By Zweli Martin Dlamini

LOBAMBA:Madala Mhlanga,the Chairman of the Parliament Select Committee tasked with investigating the circumstances surrounding the R340million Escponent investment scandal, has tabled a report with findings and recommendations.

The report in possession of this Swaziland News that was tabled in Parliament on Monday suggests that, Escponent collected R60million from emaSwati even before obtaining a license with the Financial Services Regulatory Authority(FSRA).

It further states that, early investors were paid using the capital of newer investors and the FSRA was informed in writing after the alleged fraud was detected however, Chief Executive Officer(CEO) Ncamiso Ntshalitshali ignored the correspondence from whistleblowers.

“Early investors were clearly paid returns using the capital of newer investors, rather than from profits generated by legitimate business activities or investments. New investors joining assisted with the appearance of profitability and success, whereas the majority of related entities were already liquidated or in the process thereof.There is empirical evidence of negligence on the part of the FSRA, especially when it comes to issues of non-compliance by Ecsponent Eswatini”, reads the report in part.

Efforts to seek a comment from the FSRA CEO proved unsuccessful at the time of compiling this report.

But the report is highly expected to be debated by the entire House of Assembly, it contains various angles how millions disappeared at Ecsponent and how, those involved could refund emaSwati their monies.

“The House assigns the Minister for Finance, working with the CBE Governor to set in motion a model that will get all the two major stakeholder’s companies on the matter involving Mr. George Manyere and Mr. Dave Van Nierkerk; FSRA and others, to at least, pay back the principal amounts paid by the investors into Ecsponent Eswatini. The issues of accrual of interest due to investors may be handled separately. However, the Committee holds the view that, the two scenarios cannot run parallel to each other. Regrettably, the House cannot choose one scenario over the other because private funding, is different from public funding as the former was used on the investments.It is, therefore, the Committee’s recommendation that the Minister responsible, working in collaboration with the Governor, should consult with the investors on their preferred choice”, reads the recommendations in part.

Worth-noting, George Manyere features prominently in various reports including the Parliament Select Committee’s report as one of the masterminds behind the alleged looting of the millions of public funds, some of the reports are being analyzed by this publication.

The Parliament Select Committee was Chaired by Deputy Speaker and Mhlangatane MP Madala Mhlanga, MP Marwick Khumalo was the Deputy Chairman while members included MPs Nathie Hlophe,Tsembeni Magongo,Zanele Mashaba, Welcome Dlamini and Sicelo Jele.