The Eswatini Electricity Company (EEC) has dismissed allegations of corruption and mismanagement linked to the Likhwane Beneficiary Fund, describing them as false and misleading.
The company issued a public statement on Friday, 26 September 2025, following reports on social media and in the press that accused EEC management of collusion and theft of funds.
According to the company, its decision to invest with Likhwane was taken in line with industry practices to maximise benefits for employees’ dependents. EEC said it has always acted in the best interests of its staff and their families.
The Financial Services Regulatory Authority (FSRA) had earlier launched an investigation into Likhwane after investment losses connected to Ecsponent Limited Eswatini, now ESW Investment Group. Several pension and beneficiary funds across the country were affected by the collapse.
EEC pointed out that the High Court of Eswatini dismissed an application by FSRA to liquidate Likhwane, ruling that the welfare of minors and dependents must come first. The court also found that Likhwane’s financial challenges stemmed from broader market failures and not from misconduct by EEC management.
The company said it remains committed to accountability, transparency and ethical conduct, and warned it would pursue legal action against defamatory statements.
EEC added that it sympathises with widows, orphans and other dependents affected by Likhwane’s troubles, while assuring employees that their pensions and benefits remain secure. It confirmed that it has engaged with FSRA and other stakeholders to address concerns.
The utility urged the public to rely on verified information and called on media outlets to ensure accuracy before publishing claims that could damage reputations.
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