour of two investors, ordering ESWIG to refund them their investment of E600 000 - E300 000 each - was rescinded in November 2023.  The rescission, which was granted by High Court Judge Maxine Langwenya, granted leave to ESWIG to defend itself in the matter. The highest amount to be invested by an individual, a man, was E4 710 040.81.

This was the only amount above E4 million to be invested by an individual. The second highest amount, E3 657672.69, was invested by a woman. The other amounts above E3 million were E3 146 252.99 and E3 288 534.82. Thirteen people invested amounts ranging between E2 million and E2.9 million. At least 32 of the 49 people invested amounts ranging from E1 million to E1 906 599.69.

Invested

The lowest amount invested by an individual was E10 000. Likhwane Beneficiary Fund made the highest investment by any organisation or entity of around E63 million, which it is now demanding from ESWIG and the Financial Services Regulatory Authority (FSRA), through the court. United Life Assurance Ltd invested E7 148 718.48. The University of Eswatini’s (UNESWA) investment was E5 900 000. Others were the Royal Eswatini Police Death Benefit, with an amount of E3 457 474.90 and E2 439 107.43 was invested by the Royal Eswatini Police Death Scheme.  The Eswatini Correctional Canteen Club invested E2 159 407.16, while Yetfu Sonkhe Savings and Credit Cooperative Society invested E1 million. ESWIG accused the former Chief Executive Officer (CEO) of the Financial Services Regulatory Authority, Sandile Dlamini, of being involved in the transfer of the investors’ E335 240 000 fraudulently outside of Eswatini.

The investment group made the allegation in its combined summons, where it is demanding the sum of E335 240 000 from FSRA, Ecsponent Limited South Africa and GetBucks (Pty) Limited South Africa. Other defendants are Dave Van Niekerk, Edwin Soonius, the former FSRA CEO, Lindiwe Vilakati and Anton Hay. According to the combined summons, Dlamini allegedly knew about measures to control ESW Investment Group in order to ensure the fraudulent transfer of the amount of E335 240 000 to South Africa. The money had been invested by a number of individuals and other entities in ESW Investment Group to obtain higher returns. However, E335 240 000 of the invested E406 932 005.55 was allegedly transferred to South Africa, and the investors want their money back.

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