{"id":48926,"date":"2024-05-06T07:19:24","date_gmt":"2024-05-06T07:19:24","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king"},"modified":"2024-05-06T08:28:22","modified_gmt":"2024-05-06T08:28:22","slug":"e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king","title":{"rendered":"E340M ECSPONENT LOSS: INVESTORS RESOLVE TO SEEK AUDIENCE WITH KING"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>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.<\/b><\/p>\n

The resolution was taken during the Eswatini Investment Group (ESWIG)\u2019s 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.<\/p>\n

Suggested<\/b><\/p>\n

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 \u2018to bid him farewell.\u2019 \u201cIf for any reason we are blocked from seeing the King, we can use other means to get to our King,\u201d he said.<\/p>\n

Dying from stress<\/b><\/p>\n

Calvin Msibi lamented that the investors were dying from stress caused by the frustration of not getting their outstanding investments. \u201cWe 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,\u201d he said. Another investor, Eunice Khumalo, expressed appreciation on the efforts that have been made by ESWIG to recover the money. \u201cI support the suggestion that we approach the King and appreciate the legal action taken against all the people involved,\u201d she said.<\/p>\n

Nothing has materialised<\/b><\/p>\n

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\u2019s Parliament, but nothing is happening. I am very disappointed and I wonder if I will ever get my money back,\u201d he said. ESWIG\u2019s former Chief Executive Officer Max Mkhonza urged the investors to come together \u2018and not be divided for the matter to be successfully concluded.\u2019 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\u2019s intervention, it was still appropriate to continue with the legal steps already taken to recover the lost investments. \u201cWhile you prepare to seek the King\u2019s intervention, as per the suggestion from the meeting, all the incriminated individuals and entities should still be held to account in court,\u201d said Mkhonza. \u201cAs you prepare to implement your resolution to seek His Majesty\u2019s intervention, everything you do must be done with an utmost respect.\u201d<\/p>\n

Forensic report<\/b><\/p>\n

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).<\/p>\n

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 \u2018Project White Knight\u2019 and it encompassed the formation of a company registered in the name of the investors.<\/p>\n

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.<\/p>\n

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

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)\u2019s well-attended special general meeting on Friday at Mfanyana Hall, in Manzini. […]<\/p>\n","protected":false},"author":84,"featured_media":48925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,248,249],"class_list":["post-48926","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":"\nE340M ECSPONENT LOSS: INVESTORS RESOLVE TO SEEK AUDIENCE WITH KING - Eswatini<\/title>\n<meta name=\"description\" content=\"The over 1 000 investors who lost over E300 million which they invested in Ecsponent have resolved to seek audience w ...\" \/>\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\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E340M ECSPONENT LOSS: INVESTORS RESOLVE TO SEEK AUDIENCE WITH KING\" \/>\n<meta property=\"og:description\" content=\"The over 1 000 investors who lost over E300 million which they invested in Ecsponent have resolved to seek audience w ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king\" \/>\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=\"2024-05-06T07:19:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-06T08:28:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/05\/sm_1714971415.275355.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1079\" \/>\n\t<meta property=\"og:image:height\" content=\"707\" \/>\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=\"4 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\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"E340M ECSPONENT LOSS: INVESTORS RESOLVE TO SEEK AUDIENCE WITH KING\",\"datePublished\":\"2024-05-06T07:19:24+00:00\",\"dateModified\":\"2024-05-06T08:28:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king\"},\"wordCount\":722,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/05\/sm_1714971415.275355.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\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/e340m-ecsponent-loss-investors-resolve-to-seek-audience-with-king\",\"name\":\"E340M ECSPONENT LOSS: INVESTORS RESOLVE TO SEEK AUDIENCE WITH KING - 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