MBABANE – Senzo Hlatshwayo never resigned as chairman of the Financial Services Regulatory Authority (FSRA), the Times SUNDAY can reveal.
Instead, he asked for a ‘leave of absence’.
A leave of absence is a temporary, approved break from work where one keeps his job and plan to return. On the other hand, a resignation is a permanent choice to quit one’s job and ending the employment completely.
In a letter dated March 20, 2026, titled ‘Request for leave of absence as chairman of FSRA’, Hlatshwayo stated that his request followed recent and current developments following the arrest of Asian nationals wherein he was allegedly implicated, ‘of which he totally denied any wrongdoing’.
The letter was addressed to Neal Rijkenberg, the Minister for Finance. He stated in the letter obtained from sources in the know that the position of FSRA chairmanship requires minimal turbulences to ensure stability in the financial sector. “…hence I am having to make this very difficult decision in order to protect the integrity of FSRA and the national financial sector,” he stated.
Hlatshwayo pointed out in the letter that his ‘leave of absence’ would allow the matters that had happened to play out to finality.
“…hence I remain resolute that I have not been engaged in any illegal or criminal activity,” partly reads his letter.
“Thank you for trusting and entrusting me with the honour to serve our nation in this role and I do pray that FSRA will grow and become a force to reckon with.”
It must be said that FSRA supervises around 400 entities with an asset value of over E100 billion. In its quarterly statistical bulletin, the FSRA stated that, as of September 2023, the non-bank financial sector assets were valued at E100.96 billion while the banking sector assets were valued at E41.25 billion.
In relation to Gross Domestic Product (GDP), the non-banking financial institutions assets were 446 per cent to the GDP.
FSRA states that the financial system serves as the anchor of any economy, playing a crucial role in facilitating economic growth and development. It comprises of the banking and non-banking financial institutions that are interconnected and reliant on each other to function effectively. It is said that the exposure and interconnectedness of the financial system is also a source of financial stability vulnerability hence effective oversight over the interconnectedness is important.
Rijkenberg, the Minister for Finance, responded to Hlatshwayo’s letter on March 25, 2026. The minister’s letter is also titled, ‘Re: Request for leave of absence as chairman FSRA’.
Rijkenberg pointed out in his letter that there was no ‘leave of absence’ for directors in terms of processes and procedures. The minister said he expected Hlatshwayo to completely remove himself from all activities related to FSRA while he attended his personal matters.
Minister Rijkenberg said these allegations posed a serious risk to the national Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) efforts in the country.
“We thank you for your service during your tenure at FSRA,” the minister concluded.
After the minister had urged him to remove himself completely from the FSRA activities and that there was no leave of absence for directors, Hlatshwayo did not issue another letter to rescind the initial one about the request for the leave of absence. It meant he did not write a letter of resignation.
On March 26, 2026, the media, as confirmed by Rijkenberg, confirmed that Hlatshwayo had stepped down from the position. His stepping down happened while he was away on an international assignment in Cape Town with other senior government officials and leaders of parastatals.
The news of his stepping down was confirmed on the same day when a question was posed in Parliament regarding his position.
Senator Stukie Motsa submitted that the reverend’s name has been mentioned on several platforms in relation to the ongoing online gambling issue, involving some individuals of Asian origin.
Motsa asked why the FSRA had not issued a statement. Hlatshwayo was appointed FSRA chairperson in August 2023 by the minister. He assumed the position with vast experience which involved leading in Boards of non-governmental entities.
The media reported that he has three Master’s Degrees in Development Studies, Public Development and Management and Journalism.
The Financial Services Regulatory Act, 2010, stipulates that a member of the Board may resign from office on giving notice by writing to the minister.
In terms of removal from the office, the Act stipulates that the minister may, by written notice, remove a member from office if the member is disqualified in terms of Section 9.
Section 9 stipulates cases where a member of the Board becomes ineligible.
It also states: “Where the chairperson of the Board or the chief executive officer is removed from office as contemplated in subsection (1), the authority shall publicly disclose the reason for such removal.”
Despite his leave of absence, Hlatshwayo was removed from the list of Board of directors. The Board comprises of Dr Phil Mnisi, the Governor of the Central Bank of Eswatini,
Portia Dlamini, John Henwood, an experienced attorney, Sindile Mcanyana, Tyronne Jacobs, Joel Dlamini, Muzi Dlamini, Ncamiso Ntshalintshali, the FSRA Chief Executive Officer and Tina Khoza, the Board Secretary.
It is worth mentioning that both Hlatshwayo and Minister Rijkenberg were concerned that such letters had been leaked to this newspaper. There are fears Hlatshwayo may anytime turn up at FSRA and chair the meetings because he did not resign.
However, it is said that he would have to express his readiness to resume his duties.
In an interview, he confirmed he never resigned. He said he would not have resigned because the resignation would have been taken as his admission of guilt for offences he never committed.
Hlatshwayo said the leave of absence was giving the rightful authorities enough time, undistracted, to also investigate the allegations levelled against him, regarding his perceived and alleged involvement in the online gambling.
“I wouldn’t have resigned because such resignation would have meant admission to guilt to something I don’t know and my Christian values do not support anything like online gambling,” said Hlatshwayo.
Why was he, therefore, linked to one of the arrested foreign nationals? He responded briefly because the case is under police investigation but he has not been arrested and charged with any offence: “I wanted partnership with him for a project related to manufacturing electric vehicles in Eswatini and EV charging stations or charge points.”
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