MBABANE:Mancoba Khumalo, the Minister of Commerce, Industry and Trade has announced the suspension of the entire Board and Supervisory Committee of the Eswatini Multipurpose Cooperative Union (ESWAMCU), the mother body of all non-finance cooperatives, pending a forensic audit into the operations of the union.
The Commerce Minister announced the decision during a press conference on Friday where he also announced the launch of a forensic investigation.
“Government has a mandate to ensure a conducive environment for the growth and sustainability of all types of cooperatives in the country. The Cooperative Societies Act, 2003, as amended, provides for the office of the Commissioner to intervene if the Management Committee fails to exercise due diligence in the running of the cooperative.It is in that spirit that the Ministry has to ensure proper administration of public funds invested by emaSwati in this institution and took a resolution to invoke the provisions of section 72 (4) and 74 (1) of the Cooperative Societies Act, 2003 as amended 2023. The entire Board and Supervisory Committee of ESWAMCU was suspended, pending a forensic audit that will be conducted by SNG Grant Thornton Pty Ltd, an independent audit firm,” as quoted by Government online.
Commerce Minister Mancoba Khumalo suspends entire Multipurpose Cooperative Union Board, launches a forensic investigation.