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PM worth E12 million

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MBABANE – The Prime Minister, Sibusiso Barnabas Dlamini, is worth E12 million, the Times can reveal.

This is according to a statement of assets and liabilities that was submitted by the Prime Minister to the Integrity Commission last week, which was leaked to this newspaper. It must be noted that Dlamini shares all his assets and liabilities with his wife, Jane.

Last week’s declaration is the second time that the Prime Minister has declared his assets and liabilities before the commission in this term. This is in line with provisions of Section 241 of the Constitution which require officials in certain positions of leadership to submit statements of their assets and liabilities every two years. The Chairman of the King’s advisory council, Liqoqo, Prince Logcogco, said the declaration is a good idea but it needs to be done in a comprehensive way. Sabelo Masuku, the chairman of the commission, praised Dlamini for leading by example in submitting his statement on time.

According to the statement, the Prime Minister was worth the E12 million as at June 30, 2011.

His accountants who approved the statement on December 14 last year state that the balance sheet has been prepared in accordance with the Swaziland and International Accounting Standards and in line with Chapter 15 Section 241 (1) of the constitution.

"Where considered necessary, we obtained confirmation of balances from third parties such as financial institutions. We also relied on the integrity and capability of Dr. B.S Dlamini and Mrs. J.G Dlamini in providing fair valuations of their assets and liabilities," the accountants stated.

The list of the Prime Minister’s assets includes buildings, furniture, equipment, motor vehicles and livestock.

The equipment, which is a tractor, and the motor vehicles are listed at nett book value while the livestock is listed at market value.

His assets also include cash at banks, insurance policies (surrender values), shares in private companies (at cost) and other shares. Dlamini also owns listed shares, unit trusts and he has also loaned out a substantial amount of money to his own companies.

All these assets were evaluated and found to be worth E13 431 354 as at June 30, 2011.

Against this, the Prime Minister has liabilities in the form of bank loans and creditors. The liabilities add up to E1 187 458. This, therefore, brings the Prime Minister’s nett worth to E12 243 896.  

SEL shares worth over E390 000

MBABANE – The Prime Minister’s shares in Swazi Empowerment (Pty) Limited (SEL) are worth E392 000.

SEL has a 19 per cent shareholding with Swazi MTN. For years now, the Prime Minister, Sibusiso Dlamini, has been fending off rumours that he has shares with Swazi MTN. The circulating allegations were that Swazi MTN was being protected and getting preferential treatment because Dlamini had a share in its profits.

The Prime Minister recently addressed the issue in the Times SUNDAY, where he said he has no shares with Swazi MTN. Dlamini said he only has a minor shareholding with SEL, which in turn has the shares with Swazi MTN. The Prime Minister said he owns less than one per cent of SEL. According to the statement of assets and liabilities that Dlamini declared to the Integrity Commission last week, the less than one percent he owns with SEL was worth E392 000 as at June 30, 2011.

This showed an increase of E32 000 over the previous year where the same shares were worth E360 000.


I think the reporter is naive. You don't value assets at "cost". The shares at MTN (cleverly disguised under SEL) the PM owns run into tens of millions, the buildings and farms in Manzini centre alone, run into tens of millions. The PM is worth at least E200 million based on a snap valuation including 250 cattle he owns and strings of houses in Mbabane, businesses general dealer operations, etc. and rental flats. If you think the PM is worth only E12 million, then you'd believe anything!
Feb 13, 2012, 6:02 AM, Finance Guru (financematters@hotmail.com)

The cost price of the shares at MTN allegedly cost the PM E390,000 in 1999, if he was at all required to pay for them. The value of his shares in MTN is now rumoured to be over E20 million (at market prices NOT cost).
Feb 13, 2012, 6:02 AM, Smart Tax Payer (sen@gmail.com)

E12 is only a tenth of what the PM is worth. He's worth 20 times that figure. Do your research and don't go by what the man says. Swazis are not fools in 2012. That propaganda only worked when we were using our fingers and toes to count. Don't patronize us with lies.
Feb 13, 2012, 6:02 AM, Against Lies (agns@lies.com)

Yebekunene, let me educate the public. Bill Gates is the richest man in the world. But if he were to declare his assets "at cost" as our Prime Minister did, he'd come out poorer than our tycoon Moses Motsa. Assets are declared at market rates (land, buildings, mutual funds, equities, plant & equipment, etc), unless you have a lot to hide. Lets make an example here. The PM is said to own some 300 cows which enjoy gov't dipping tanks. At E8000.00 per cow they're worth E2.4 million. But he might have bought only 100 @ E2000 per cow, and tamntsandza tatalana tandza to become 300. When you declare 'at cost' as the PM has done to the Commission, this means he declared only 100 cows @E2000.00, which is wrong. Equally, if he has farms and other properties all over Swaziland, which he does, and which are worth millions in market value, he cannot use the discounted figures at which he acquired these properties. He must use the "Market Value" to avoid under-declaration. Finally, I've a feeling that his office leaked this document to quash the many rumours doing the rounds to the effect that he's actually a billionaire. At cost prices bekunene, everyone is poor as a church mouse and deserves help from Mshamndane. But the PM is still a millionaire, even at Cost Prices, and that should say a lot.
Feb 13, 2012, 6:02 AM, Nothing To Declare (nht@hotmail.com)

Kodvwa ye Bingo nisihlolelani we know very well that what you are saying Barnabas is worth is just like a drop in the ocean ncono lokuthula ningasibhaleli lutfo
Feb 13, 2012, 6:02 AM, sijula masuku (rs0661@gmail.com)

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