Ezulwini – Investors and permanent shareholders of Status Capital Building Society gathered at Sibane Sami Hotel on Wednesday, January 14, 2026, for a critical meeting to address the society’s legal and operational challenges. The session was led by Mtshali Ngcamphalala Attorneys, with Banele Ngcamphalala representing the investors and shareholders.
Ngcamphalala explained that correspondence had been sent to the Financial Services Regulatory Authority (FSRA) in December 2025, following ongoing issues dating back to December 2019. “We sent a letter on December 16 addressed to the ChiefExecutive Officer of the FSRA. On December 17, we received a response requesting formal authorisation for our firm to represent the investors and shareholders,” Ngcamphalala said.
The regulator required a written resolution or power of attorney duly executed by investors and shareholders, a complete list of investors with full names and identification details, and confirmation on whether the firm represents all shareholders or a specific group. “Only after receipt and verification of this information can the authority engage substantively on the issues,” he said.
Ngcamphalala described the society as being under “extensive investigation with the FSRA,” noting that this had a negative impact on operations and investor confidence. He said the meeting was convened to discuss how best the society can be managed, protect its assets, and preserve unity among shareholders.
Investors raised the issue of a provisional liquidation order appointing Tiger Chairs Leads as provisional liquidator without shareholder approval. Ngcamphalala said the meeting aimed to request the authority to guide how investors and shareholders can meet to pass necessary resolutions. He also noted the need to appoint a board to oversee the society while legal processes are ongoing, and to bar disbursement of funds deposited in the society account until proper resolutions are passed.
He said shareholders are the owners of the society and retain oversight of directors. “You appoint directors to manage operations and policies, but you still remain the owners. You have the right to challenge or approve decisions,” he said. Ngcamphalala warned against passive acceptance of resolutions imposed without shareholder consultation, calling it a form of dictatorship.
Ngcamphalala voiced frustration at regulatory delays, noting that letters sent as early as December 3, 2025, had not been addressed. He said investors have the right to question how funds were used, and that any limitation or liquidation could result in recovery of only a fraction of contributions. “As investors, what do you benefit if the liquidation only gives you 15 cents of your investment?” he asked.
He encouraged shareholders to actively engage the FSRA, rather than allowing disputes to escalate. “We do not want to fight. We need to engage the authority, find solutions, and protect the society. The society can be salvaged if necessary parties discuss management strategies,” Ngcamphalala said.
The attorney advised investors to review all prior correspondence and documentation to understand where problems started, and urged transparency in governance and fund allocation. He also mentioned alternative approaches such as lotteries for fund distribution, noting that nothing should prevent shareholders from exploring solutions.
Ngcamphalala concluded by stressing that each step taken by shareholders is important to safeguard the society, manage legal costs, and preserve what remains of its unity. “Until we see the full documentation, we cannot answer all questions. But shareholders must not allow bills and investments to be mishandled,” he said.
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