ESWIG pays E1.4m owed dividends so far

MBABANE - ESW Investment Group (ESWIG) has started paying investors their outstanding dividends for the period of September 1 to December 31, 2021.

The first edition of ESWIG’s newsletter states that payments started in June, through funds generated from Getbucks, which is the only asset ESWIG owns.

“This is in line with the company’s undertaking to pay off all the dividends outstanding between September 2021 and December 2021,” it reads in part.

The newsletter states that to date, a total of E1.4 million has been paid out of E3.4 million outstanding.

It states that about E594 114.57 was paid in June, E838 148 in July and the next batch would receive their payment this month.

The newsletter states that ESWIG management was determined to pay off outstanding dividends by November.

“All investors who have not yet received their owed dividends for 2021 are hereby assured that they will receive their share between August 2022 and November 2022,” it reads in part.

Investors

ESWIG has requested investors, who have not yet submitted Know Your Client (KYC) documents, to do so urgently.

The newsletter states that a majority of investors, who are owed dividends for September 2021 to December 2021, have not submitted KYC documents.

ESWIG also announced the launch of a turnaround strategy known as ‘Project White Knight’.

ESWIG Chief Executive Officer (CEO) Max Mkhonza said the main objective of the turnaround strategy was to develop new revenue streams to gradually repay investors who invested money in Ecsponent.

“We are indebted to the investors for approving the turnaround strategy,” he said in the company’s first edition of its newsletter.

He said the turnaround strategy required support and collaboration from all patriotic stakeholders.

He noted the importance of the Investor Relations Committee (IRC), which was established to work with ESWIG management.

The IRC, which is chaired by Norman Dlamini, was formed during the first ever general meeting held in June. Mkhonza said IRC and ESWIG management would work together to develop, lobby for and implement an aggressive campaign to start income generating projects that have the potential to create value for the investors.

He also expressed gratitude to Parliament and government for deciding to institute a forensic audit to ensure that justice was served on the Ecsponent issue and affected investors recoved their money.

Grateful

“In addition, we are extremely grateful for the continued guidance of the FSRA (Financial Services Regulatory Authority), which continues to provide oversight on all our activities and strategies,” he said.

“We hope that these efforts will supplement whatever will be recovered via the efforts of the forensic audit and any legal claims against former shareholders of Ecsponent.”

Former shareholders of Ecsponent got away with over E340 million, which was lost under very dubious circumstances.