Times Of Swaziland: PM’S COMPANY PROFITS E7.4M FROM PSPF

PM’S COMPANY PROFITS E7.4M FROM PSPF
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BY MFANUKHONA NKAMBULE  on 10/05/2015 06:15:00


MBABANE – A company under the directorship of, among others, Prime Minister
Sibusiso Barnabas Dlamini, has sold land, which it bought from government for
E93 120 in 2005 to a public enterprise for E7.5 million.
Fusini Investments (Proprietary) Limited, directed by the prime minister and two
others, bought land for E93 120 from government in 2005 measuring 3 104 square
metres, which has now generated a profit of E7.4 million.
The value of the same land escalated to E7.5 million in 2014, which reflects an
increase in value of more than 800 per cent.
The Public Service Pension Fund (PSPF) bought the land from the prime
minister’s company.
Farm 2 in the district of Hhohho used to be owned by the government. It was
subdivided into two plots. Dlamini was not the prime minister in 2005 when his
company bought one of the portions of land from government for E93 120.
He was a member of Liqoqo, an advisory council to His Majesty the King, while
his successor at that time, Absalom Themba Dlamini, held the reins as the head
of government.
Documented evidence shows that Fusini Investments (Proprietary) Limited bought a
smaller portion in comparison with the other piece of land bought by Cashbuild
(Swaziland) Proprietary Limited measuring 3 513 square metres.
However, even though both portions of land are situated on the same farm (Farm
2), the value of the smaller piece of land was higher than that of the big
portion of land.
The land measuring 3 513 square metres was sold to the PSPF for E6.4 million
while the portion of land measuring 3 104 was sold for E7.5 million.  The PSPF
is a public organisation that was established in 1993 for the management and
administration of pensions for government (public sector) employees.