Business

MBABANE – A faction of the Status Capital Building Society (SCBS) investors has called for the removal of curator Bimal de Silva, who was appointed to manage the affairs of the institution.

The members, who held a private meeting yesterday at the SibaneSami Hotel, also resolved to oppose any plan to have the building society liquidated.

In addition, they demanded the right to appoint a new Board of directors to oversee the affairs of the building society. The members argued that large sums of money were being spent on the curator and legal cases while they continued to suffer financially, despite having invested millions of Emalangeni.

The meeting was first addressed virtually by one of the founders of SCBS, South African businessman Dave Van Niekerk, who is said to have repaid about E35 million belonging to the building society.

Also in attendance were the suspended Managing Director Michael Mbetse and another founding member, Almon Mbingo. The curator was appointed in December last year by the Financial Services Regulatory Authority (FSRA) in terms of Section 71(b) of the FSRA Act, 2010. The members’ demands come shortly after the Nhlangano Town Council informed the High Court that the FSRA had issued a letter instructing the curator to begin the process of liquidating the entity.

As reported by our sister publication, the Times of Eswatini, the municipality had invested E10 million in the building society.

Last week, it obtained an interim court order directing the curator to withhold the withdrawal of E10 702 285 from SCBS coffers, pending the finalisation of an action it plans to institute against the society to recover its investment.

During yesterday’s meeting, members discussed the many challenges they are facing and resolved to appoint a four-member interim committee to advance their agenda.

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Van Niekerk rallies members to demand accountability

MBABANE – Founding member of Status Capital Building Society, Dave Van Niekerk, has called on members to unite in demanding accountability, transparency and the restoration of their rightful benefits.

Addressing members virtually in a strongly worded appeal, the South African businessman sought to reassure them of his unwavering commitment to the building society and to each individual member.

He emphasised the need for direct engagement with the curator and urged the Financial Services Regulatory Authority (FSRA) to work with members in appointing a new Board of directors.

“But please allow me to reassure you that my commitment to the building society and to each one of you remains unwavering,” Van Niekerk said.

“Together, we must address the curator directly and ensure that the FSRA works with us to appoint a Board of directors chosen by you, the members, to manage our investments responsibly on our behalf. From there, it will be for us collectively to decide the future direction of our society.”

He reminded members that the previous Board had always maintained that the investments made on their behalf would, in due course, be returned to the building society.

According to Van Niekerk, those repayments have already been made, yet members are not the ones reaping the rewards.

*Full article available in our publication.

South African businessman Dave Van Niekerk addressing Status Capital Building Society members virtually yesterday. (Pic: Ntombi Mhlongo)