MBABANE – The ongoing investigations of acts of fraud allegedly committed at FINCORP have resulted in a third arrest.
A socialite, Nhlonipho Ndabenkulu Mabuza (35) of Mankayane, is accused of defrauding the Eswatini Development Finance Corporation (FINCORP) of a sum of E2 743 719.32 from 2018 to 2024. He was arrested on Monday.
Mabuza’s arrest comes after the apprehension of Sibusiso Xaba (39) of Mahlalini, who resigned from FINCORP, where he was employed as a Client Relationship Officer and a Technician, Mlondzi Motsa (41) of Mahwalala, employed by Avoma Group. Xaba allegedly defrauded his former employer a sum of E3.6 million, while Motsa was charged with fraud of E928 883.
Xaba and Motsa were granted E50 000 bail by Judge Zonke Magagula on Monday and last Friday, respectively. They paid a cash sum of E10 000 and the balance was in the form of sureties. Mabuza, who was represented by Nosisa Hlophe of Mongi Nsibande and Partners, was granted the same amount of bail by Judge Bongani Dlamini. The accused was not present in court when his bail was dealt with.
The socialite faces charges of fraud and money laundering. In the charge of fraud, Mabuza is alleged to have, between 2018 and 2024, with intent to defraud, misrepresented to FINCORP, through its General Manager Sikolwemaswati Ntshalintshali, 398 invoices purportedly from Mbetseni Farmers’ Co-operative.
The alleged fraudulent invoices, according to the charge sheet, led FINCORP to deposit a total of E2 743 719 into Mabuza’s bank account. He is further accused of unlawfully using this money, knowing or having reason to believe that it was obtained through criminal activity. As a result, he is accused of contravening the Money Laundering and Financing of Terrorism (Prevention) Act of 2011.
In his founding affidavit, in the bail application, Mabuza, who is self-employed, informed the court that he is innocent and stated that he intends to plead not guilty.
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