Bring proof, get your full investment - CBE
MANZINI – The CBE has once again assured SWEET investors that they will be refunded all they invested, provided they submit all supporting documents.
This is contained in a statement issued by the Central Bank of Eswatini (CBE) Head of Strategy and Communications, Mandla Luphondvo.
He said the public might have seen various notices in the local media inviting members of the public who had invested funds with SWEET Micro Finance to present themselves at stipulated locations around the country. He said the inspection of the individual statements of account was a procedural requirement in liquidation proceedings instituted under the Financial Institutions Act of 2005.
Thereafter, he said CBE was pleased to notice that a sizable number of emaSwati had visited these locations to engage with the team dispatched by the appointed liquidator to view and verify their investments.
After that, he brought it to the attention of the public that the inspection and verification exercise was not the final distribution process. Instead, he said it was meant to allow the defunct SWEET Micro Finance’s investors to verify the information that had been obtained in the records during the investigations.
As part of the inspection of statements of account, he said members were encouraged to bring along SWEET deposit books or receipts as proof of their investment and were allowed an opportunity to either accept or object to the assessment of their investment.
“The disputed claims will be dealt with in line with ordinary liquidation procedures,” Luphondvo said.
Therefore, he said CBE assured those who invested in the now defunct SWEET Micro Finance and the broader public that the information which was obtained during this exercise would be considered to amend the balances accordingly to inform the final distribution.
Furthermore, he said as a bank, they reiterated the findings of the joint Financial Services Regulatory Authority (FSRA)/CBE investigative report,which exonerated the Queen Mother from any involvement, whether direct or indirect, in the operational activities of SWEET Micro Finance and which further indicated that Her (Queen Mother) Majesty’s role was purely ceremonial.
“We once again reassure SWEET Micro Finance investors that they will be refunded in full the amounts that they invested as soon as the verification exercise has been completed and all supporting documents have been received,” reads part of the statement.
Moreover, the bank said criminal proceedings will be instituted against those responsible for the mismanagement and misappropriation of SWEET Micro Finance resources.