SWEET CLAIMS: 1 617 SETTLED, 2 240 IN DISPUTE

MBABANE – The liquidator responsible for the Swaziland Women Economic Empowerment Trust (SWEET) is reportedly addressing 2 240 disputed claims, in line with prescribed liquidation processes.
According to a statement released by the Central Bank of Eswatini (CBE), at least 1 617 out of the 1 750 undisputed claims in the SWEET liquidation process have been settled.
What is important to mention is that on December 7, 2022, High Court Judge Mzwandile Fakudze, issued a final order placing SWEET under liquidation and appointing Moazam Ali Fakey, as the liquidator.According to the CBE, during a recent verification process, it was discovered that some of the information provided, such as bank account details and mobile money numbers was incorrect and/or outdated.

“This has necessitated additional verification steps and resubmissions, which we are currently working on,” the bank stated. What is important to note is that on December 7, 2022, High Court Judge Mzwandile Fakudze, issued a final order placing SWEET under liquidation and appointing Moazam Ali Fakey, as the liquidator. Further, the bank states that it has also been established that during the country-wide payments verification exercise, several fraudulent claims were lodged. “This has called for stringent diligence and data verification on individual claims; and dealing with these together with legitimate claims has regrettably caused the delays experienced in finalising the payment process of undisputed claims,” the bank stated.
During this time, the liquidator and CBE have asked for patience, understanding and cooperation from depositors who lodged objections, to allow for a transparent and equitable assessment of their claims. “The bank assures the public that claims falling under this category that qualify for payments, will be paid in due course, based on the evidence provided.”

empowerment

SWEET Microfinance (PTY) LTD was established in April 2015, registered under certificate of incorporation No. 2235/2014. It was founded as part of the national economic empowerment initiatives arising from the Eswatini Women’s Decade Plan of Action of 2010.An investigation conducted by the Central Bank and the Financial Services Regulatory Authority (FSRA) into the affairs of SWEET, revealed that criminal activities were allegedly perpetrated by the management of SWEET Microfinance. This followed complaints from members who had long been demanding the return of their funds, without success.

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