By Silindzelwe Nxumalo
The Eswatini Electricity Company Pension Fund (EECPF) has called an urgent meeting for all their Likhwane Beneficiaries, Parents and Guardians.
According to the notice issued by the EECPF Principal Officer, this meeting is scheduled for October 13, 2023, at The Tums George Hotel, Manzini and it will start at 10:30 a.m.
This comes after the 14 EECFP beneficiaries’ parents/guardians visited the EEC headquarters on Monday unannounced, demanding explanations from the EEC Managing Director Earnest Mkhonta after the fund filed an opposing affidavit in the high court with six other funds joining forces against the liquidation of Likhwane Beneficiary Fund.
They had demanded the meeting asking for the Fund to unpack the difficulties they experienced due to the delay in the distribution of the benefits, owing to the situation at Likhwane.
The Fund is one of the local funds that have invested in Likhwane Beneficiary Fund which the FSRA applied to liquidate immediately.
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EECPF invested E7 million into the Likhwane Beneficiary Fund which stands to lose it should the high court grant permission to the FSRA to liquidate it.
Likhwane was one of the investors who invested in ESW/ Ecsponent, in which individuals, companies, and organizations lost a total investment of E340 million, thus failing to deliver on its mandate.
Likhwane lost an investment of E63 million on ESW.
Likhwane clients are almost exclusively the Board of major corporate entities and if the employees of such a company pass away, the Board provides Likhwane with the funds that are held in their pension or provident schemes, so that they may be managed appropriately.
Likhwane invests the death benefit and uses the interest earned to provide for the basic needs of the minors. These include paying the children’s daily living expenses such as food, transport, and school fees.
This means that Likhwane assumes the financial responsibility that would ordinarily be borne by the minor’s parents or family members. They also pay tuition and school fees for children who are in universities or primary and high schools.
