Times Of Swaziland: GAMBLER LOSES E2M IN SLOT MACHINE

GAMBLER LOSES E2M IN SLOT MACHINE
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BY Timothy Simelane on 25/05/2019 11:21:00


EZULWINI – They say professional gamblers know when to stop. It is presumed
this was the case for a heavily loaded gambler who lost E2.1 million during an
excursion at a prominent gambling company.
The enthusiastic gambler is said to have not lost hope over the massive loss,
but continued the following day until he won a consoling E600 000.
This was disclosed by Chief Executive Officer of the Eswatini National Provident
Fund (ENPF) Prince Lonkhokhela to over 100 stakeholders of the Fund at the Happy
Valley Hotel last Thursday. The name of the hotel this occurred in will not be
stated.
encouraged
The Prince said this when he encouraged members of SNPF to gamble in one of the
gambling companies in which the ENPF owned 20 per cent shares. This however, is
not the company in which a gambler lost E2 million.
“In our casino you are welcome to also go and play the slots. Many people are
winning there. We were recently informed that in a certain gambling company
someone was playing there and lost E2 100 000. Then the following day he
returned to play and won E600 000. Since he was a foreigner, he then said he was
going away the following day. The management of that company asked him how they
could pay his money, but he asked that they keep it for him, as he was a regular
player and would use it next time he got a chance to visit,” the prince said.
The Marketing Manager of a gambling company, in an interview, said no one had
ever lost such an amount of money in his company.
He encouraged gamblers to visit, saying several players were winning.
investment
On another note, the Eswatini National Provident Fund (ENPS) has brought back
home E1.9 billion from the company’s foreign investment portfolios to reinvest
into the Eswatini economy.
This is in compliance with a legislation compelling pension funds to ensure that
50 per cent of their assets are invested locally, to contribute to the
country’s economy.
Prince Lonkhokhela, the Chief Executive Officer of ENPF said in an interview
that the company was complying with the directive, which is why it had brought
back 52 per cent of its E3.7 billion which is invested outside the country. This
is calculated to about E1.9 billion.
He had been asked to shed clarity on a report he made to stakeholders of the
ENPF, during the annual Stakeholders’ Forum held at the Happy Valley hotel in
Ezulwini, about 12 kilometres from the capital city Mbabane.
“Yes we have complied with the law, because we have brought back 52 per cent
of the assets,” he said.
Meanwhile, at the meeting the Prince told stakeholders that the company had
cultivated its portfolio over the years and made several investments in the
hotel, hospitality industry, pulp production, telecommunication and others.
He said the ENPF owned 100 per cent of the Happy Valley Hotel, but leased the
Casino to a separate company. However, the ENPF still owned 20 per cent of the
casino, which also pays rent to the ENPF.
He said the ENPF owned the Swazi Plaza at the rate of 61 percent.
“At Sidvokodvo there is a dairy farm in which we own a 25 per cent stake, and
we gathered that the production is at its peak and supplies 60 per cent of the
country’s demand for milk.”