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Serial looters unmasked

By Staff Writer

Individuals who made off with over E300 million from emaSwati have struck again as investors in a new entity have been left with the realisation that E82 million of their money has disappeared.

Investigations by the Eswatini Financial Times have lifted the lid on how Status Capital Building Society, which has been in the headlines over the disappearance of millions from investors, is run by the same people behind the infamous Ecsponent Eswatini Limited through which thousands of emaSwati lost over E340 million of their investments.

According to company registration records filed with the Registrar of Companies which Eswatini Financial Times has seen, one of the founders of Ecsponent Eswatini Limited was Dave Van Niekerk, the very same person who is a Director at Status Capital Building Society. Most recently, Van Niekerk was named in court papers in the matter between Status Capital and Swaziland Debt Factoring Firm. It was submitted that on July 1, 2020, in Ezulwini, Status Capital, represented by Van Niekerk who is popularly known as DVN and Claude Scholtz, in their official capacities, entered into a written debentures agreement with Marthinus Prinsloo, who represented the Swaziland Debt Factoring Firm, for an investment amount of E67 293 700.

The money was to be invested in the financial services company. However, the amount was said to be now over E82 million because of arrears. Despite demand, Swaziland Debt Factoring Firm refused to make a payment or cede the security as provided for in the debentures agreement and cession agreement. In terms of the agreement, Swaziland Debt Factoring Firm became the issuer, while Status Capital was the investor. The intention was that the two entities form a lending partnership.

Allegations are that over E82 million invested through Status Capital Building Society was diverted out of the country without authorisation, by Swaziland Debt Factoring Firm. Status Capital was granted an interim order interdicting and restraining Swaziland Debt Financing Firm from transacting, making and transferring any payment from its bank accounts held with First National Bank (FNB). Outstandingly, Van Niekerk was the Chief Executive Officer at MyBucks, the company in which the Ecsponent money was invested. He was also one of the founders of Ecsponent. Read More

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