Woe unto SWEET funds mishandlers
MBABANE - An axe is hanging over the head of anyone who had a hand in the alleged misappropriation of public funds invested with the now defunct Swaziland Women Economic Empowerment Trust (SWEET) Micro Finance.
Information gathered was to the effect that clients who invested their money with SWEET are currently assisting law enforcement agencies with particulars of individuals who received and failed to remit the monies to their accounts.
While at the Central Bank of Eswatini (CBE) yesterday, where about 1 600 beneficiaries from the Hhohho Region were gathered for a verification exercise, it was observed that some shared information with the police officers deployed there.
It was also gathered that the clients assisted the officers with information that could lead to the tracing of those who received and failed to remit the money as expected.
The CBE Legal Advisor, Sydney Jele, was part of those who observed the verification exercise. In an interview, Jele stated that the clients were invited for a verification exercise after the liquidator made its findings.
Exercise
Jele said the exercise would help in ascertaining whether the liquidator’s findings matched the records of each individual depositor.
“The liquidator made some discoveries, so the purpose of this exercise is to verify if the findings were a true reflection of what each depositor has in his/her account,” he said.
Jele stated that the information provided by the depositors would assist the bank in identifying the discrepancies, and making sure that things were balanced, so that the depositors received what was due to them. He made an example that there might be instances where depositors found less money than what they had actually invested, as per the liquidator’s findings. He said in those instances, the bank would go through the documents and see if the depositors had to be reimbursed.
“Misappropriation only suffices where the money was paid and not remitted to the appropriate account. The members are so cooperative and they are coming through with the necessary documents,” he said.
Jele stated that after going through the documents and identifying the discrepancies; the bank would prepare a payment list and inform the members.
However, he stated that the final payment list would be lodged at the High Court, where all members would be able to view it prior to the payments.
He said the list might be complete mid March 2024. Jele said the bank had learnt that some people paid E500 joining fees, meaning there was no way they could get less than what they put in.
“The figure reflected on the liquidator’s finding may be shocking, but the bank is committed to fixing any discrepancy, to make sure that people get what they invested,” he said.
On another note, Jele stated that the verification exercise might be extended, judging from the turnout in all the regions of the country.