17th November, 2011- Vol 2
Following a report in the daily tabloid, the Times of Swaziland, that two companies had offered to jointly loan the Swaziland government E1.4 million, it has been gathered from highly placed sources from within the government of Swaziland and the financial institutions in the country that these two companies are African Alliance and a another company known as Interneuron South Africa.
African Alliance has offered to raise R1 billion, the bulk of the R1.4 billion announced by the government. The king has shares in the African Alliance group and African Alliance Swaziland is managed by his financial adviser, friend and personal do-boy, Sithofeni Ginindza.
The security offered by the government and accepted by African Alliance is largely shares in the main banking institutions namely Standard Bank, First National Bank, Ned Bank and Swazi Bank. According to a report published earlier this year in the Swazi Observer, the government owns 20% shares in Nedbank, Standard Bank and other insurance companies.
What is most interesting about this deal is the increasing power, influence, enrichment and dominance of African alliance over the Swazi economy and the possible role of its Swazi director and private adviser and friend to the king Mr Sthofeni Ginindza.
At a stroke of a pen the people of Swaziland are facing a real risk of losing whatever little family silver that the country still has. It would not be surprising if African Alliance emerges out of this illicit deal as the future super bank of Swaziland. African Alliance as a business seriously needs to look itself in the mirror and question its ethics.
The future government of Swaziland would be clearly justified in reviewing the legitimacy of such shady deals or even refusing to honour them all together. This is corruption of the highest order.
Another South African Group, Interneuron SA, has offered the government R400 million and seeks to hold the equivalent value of the Swaziland Electricity Company as it is also seeking to acquire the MTN Swaziland shares currently owned by the Swaziland Postal and Telephone Corporation(SPTC). SPTC is willing to sell these shares but only at their market value. This company, however, wishes to use its loan to the Swazi government as leverage to acquire them at less than half this price. Little is known about this shady company except that it is a South African company that also has offices in Mbabane. According to its official website, its services include portfolio management, Investment Consulting, Stockbroking, Corporate Advisory Services, Infrastructure Development andProperty Services.
All these deals are very serious as they indicate the extent to which the Monarchy is prepared to act unethically in order to cling to power. They also expose and the role of unscrupulous business organizations in conniving and taking full advantage of the lawlessness of the situation.
If these activities are honourable and well-intended and not just another opportunity to loot the little that is still left in the country, why are they being made under the cover of night. Moreover why were they not advertised publicly so that the local and regional markets and society can participate in them and scrutinize the efficacy of the deals on offer?
These deals are made so unprocedural and illegal primarily by the fact that even the Swazi parliament is not aware of them. This is corruption and must be condemned by all of civic Society and political parties. The people of Swaziland are being robbed in broad day light by a mafia.
It has also been revealed that the government is also privately offering to sell 8 other parastatals to private investors. Only people connected with the ruling elite have information on what is going on. The country is being auctioned away to shylocks and these thugs are determined to loot everything before they leave office. This is an outrage and ought to be stopped immediately by all Swazis.
Issued By The Swaziland Solidarity Network [SSN]
072 502 4141