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Queen Mother Ntombi Tfwala cleared by Central Bank, FSRA investigation on SWEET multi-million fraud.

Thursday, 25th November, 2021

MBABANE: Her Majesty the Queen Mother Ntombi Tfwala has been cleared of any-wrong doing in the widely reported Swaziland Economic Empowerment Trust(SWEET) multi-million fraud scandal.

These are findings of an investigation conducted by the Central Bank of Eswatini(CBS) and the Financial Services Regulatory Authority(FSRA) into the activities of SWEET and Micro Finance.

“The investigation into the activities of the entities and report thereof have been completed. The findings and conclusions indicate beyond doubt that nothing on the activities of the entities links the Patron, Her Majesty the Queen Mother and that her association with these entities was purely ceremonial; The findings and conclusions also show that there are signs of criminal activities, dishonesty and deliberate non-observance of corporate governance among board, management and agents of the organization and related stakeholders”, read the statement in part released by Central Bank Governor Majozi Sithole and Ncamiso Ntshalintshali, the FSRA Chief Executive Officer(CEO).

The Central Bank and the FSRA further said following the finalization of the investigation and adoption of the contents of the report, a liquidator will be engaged to commence the liquidation of  the two institutions. The financial institutions further stated that the report and other supporting documents would be handed over to the relevant law enforcement agencies for consideration and further appropriate action with regards to the elements of criminality observed during the investigations.

Queen Mother Ntombi Tfwala cleared by Central Bank, FSRA investigation on SWEET multi-million fraud.
Queen Mother Ntombi Tfwala.