MBABANE:Swazi Observer cars were allegedly stolen by editor Mbongeni Mbingo, the vehicles used to deliver newspapers and transport journalists are now registered under his name.
This information has been obtained amid a high level investigation conducted by this independent Swaziland News online publication into the alleged looting of company funds within the Tibiyo TakaNgwane owned newspaper.
The documents suggest that, apart from colluding with Accountant Tengetile Mkhize, the royal connected Managing editor allegedly stole and secretly changed the company cars to be registered as his own personal property.
On or around 27th August 2024, Mbingo registered a Toyota Station Wagon and other vehicles belonging to the Swazi Observer under his name, he allegedly used some of the company cars as collateral when securing loans.
A collateral is a valuable asset that a borrower offers to a lender as a guarantee that the loan will be repaid and, if the borrower defaults on the loan, the lender has the right to seize and sell the collateral to recover the outstanding amount.
The Swazi Observer Managing editor declined to comment about the ongoing alleged fraud within the newspaper, workers are allegedly struggling to receive salaries amid rampant fraud and corruption while those who retired were not paid their pension.
Allen Mkhonta, the Managing Director of the Swazi Observer confirmed to this Swaziland News that, the newspaper is currently battling to deal with fraud and corruption, he was subsequently placed on leave by the Board of Directors for attempting to discipline Tengetile Mkhize who allegedly colluded with Mbingo to loot over R1million.
Swazi Observer editor Mbongeni Mbingo who allegedly colluded with Accountant to loot over R1million, steals and register company cars under his name.