{"id":45977,"date":"2024-03-20T06:50:07","date_gmt":"2024-03-20T06:50:07","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/?p=45977"},"modified":"2024-03-20T06:35:27","modified_gmt":"2024-03-20T06:35:27","slug":"labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund","title":{"rendered":"Labour Minister Phila Buthelezi and capitalists want control over billions held by Provident Fund"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>Phila Buthelezi,the Minister of Labour and Social Security has written a letter to Mduduzi Gina,the Board Chairperson of the Eswatini National Provident Fund(ENPF) directing the public parastatal to report or consult him before investing the billions public funds.<\/b><\/p>\n

It is alleged that,the Labour Minister is pushing an agenda by capitalists who want to seize control and have access to the public monies within the Provident Fund.<\/p>\n

In a letter dated 23th January 2024, the Labour Minister questioned a recent Provident Fund investment with Unifoods while citing his own interpretation of the Public Enterprise Unit Act, he then urged the public parastatal to engage the Ministry when considering an future investment.<\/p>\n

\u201cPursuant to the meeting held at the Hilton Hotel on the 11th January 2024, and the report you submitted to my office relating to the ENPF Investment with Unifoods, I have taken time to ponder on some of the provisions of the PEU Act and it\u2019s subsequent circulars, particularly those concerning major investment approval and thresholds.Circular 1\/2023 addressed to all Chief Executive Officer(sic) of Category A Public Enterprise in terms of section 10(1)(b) and 10(2) of the PE Act 1989 the definition of MAJOR is as follows: \u201cMajor\u201d if investment exceeds 3.8% of the total capital employed, or 3.8% of the fixed assets. Therefore, in line with the principles of effective Corporate Governance, I urge the Board to strengthen its consultation and collaboration with the Ministry in all major investment decisions,regardless of the current definition of \u201cmajor\u201d stipulated in the PEU Circular as stated above\u201d, reads the letter in part, allegedly signed by the Labour Minister.<\/p>\n

An insider who leaked the letter accused the Labour and Social Security Minister of seeking to interfere in the operations of the Provident Fund for personal benefit.<\/p>\n

\u201cThe Minister has a hidden agenda here, he wants to know about the investments so that he can alert his friends who are capitalists. There\u2019s an Investment Commitee at the Provident Fund whose duty is to analyze and approve investments. What\u2019s the significance of employing a CEO and appointing an Investment Commitee if the Minister will then interfere?\u201d, said the insider.<\/p>\n

The Labour Minister had not responded and efforts to reach Mduduzi Gina, the Provident Fund Board Chairperson proved unsuccessful at the time of compiling this report.<\/p>\n

Reached for comments on Monday evening,Wander Mkhonza,the Secretary General(SG) of the Amalgamated Trade Union of Swaziland(ATUSWA) warned the Minister against interfering with the operations of the Eswatini National Provident Fund where public funds are held.<\/p>\n

\u201cThat Provident Fund has a Board and it is the Board that must oversee the operations of the entity not the Minister.The Labour Minister cannot appoint a Board and then micro-manage or stand on top of the Board\u2019s shoulders so he can see what they are doing, the Board has been entrusted to lead the Provident Fund. We want to remind the Minister that, the funds held by the Provident Fund belong to workers, it is the workers who must have a bigger voice in the operations of that entity not Government or the Minister\u201d, said the ATUSWA Secretary General.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. Phila Buthelezi,the Minister of Labour and Social Security has written a letter to Mduduzi Gina,the Board Chairperson of the Eswatini National Provident Fund(ENPF) directing the public parastatal to report or consult him before investing the billions public funds. It is alleged that,the Labour Minister is pushing an agenda by capitalists who want […]<\/p>\n","protected":false},"author":84,"featured_media":45976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,248,249],"class_list":["post-45977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nLabour Minister Phila Buthelezi and capitalists want control over billions held by Provident Fund - Eswatini<\/title>\n<meta name=\"description\" content=\"Phila Buthelezi,the Minister of Labour and Social Security has written a letter to Mduduzi Gina,the Board Chairperson ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Labour Minister Phila Buthelezi and capitalists want control over billions held by Provident Fund\" \/>\n<meta property=\"og:description\" content=\"Phila Buthelezi,the Minister of Labour and Social Security has written a letter to Mduduzi Gina,the Board Chairperson ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T06:50:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/03\/sm_1710903838.115722.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Labour Minister Phila Buthelezi and capitalists want control over billions held by Provident Fund\",\"datePublished\":\"2024-03-20T06:50:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund\"},\"wordCount\":550,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/03\/sm_1710903838.115722.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/labour-minister-phila-buthelezi-and-capitalists-want-control-over-billions-held-by-provident-fund\",\"name\":\"Labour Minister Phila Buthelezi and capitalists want control over billions held by Provident Fund - 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