Times Of Swaziland: CENTRAL BANK PROBES SWEET

CENTRAL BANK PROBES SWEET
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BY PHIWASE PHUNGWAYO on 07/04/2021 08:00:00


MBABANE – Following the online petition by SWEET members, demanding to get
back money they paid through savings and buying shares, the Central Bank of
Eswatini has confirmed that it was conducting investigations into the fund.
Last Monday, this publication reported that members of the Swaziland Women
Economic Empowerment Trust (SWEET) launched an online petition and demanded that
the people responsible for taking their monies should be taken to task, and
their monies be returned. Minister of Foreign Affairs and International
Cooperation Thuli Dladla, who was the liaison officer, was quoted having
confirmed that she was aware of the history of the investment.
Explained
Dladla explained that there was a delay in paperwork by Farmers Bank, which was
the mother body of the company (SWEET), and that there was about E27 million at
Swaziland Building Society which had the members’ names. She said the Central
Bank of Eswatini had records of the members who had joined the fund and was
currently investigating the matter. Dladla assured members who invested that
they would get their dues once the Central Bank had concluded the
investigations.
In a press statement released yesterday by Central Bank Governor Majozi Sithole,
he said the bank jointly with the Financial Services Regulatory Authority (FSRA)
confirmed that a joint team had been established by the two regulatory
authorities. Sithole highlighted that these were launched to look into the
affairs of SWEET Trust Fund and its affiliates. “This was after the regulatory
authorities received complaints from some members of SWEET that the offices in
Manzini have been closed without due notice to members,” said the governor. He
elaborated that the joint CBE/FSRA team was currently on site, investigating the
operations of SWEET and its affiliates and the reason that SWEET offices remain
closed. Sithole revealed that the evaluation of SWEET affairs and activities
were being undertaken in the backdrop of SWEET mobilising share contributions
and savings deposits from members of the public, and were consistent with the
pertinent provisions of Section 39 of the Financial Institutions Act (2005).