By Zweli Martin Dlamini

MBABANE:Michello Shakantu,the Executive Chairman of Inyatsi Group of Companies has confirmed the process of terminating multimillion contracts for some security companies contracted to Inyatsi Construction.

Responding to this Swaziland News on Wednesday morning when asked to clarify if the company was terminating contracts for some security companies, the Inyatsi Executive Chairman said, “like Maloma Colliery, Inyatsi Construction is reducing operational costs” amid global financial uncertainty.

Global financial uncertainty refers to a widespread and persistent increase in the unpredictability of future financial and economic conditions worldwide, driven by factors like geopolitical events, high debt levels, and market fragilities. 

This uncertainty often acts as a negative shock to the global economy, reducing output and trade, and can lead to significant market volatility and a slowdown in economic growth. 

“It’s true that, we are terminating some contracts for security companies contracted to Inyatsi Construction but, we will employ some of their security guards as our company personnel. Inyatsi Construction is in the process of reducing operational costs amid global financial uncertainty and we are just managing the situation. Once the situation in the global markets improves, we will consider re-engaging some of those contractors. But for now, we are reducing costs so that the company can breathe financially and continue to operate,” he said.

It has been disclosed that, some security guards who were previously employed by security companies contracted to Inyatsi Construction, have their salaries increased from two thousand five hundred(R2,500.00) to five thousand Rands(R5000.00) after being employed by Inyatsi as company security personnel.

On another note, the Inyatsi Group Executive Chairman further confirmed the retrenchment of one hundred and forty(140) more employees at Maloma Colliery, he said “the Coal Mine is reducing costs as part of Inyatsi Group’s efforts to survive the wave of global uncertainty” in the market.

“I am sorry I saw your question late where you were enquiring about the retrenchment of 140 more employees at Maloma. It’s true that we are retrenching again at Maloma Colliery and once the situation improves, we will consider providing or creating job opportunities,” said the Inyatsi boss.