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PADO CONSTRUCTION DIRECTOR PATRICK NXUMALO:I became a street beggar,sleeping eMkhukwini in South Africa after Nedbank and lawyers destroyed my business and ‘grabbed’ my R4million house.

Saturday, 2nd March, 2024

MBABANE:Patrick Nxumalo,the once successful millionaire and Director of Pado Construction says,he literally became a street beggar after Nedbank Eswatini officials and a syndicate of legal practitioners linked to lawyer John Henwood allegedly colluded to destroy his business with an ultimate intention to ‘grab’ his R4million mansion in the capital city-Mbabane.

As reported by this Swaziland News,Nxumalo whose business was generating an annual turnover of over R20million,was allegedly forced into poverty in what appeared to be a well-syndicated collusion between Nedbank officials that include Managing Director(MD) Fikile Nkosi,Mbali Sibanyoni,the then Credit Manager and a team of lawyers linked to Henwood.

It is alleged that,Nedbank Eswatini was offering Nxumalo’s company an overdraft amounting to about R1.5million but,he subsequently received a call from the then Credit Manager Mbali Sibanyoni now Eswatini Building Society(EBS) Managing Director,informing him that the bank was withdrawing the facility without giving clear reasons for the withdrawal.

This,according to Nxumalo,allegedly happened at a time when he was busy with his multimillion construction projects.

The bank then seized full control of Nxumalo’s bank account and rushed to process documents attaching his R4million mansion.

After destroying his business,Nedbank Eswatini quickly started the process of auctioning his house and Nxumalo’s lawyer John Henwood dumped him to represent Nedbank as a debt collector for the financial institution.

Henwood who had privileged information about Nxumalo’s financial troubles,was then allegedly assisted by the bank to buy the R4million mansion at a lesser price.

An investigation conducted by the Central Bank concluded that,there was an alleged conflict of interest and reffered the matter to the Anti-Corruption Commission(ACC), the investigation was conducted by Grant Thornton(former KPMG),a South African reputable company and a member of Grant Thornton International Ltd.

Speaking to this Swaziland News on Saturday morning during an interview after this publication published the story on Friday evening, Nxumalo said he lost everything after being targeted by the alleged syndicate of lawyers and Nedbank officials.

“After losing everything,I went to South Africa to stay with a relative because I was afraid to face members of the public who knew me as a successful businessman but unfortunately, the relative later died.I was then assisted by a Swazi woman who found me stranded on the streets at Kempton Park and I then went to reside eMkhukwini at Thembisa. I was using small containers to relief myself inside the Shack.My wife was forced out after Henwood purchased the house and she went to rent a stick and mud house in the outskirts of Mbabane. She ended-up seeking help from different people to accommodate our clothes in garages. Some of our clothes and furniture was destroyed by rain, I lost everything and I still can’t believe I’m still alive after all this”, said the once successful businessman when speaking to this publication.

The double-storey house that was owned by Nxumalo and attracted the interest of lawyer Henwood and his syndicate within the legal fraternity,is situated at the prime area, on Portion one(1) of Lot 649 in the capital city-Mbabane next to the United Nation(UN) Eswatini Offices.

Documents obtained by this Swaziland News investigation unit suggests that,Nxumalo,the Director of Pado Construction(Pty) Ltd was generating an over R20million annual turnover, and some of the company’s major projects include the construction of the R13million Matsapha Town Board Offices,the R8.5million Mbangweni National Housing flats as well as the R15.5million construction of schools across the country funded by the Japanese Government.

Mbali Sibanyoni,the then Nedbank Eswatini Credit Manager now Eswatini Building Society(EBS) Managing Director(MD) reffered questions to Nedbank.

Responding to this publication earlier,Nedbank Eswatini Managing Director Fikile Nkosi denied the allegations and threatened to take legal action against Nxumalo.

“ Zwemart you know how I protect my integrity and office.If he wants to get personal then let’s deal with it in court-let’s meet there”, said the Nedbank Managing Director.

Reached for comments,lawyer John Henwood told this publication that, he was rushing to a meeting hence he can’t talk.

“Unfortunately,I’m rushing into a meeting hence I can’t speak”,said the lawyer.

On another note,Central Bank SNG Grant Thornton report concluded that,the Central Bank as the regular of financial institutions, must consider reffering the matter to the Anti-Corruption Commission(ACC) for further investigation.

“CBE should consider referring the matter to the Anti-Corruption Commission for further investigation in order to determine possible collusion between Nedbank officials and representatives of the bank’s sales agent and legal agent.CBE should engage Nedbank on controls, the bank has to put in place to monitor relationships of their employees and/or agents in instances where the bank instituted legal action against its customers to recover monies loan to parties in respect of properties”, reads the report in part.

PADO CONSTRUCTION DIRECTOR PATRICK NXUMALO:I became a street beggar,sleeping eMkhukwini in South Africa after Nedbank and lawyers destroyed my business and ‘grabbed’ my R4million house.
Businessman Patrick Nxumalo.