By Lwazi Dlamini
Investors in Ecsponent Eswatini Limited have renewed hope after His Majesty King Mswati III’s recent parliamentary speech, which emphasised the need for the government to hold corrupt individuals accountable.
Reacting to the Speech from the Throne, Investors Relations Committee (IRC) Chairperson Norman Dlamini said, “We are hopeful that government will step in for the investors.
The King’s call for accountability reinforces our belief that unscrupulous businesses and individuals will be brought to justice, preventing future losses.”
The financial crisis surrounding Ecsponent has affected the 1308 investors, many of whom are elderly pensioners. Last week, another investor’s passing reportedly brought the total to 83.
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Ecsponent Eswatini Limited began operating in Eswatini in 2010, attracting hordes of local investors, including retirees, pensioners, civil servants, church groups and members of the public and private cooperative societies.
“Our phones are constantly ringing with concerns from the affected families. Most investors fear that if they pass away, their families will be left in financial ruin,” Dlamini said.
Addressing the E410 million crisis, Dlamini expressed confidence in the ongoing recovery efforts.
He revealed that the Investor Relations Committee (IRC), which represents all the affected Emaswati, has engaged with Finance Minister Neal Rijkenberg, who confirmed his mandate from Parliament to work with the Central Bank of Eswatini (CBE) and the Financial Services Regulatory Authority (FSRA) to secure restitution funds.
“With the minister given three months to find a solution, we are optimistic that February and March will bring positive developments,” he added.
The IRC Chairperson further highlighted that the investor’s legal counsel was actively involved to ensure that their interests remained protected.
Since June 2022, the IRC has made notable strides, including successfully lobbying parliament for a forensic investigation into the lost funds.
This led to the Parliamentary Select Committee report with recommendations currently being implemented.
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Additionally, legal action was taken against FSRA and other key individuals, resulting in a default judgment against Dave van Niekerk and others.
However, court processes have been paused to allow the Finance Ministry to focus on fund recovery.
Payment Timeline and Next Steps
Dlamini acknowledged uncertainties surrounding the delayed investor payments but attributed them to fund availability.
A government-led committee is working on an overall plan with further details expected in upcoming meetings.
He encouraged deceased investors’ families to register claims with the Master of the High Court. Dlamini assured that ESWIG was maintaining detailed records to assist in the process.
Looking ahead, Dlamini stated, “We hope that by March 2025, all the investors will receive, at least, their balances as of December 2021 or their initial investments with any additional issues addressed soon after.”
With the Finance Minister’s three-month mandate underway, the coming months will be crucial in determining the success of the recovery efforts.
