MBABANE:Peter ‘Samora’ Simelane, the Eswatini Med Chief Executive Officer(CEO) has written a ‘hot’ letter to the Financial Services and Regulatory Authority(FSRA), rejecting proposed moves to place the Fund under curatorship.
In the letter addressed to FSRA CEO Ncamiso Ntjalintjali and, in response to a letter previously written by the Regulator and subsequently leaked to the media, Simelane expressed serious concerns regarding the conduct of the FSRA.
“We must at the outset express our dismay and profounddisappointment that your letter was circulating on the same day it was served and got published in the media the following day, 24 May 2025. Placing a medical aid fund under curatorship is a very drastic step, a precursor to a winding up and can lead to a run. We are concerned about your intentions in publishing your letter. The Board of Directors of the Fund was briefed by management on the evening of 24 May 2025 about your indication that you wanted to place the Fund under curatorship”, he said.
The Eswatini Med CEO told FSRA through the letter that, the Board resolved to take all necessary legal steps to protect the Fund from being taken over and to continue engagements with the shareholders who, ultimately, will be responsible for resolving disputes in the Fund.
“The management and control of the Fund vests in the Board. The Board is the custodian of the Fund. The Board will not hand over the Fund to the Financial Services Regulatory Authority (“FSRA”)or to a curator appointed by FSRA. FSRA is not a regulator of the Fund\'s operational activities. FSRA’s role is limited to prudential regulation of the Fund and not to its core activities of providing medical aid to members,” he added.
Simelane consistently maintained that, “there is no law that allows FSRA” to take over the core activities of the Eswatini Med Fund.
“We must at the outset express our dismay and profound disappointment that your letter was circulating on the same day it was served and got published in the media the following day, 24 May 2025. Placing a medical aid fund under curatorship is a very drastic step, a precursor to a winding up and can lead to a run. We are concerned about your intentions in publishing your letter. The Board of Directors of the Fund was briefed by management on the evening of 24 May 2025 about your indication that you wanted to place the Fund under curatorship. The Board resolved to take all necessary legal steps to protect the Fund from being taken over and to continue engagements with the shareholders who ultimately will be responsible for resolving disputes in the Fund. The management and control of the Fund vests in the Board. The Board is the custodian of the Fund. The Board will not hand over the Fund to the Financial Services Regulatory Authority (“FSRA") or to a curator appointed by FSRA. FSRA is not a regulator of the Fund’s operational activities. FSRA’s role is limited to prudential regulation of the Fund and not to its core activities of providing medical aid to members. There is no law that allows FSRA to take over the core activities of the Fund,” reads the letter in part,dated 24th May 2025.
Efforts to reach Ncamiso Ntjalintjali, the FSRA Chief Executive Officer(CEO) proved unsuccessful at the time of compiling this report.
On another note, the Board of Directors led by Samuel ‘Sammy Dlamini released a statement on Monday, rejecting the FSRA moves to take over the Fund.
“We firmly believe this move is not only without legal basis but also goes beyond FSRA’s lawful powers”, reads the statement in part.
Eswatini Med Board released a press statement.