MATSAPHA – Ubombo Sugar Limited Managing Director Muzi Siyaya has issued a strong warning that corruption in Eswatini has reached ‘worrying levels’.
He said such now requires collective action from both the public and private sectors.
Siyaya was speaking yesterday during the King V Corporate Governance presentation hosted by leading governance advisory firm REDI at Esibayeni Lodge, where business leaders, senior executives, board directors and governance practitioners had gathered to discuss the implications of the new King V Draft Code for Corporate Governance.
In his detailed keynote address, Siyaya said the narrative that corruption is mainly a public sector issue is misleading, noting that every act of corruption involves two sides – and the private sector is often one of them.
“When a private enterprise pays a bribe to secure a contract, to shortcut due process, or to influence appointments, that business becomes a co-author of the erosion of integrity,” he said.
He stressed that private enterprises must not only condemn corruption, but actively refuse to be part of it.
“When a private enterprise pays a bribe to secure a contract, to shortcut due process, or to influence appointments, that business becomes a co-author of the erosion of integrity,” he said.
Siyaya warned that corruption is not just a moral problem — it is an economic risk with real consequences for growth, investment and national reputation. The event focused on the King V Draft Code, which is currently under consultation across the region. Siyaya stated that King V shifts governance thinking from compliance to outcomes, emphasising ethical leadership, sustainability, transparency, stakeholder inclusion, digital ethics and accountability.
However, he cautioned that good governance structures are meaningless without leaders who embody integrity.
“Ethical leadership is the strongest antidote to corruption. It sets the tone, builds trust and strengthens institutions.”
He said Eswatini has made progress in strengthening oversight and transparency, but key challenges remain, particularly nepotism, cronyism and governance boards that become too comfortable to question management.
Siyaya welcomed the Public Enterprise Unit’s (PEU) efforts to create a national database of qualified professionals to strengthen board appointments across state-owned enterprises.
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Lessons from regional governance failures
MATSAPHA – Ubombo Sugar Managing Director Muzi Siyaya drew parallels with high-profile governance failures in South Africa.
These failures included that of Eskom, Transnet, PRASA, SAA and Steinhoff, noting that these collapses were rooted in board incompetence, weak oversight and politically influenced appointments.
He also referenced Eswatini’s own financial scandals involving Status Capital and Ecsponent, which undermined investor confidence.
The lesson, he emphasised, is clear:
- Appoint leaders based on merit – not proximity to power.
- Maintain independence between the board and management.
- Build the courage to ask difficult questions.
“Oversight without independence becomes endorsement,” he warned.
Siyaya closed with an appeal for a renewed national commitment to ethical governance, saying Eswatini is at a critical turning point.
“We can continue to tolerate corruption and nepotism or we can embrace a new era of ethical leadership, competence and inclusion.” He said governance must be understood not as a compliance exercise, but as stewardship – leading in a way that prioritises long-term national well-being over personal gain.
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