Africa-Press – Eswatini. The over 1 000 investors who lost over E300 million which they invested in Ecsponent have resolved to seek audience with His Majesty King Mswati III to intervene on their behalf.
The resolution was taken during the Eswatini Investment Group (ESWIG)’s well-attended special general meeting on Friday at Mfanyana Hall, in Manzini. The investors unanimously agreed that only an order from the King would provide a lasting solution to their painful ordeal. The investors, a majority of whom are elderly and retired citizens, said audience with the King will allow them to relay the frustrations they have allegedly gone through ever since their millions disappeared.
Suggested
One investor, Sondelani Mtfupha, suggested that the matter be taken to Parliament and subsequently to His Majesty the King. He mentioned that the matter be submitted to Parliament by the ESWIG Investor Relations Committee (IRC) while a specially elected team approached His Majesty. Former Member of Parliament (MP) Derrick Masuku recommended that a team be sent to the Prime Minister (PM), Russell Dlamini, before seeking audience with the King ‘to bid him farewell.’ “If for any reason we are blocked from seeing the King, we can use other means to get to our King,” he said.
Dying from stress
Calvin Msibi lamented that the investors were dying from stress caused by the frustration of not getting their outstanding investments. “We are starving and need out father, who is the King, to help us. I am not even sure if I will be alive tomorrow because of this issue,” he said. Another investor, Eunice Khumalo, expressed appreciation on the efforts that have been made by ESWIG to recover the money. “I support the suggestion that we approach the King and appreciate the legal action taken against all the people involved,” she said.
Nothing has materialised
Mankayane Shongwe lamented that the PM mentioned in Parliament that the issue was being managed, but nothing has materialised. The issue was also raised at the Sibaya People’s Parliament, but nothing is happening. I am very disappointed and I wonder if I will ever get my money back,” he said. ESWIG’s former Chief Executive Officer Max Mkhonza urged the investors to come together ‘and not be divided for the matter to be successfully concluded.’ The meeting recommended that the Financial Services Regulatory Authority (FSRA) and one of the Ecsponent directors, Dave Van Niekerk, should be made to account. Mkhonza, however, advised the investors that while he cannot stop their desire to seek His Majesty’s intervention, it was still appropriate to continue with the legal steps already taken to recover the lost investments. “While you prepare to seek the King’s intervention, as per the suggestion from the meeting, all the incriminated individuals and entities should still be held to account in court,” said Mkhonza. “As you prepare to implement your resolution to seek His Majesty’s intervention, everything you do must be done with an utmost respect.”
Forensic report
ESWIG Chairperson Ndumiso Mamba said they were still expecting the release of a forensic report after the investigation conducted by the Central Bank of Eswatini (CBE).
He mentioned that the ESWIG Board conducted its own forensic investigation to establish what transpired and it had initiated its legal claim against the FSRA and other parties, on the basis of its own forensic investigation. Since 2022, ESWIG has been doing all in its power to help the frustrated investors recover their money. This it did through the introduction of a turnaround strategy which was dubbed ‘Project White Knight’ and it encompassed the formation of a company registered in the name of the investors.
The company was announced as one that was purely an investment vehicle aimed at assisting them generate alternative revenue streams in order to recover their lost funds. Before that, the Ecsponent Eswatini Limited name was changed and the company was re-branded to ESWIG, while the Board was restructured and a new executive and management team was appointed. It was argued that the new executive and management team had the capability to implement a turnaround strategy in order to achieve the desired result, which was to ultimately establish ESWIG as a viable business entity based on sound governance practices.
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