Former FSRA CEO’s links to looters exposed

By Staff Writers

Former Financial Services Regulatory Authority (FSRA) CEO Sandile Chief Dlamini has been fingered as having links to a group of South African looters who have swindled emaSwati out of millions.

Investigations by the Eswatini Financial Times have lifted the lid and exposed that Dlamini is currently involved with a company that David “Dave” Van Niekerk is a former director of in South Africa. Dlamini’s relationship with the companies has left much to be desired despite vehemently denying any sort of links, industry players said his dealings smack of corruption, at the very least. Dlamini says his hands are clean in the matter involving Ecsponent and Status Capital Building Society.

This comes after an article carried out by this publication last week stating that the directors of Status Capital and Ecsponent are the same. Eswatini Financial Times gathered that Status Capital Building Society, which was in the headlines following the disappearance of its E82 million is run by the same people who siphoned E340 million from Ecsponent investors.

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 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). 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.

Many people said Dlamini as the former CEO who granted licences to the same people should be held accountable. Compounding Dlamini’s troubles, his former employer, the FSRA issued a public warning on November 28, cautioning the public that he and Nomusa Ndlovu were “promoting services of Aluma Capital (PTY) Limited as an investment advisor without authorisation from the FSRA.”

Investigations have revealed that Van Niekerk is a former director of Aluma Capital which Dlamini is now representing in the country. This also follows revelations that shortly after he departed from FSRA, Dlamini became a board member at Status Capital, suggesting he had a certain relationship with the directors. He has denied this. Read More