ENPF AMONG 4 BIDDERS FOR SWAZI SPA

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ENPF AMONG 4 BIDDERS FOR SWAZI SPA
ENPF AMONG 4 BIDDERS FOR SWAZI SPA

Africa-Press – Eswatini. ENPF is among the companies that have made offers for the purchase of Swazi Spa Holdings.

Eswatini National Provident Fund (ENPF) is a retirement savings scheme and its main purpose is to provide benefit for employed persons when they retire from regular employment.

The list of the companies which have shown an interest in purchasing the hotels under Swazi Spa Holdings, which is currently under liquidation, has been provided to the master of the High Court by lawyers representing the liquidator of the companies under Sun International Management limited.

In total, there are four companies which have made offers to purchase the hotels situated in Ezulwini. However, the amounts put forth by each bidder have not been included in the court documents. Some of the companies which had reportedly made offers as per the list are; Africa Orbit Holding (PTY) Limited, Africa Harvest (PTY) Limited and VZN Investment Limited. The amount of money which was being offered by each of the interested buyers was, however, not disclosed on the list which had been forwarded to the master of the High Court.

On the list compiled by lawyers from Dynasty Attorneys, the master was informed that it was for offers received so far. In June 2021; the High Court of Eswatini issued a final order for the liquidation of five companies under Sun International Management Limited. The affected companies include Swazi Spa Holdings, which was operating Swazi Spa Hotel and Casino, Lugogo Sun and the Ezulwini Sun. It was recently disclosed that there was a bid of E1 billion which was, however, being doubted by the master of the High Court. Sun International Management Limited on the other hand informed the court that the identity of the bidder for the amount of E1 billion was currently confidential.

In her answering papers, Deputy Master of the High Court, Lindelwa Magagula, averred that the story of the E1 billion in bids for the purchase of the Swazi Spa Holdings was one that was colourful without any meat. The contention by the deputy master is contained in an affidavit she deposed to, in the matter where the appointment of Paul Mulindwa as co-liquidator is being challenged. Mulindwa, who is the second respondent in the matter, was appointed by the master to work together with Marissa Boxshall Smith, the third respondent.

The Sun International Management Limited, which is the first applicant in the matter, is challenging the appointment, together with four other applicants which are Nedbank Swaziland Limited, Former Employees of Swazi Spa, Eswatini National Provident Fund (enpf) and Chick-Fil-A Swaziland (Pty) Limited. In the affidavit, Magagula submitted that the liquidator had claimed that she had received financing for E1 billion, and the same was deposited into a bank and that the deposit was to be verified by the creditors committee. The deputy master said upon further investigation and enquiry, the story changed to the effect that the interested bidders only showed their bank statement but had either refused and or failed to file bank guarantees.

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