MBABANE:Sibusiso Xaba,the then Eswatini Development Finance Corporation (FINCORP) Clients Relationship Officer has been implicated in the disappearance of R3.8million within the State owned company.
FINCORP is a registered corporate entity owned by the eSwatini Government with 80% shares and Tibiyo TakaNgwane(20%).
Efforts to reach the alleged implicated ex-FINCORP Clients Relationship Officer proved unsuccessful at the time of compiling this report.
Responding to a questionnaire from this Swaziland News on Tuesday evening, Dumsani Msibi, the FINCORP Group Managing Director(MD) confirmed the matter adding that, a fraud case has been opened with the law enforcement agency.
“Yes,we can confirm that a case of fraud involving a former staff member has been uncovered at FINCORP. The matter has been reported to all relevant authorities, including the Royal Eswatini Police Service (REPS). The individual involved is no longer employed at FINCORP. We have since taken appropriate steps to strengthen our internal controls to prevent such incidents going into the future.Unfortunately we cannot provide any further details at this stage, as the matter is currently under the purview of the law enforcement agencies. At FINCORP, we have zero tolerance for fraudulent or unethical behavior and are steadfast in protecting the integrity of the organization. To reinforce our commitment to transparency and ethical conduct, a while ago, we introduced an anonymous fraud reporting hotline to encourage employees, clients, and other stakeholders to report cases of misconduct or suspicious activity that they know anonymously,” said the FINCORP Group Managing Director.
Senior Superintendent Phindile Vilakati,the Police Spokesperson had not responded at the time of compiling this report.
FINCORP was established after King Mswati came-up with an idea to establish a funding entity for small businesses owned by emaSwati, it was previously known as the R44million Fund.
FINCORP Headquarters(pic: FINCORP).