MBABANE – Hlalalwati Savings and Credit Co-operative Society Ltd has issued a strong denial of reports linking it and the Umbutfo Eswatini Defense Force (USDF) Army Commander Moses Mashikilisane Fakudze in nearly E1 million misappropriation of funds.
In a formal statement issued by board chairperson Nkhosilensha Masina, Hlalalwati SACCO described the allegations as “false, unverified, and not reflective of the operations” of the organization.
Hlalawati disputed that Fakudze received E5 000 weekly payment since 2021 as “litiya la-Commander.”
The money, according to the reports, was allegedly handed over to him by the head of the savings fund under directive.
Masina, however, emphasized that the SACCO was not approached for comment before publication and views the claims as misleading.
“Halalwati SACCO is a reputable Savings and Credit Co-operative Society with clearly defined oversight,” he said.
The SACCO highlighted that it is regulated by the Commissioner of Co-operatives under the Ministry of Commerce, Industry and Trade and is audited regularly by the Financial Services Regulatory Authority (FSRA) as well as independent auditors.
Masina further reassured members that the SACCO’s financial position remains strong and stable. The organization reiterated its commitment to transparency, accountability, and compliance with all regulatory requirements.
The SACCO encouraged concerned members and stakeholders to visit the SACCO office for accurate and verified information regarding its operations.
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