By Zweli Martin Dlamini

MBABANE:Mancoba Khumalo,the Minister of Commerce,Industry and Trade has come out to blast the Federation of Eswatini Business Community(FESBC) amid tension with Inyatsi Group Holding Chairman Michello Shakantu over the ongoing buying of companies that are key to the economic transformation of the country.

This comes after FESBC Chairman Tum TuPont wrote a letter to the Eswatini Competition Commission(ECC) reporting Inyatsi Group Holdings for alleged unfair competition practices, the tension escalated after Michello Shakantu instructed lawyers from SV Mdladla and Associates to demand the retraction of the letter.

The Commerce Minister released a press statement on Friday afternoon where he stated categorically that,the conduct of FESBC might negatively affect the positive investment growth climate in the country.

“The registration of  concerns with the Competition Commission have also not been legally made as contained in the relevant legislation.The letter that was maliciously circulated does not constitute registration of a concern and FESBC has been previously advised of this.Furthermore,the public citing of different agencies without consultation has been noted as a concern which discredits the basis for the allegations.It is therefore worrying that such an approach from FESBC could negatively affect the positive investment and growth climate in the country, resulting in the loss of employment already created and yet to be created,”said the Commerce Minister in the statement.

Responding to this Swaziland News on Friday evening regarding the Minister’s statement, Tum DuPont, the President of the Federation of Eswatini Business Community(FESBC) said,they “are waiting for a response” from the Competition Commission where the Federation directed it’s request for a probe into the alleged buying of companies by Inyatsi Group Holdings.

“Good evening,no comment for now Nkhosi.We await response from where the Federation directed its request,” said the FESBC President.

Inyatsi Group Holdings was reported to the Eswatini Competition Commission(ECC) by FESBC and the organization’s President Tum DuPont told this publication earlier that, local businesspeople were complaining that Inyatsi “is grabbing everything” and their businesses are now struggling to ‘breathe’ amid the buying of key economic transformation companies by Inyatsi Group Holdings.

Reached for comments earlier Michello Shakantu,the Executive Director of Inyatsi Group Holdings told this Swaziland News that,in the process of buying the companies or expanding the business interests of Inyatsi Group,everything was done in accordance with the law.

“We have followed the law and everything is above board,”said the Inyatsi Group Executive Chairman.