BY MBONGISENI NDZIMANDZE
AND KWANELE DLAMINI
MBABANE – Investigations into the alleged fraud committed at FNB Eswatini have uncovered a syndicate involving businessmen, companies and some bank employees, with losses exceeding E20 million.
The investigations are contained in a founding affidavit filed by First National Bank (FNB) Eswatini in the High Court, where the bank is seeking to stop the pension benefits of two former employees from being paid out.
The bank says its investigations have so far uncovered a network of companies and individuals linked to credit facilities granted without following the bank’s required procedures.
In its application, FNB informed the court that the amount it may seek to recover from the former employees is already running in excess of E20 million, although the final amount has not yet been established because the investigation is still continuing.
The affidavit identifies former FNB Credit Analyst Mafuleka Ndzinisa and former Business Development Officer Machawe Dlamini as the two former employees at the centre of the bank’s investigation.
Ndzinisa resigned with immediate effect on July 22, 2026, while Dlamini resigned on July 30, 2026.
According to the affidavit, the investigation started after the bank discovered on June 30, 2026, that SBQ Investments had been granted an overdraft facility, while TruckNet Investments had received a term loan and an overdraft facility without credit agreements being signed between the bank and the companies.
The facilities were uploaded and granted by Ndzinisa, according to FNB.
He was immediately suspended and asked to explain the transactions.
However, before a formal disciplinary enquiry could be instituted, he resigned with immediate effect.
Dlamini resigned after Ndzinisa was suspended. At the time of his resignation, he was already undergoing a disciplinary hearing over another offence which, according to the affidavit, was unrelated to the matter now being investigated.
FNB subsequently went through its records to establish whether the companies had applied for the facilities and whether the required credit procedures had been followed.
The bank says its investigation found that none of the required steps and processes had been followed.
The companies were contacted by the bank but, according to the affidavit, refused to make themselves available to explain the transactions.
The investigation then widened after FNB discovered more companies that were failing to meet their payment obligations.
According to the affidavit, the companies appeared to be linked to Cloud Investments (Pty) Ltd, a company in which Ndzinisa is a shareholder, and Siyela Logistics (Pty) Ltd, which is owned by Dlamini.
The bank traced funds from the companies that were allegedly defrauding it.
The money, according to FNB, was circulated to Cloud Investments, other companies allegedly linked to the fraud, Ndzinisa’s personal bank account and other parties whose identities were not known to the bank.
Further investigations revealed that money also flowed from Ndzinisa’s company to certain other employees of the bank.
These employees, according to the affidavit, are still to face disciplinary enquiries.
It was this movement of the money that led the bank to believe that Ndzinisa and Dlamini may have been part of a syndicate.
FNB alleges that the two former employees used their positions to facilitate credit facilities without following the bank’s safeguards and approved credit procedures.
Tanya Earnshaw, FNB Human Capital Operations Manager, and the deponent in the affidavit, states that the circumstances led to a reasonable belief that the two were colluding in alleged fraud against the bank.
The affidavit states that the investigation has so far identified five companies alleged to be linked to activities involving the defrauding of the bank.
They are Cloud Investments (Pty) Ltd, TruckNet Investments (Pty) Ltd, Motheni Investments, SBQ Investments (Pty) Ltd and QSM Investments.
The preliminary investigation has also identified Isiphiwo Transport, Umsuffu Logistics, Thanca Investments (Pty) Ltd, Siphiwo Logistic and Lindzumndeni Investments, together with Sibusiso Dube, Mlungisi Mamba and Buyisizwe Dlamini.
The bank says some of these entities may have been granted credit facilities without proper documentation, while in other instances documents submitted to the bank appear not to have been authentic.
According to the affidavit, some of the facilities were granted using no proper documents and/or fraudulent documents.
According to FNB, some of the transactions were facilitated by Dlamini. The bank submitted that the investigation is still ongoing.
Some of the companies under investigation, including TruckNet Investments, Motheni Investments and SBQ Investments, had applied for financing to purchase trucks and trailers.
According to FNB, the money was paid to a truck dealership, but the assets appeared not to have been delivered.
The clients allegedly did not inform the bank that the trucks had not been delivered or that they were experiencing problems with the dealership.
The companies have since defaulted on their repayment obligations, according to the affidavit.
FNB further alleges that fraudulent documents were submitted to enable the granting of the credit facilities.
The bank has already instituted court proceedings against TruckNet Investments, SBQ Investments, QSM Investments and Motheni Investments.
However, FNB says it has so far been unsuccessful in locating the assets financed by the bank. The affidavit states that the majority of the companies are now in default.
Investigations involving Isiphiwo Transport, Umsuffu Logistics and Siphiwo Logistics are also continuing.
The bank states that the facilities granted to these entities appear to have been enabled through fraudulent documents and that the companies are in arrears.
Investigators are still trying to establish whether documents submitted during the credit approval process were authentic and whether the assets financed by the bank were delivered.
The affidavit further alleges that Ndzinisa granted SBQ Investments an overdraft and granted TruckNet Investments a term loan and overdraft without the required documentation or pre-approval procedures.
This included obtaining the necessary approvals and having credit agreements signed.
FNB alleges that Ndzinisa and Dlamini received money through their personal bank accounts and companies.
Ndzinisa allegedly received funds through Cloud Investments from SBQ Investments, QSM Investments, TruckNet and DMQ Investments.
The affidavit also refers to funds received from TruckNet and Bonsile Hlatshwayo, identified in the document as a Director of DMQ.
The bank says another employee was also involved in facilitating some of the credit facilities together with Ndzinisa and Dlamini. That employee allegedly received payments from Cloud Investments.
FNB submitted that this is an indication that the companies may have formed part of a syndicate which allegedly obtained finance through fraudulent means and circulated the money among the companies.
However, the bank acknowledges that the issue has not been conclusively established.
“This is one of the issues to be settled by a conclusive investigative report including the true extent of the fraud,” Earnshaw states in the affidavit.
The veracity of these allegations is still to be tested in court. The bank is represented by Musa Sibandze of Musa M. Sibandze Attorneys.
FNB has now approached the High Court to prevent Ndzinisa and Dlamini from receiving their pension benefits before the investigation and recovery process is completed.
The bank says both former employees are entitled to their pension benefits following their resignations.
FNB fears that if the money is paid out, it could be dissipated before the bank completes its investigation and institutes recovery proceedings.
According to the affidavit, the bank’s potential claim against the two former employees is in excess of E20 million.
The bank says it intends instituting summons against Ndzinisa and Dlamini once its investigations have been completed.
The court granted an order interdicting the Trustees of the First National Bank Pension Fund from paying out Dlamini and Ndzinisa’s pension entitlement pending the outcome of this matter.
FNB wants the pension benefits to be attached in terms of Section 32(2)(a) of the Retirement Funds Act of 2005 and ultimately paid to the bank to help recover its losses.
The bank argues that if the pension benefits are paid out before the conclusion of the matter, any judgment it may obtain against the former employees could become meaningless.
Earnshaw further states that, based on her experience in the banking industry, people who leave financial institutions following allegations of dishonesty may struggle to obtain employment in Eswatini and may dispose of their assets or leave the country.
She says FNB is concerned that the two former employees may not have sufficient movable or immovable assets against which the bank could recover its alleged losses.
The bank maintains that the investigation has not yet been concluded and that more information is emerging as investigators examine additional credit facilities.
According to the affidavit, further facilities have been identified which appear to have been granted outside the bank’s approved credit processes or enabled through documents suspected to be fraudulent.
The matter is pending before Judge Ticheme Dlamini.
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