EZULWINI – Status Capital Building Society members have taken a resolution to oppose the order placing the entity under provisional liquidation.
The members held a meeting yesterday, where two other resolutions were reached, including engaging attorneys to handle the matter and calling for the removal of Mbongiseni Nkambule as the curator.
The meeting came after investigations by FSRA revealed that Status Capital Building Society was, in fact, operated as a pyramid and money-laundering scheme, rather than a legitimate building society.
According to an affidavit deposed to by the Financial Services Regulatory Authority (FSRA) Chief Executive Officer Ncamiso Ntshalintshali, Status Capital never carried out the core business of a building society, but instead, used its licence to collect hundreds of millions of Emalangeni from the public, recycle investor funds and channel large sums to related entities controlled by the same individuals.
The affidavit formed the basis of the regulator’s application for the provisional and final winding-up of Status Capital Building Society, with the FSRA arguing that the institution was insolvent, conducted business in an unsafe and unauthorised manner and was involved in serious financial crime.
Provisional liquidation refers to a temporary, emergency court-supervised process used to safeguard a company’s assets and affairs between the time a winding-up petition is presented and the court’s final decision on whether to issue a full winding-up order.
While members were mumbling and demanding to have their investments paid to them, Futhi Nkambule, who is a former Consultant of the entity, urged the members to be calm and approach matters with maturity and avoid altercations.
“I know that we are not happy with the current situation, but I urge that we control our tempers. Approaching this with anger will not solve any of the challenges we are currently faced with,” she said.
A representative of the members in the entity’s executive committee, Sabelo Nkambule, told members that prior to the meeting, they sought a legal opinion from an attorney, Banele Ngcamphalala on the matter.
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Meeting goes ahead despite FSRA disapproval
EZULWINI – Despite a public warning issued by the Financial Services Regulatory Authority (FSRA), members of Status Capital Building Society proceeded with their meeting.
The members, having been advised by a lawyer, argued that the meeting was convened in response to the provisional liquidation of the entity.
Attorney Banele Ngcamphalala, who addressed the gathering, said the meeting was not intended to discuss the operational affairs of Status Capital Building Society.
Instead, he said it was a reaction to the regulator’s decision to place the society under provisional liquidation.
Ngcamphalala maintained that, as owners and shareholders of the entity, members had the right to meet and deliberate on matters affecting their interests.
The meeting went ahead despite a cease-and-desist statement issued by FSRA through the media, warning against what it described as an unauthorised meeting of shareholders and investors.
In its statement, issued from Ezulwini, FSRA said it had noted with concern a ‘misleading statement’ issued by unknown persons purporting to be members of Status Capital Building Society, inviting members of the public to a permanent shareholders and investors’ meeting scheduled for mid-January 2026.
FSRA reiterated that on or about December 24, 2025, the High Court of Eswatini issued an order placing Status Capital Building Society under provisional liquidation.
The court also appointed Tygerberg Trustees (Pty) Ltd as the provisional liquidator.
The regulator said that, as a result of the liquidation order, those responsible for issuing invitations to the meeting were acting without authority.
FSRA directed them to cease and desist from organising or holding meetings on behalf of the permanent shareholders and investors of Status Capital Building Society.
FSRA further warned investors not to be misled by what it termed unauthorised meetings or materials, and clarified that only communications issued by the court-appointed liquidator or through statutory notices are legally recognised.
*Full article available on Pressreader*

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