MBABANE -According to the Master of the High Court’s Office,the Status Capital Building Society members,have the right to take the curator to task.
Information sourced from the Master’s office reveal that the curator must account now to the board of directors or members and investors on what his findings were.
“Secondly it appears that now the SCBS is unlawfully answering two calls at the same time considering that it is under curatorship while also under liquidation although it is reportedly provincial.The members have the right to move an application to force the curator to account for the financial transactions and his findings.”
Through the intervening parties answering affidavit opposing the liquidation of the Status Capital Building Society,the Investors and shareholders submitted that the FSRA appointment a second curator something which rendered the liquidation application deficient.
“What further compounds the situation,was that the FSRA,upon the expiry of Mr Bimal curatorship, appointed Mr Nkambule as the second curator.”
Nkambule is employed by the FSRA as a General Manager.
His duties included the delivery of a comprehensive report by December 15,2025 to to his employers.The report ought to have findings and recommendations.
It is alleged that the anticipated and said report had not been submitted to the honourable court for the purposes of supporting the liquidation application and it had not been presented to the owners which happens to be the shareholders.
“The said shareholders have not been updated about their own company.Furthermore,it becomes odd that having resolved to wind up the society,the FSRA decides to appoint one of its senior managers who also acts as a Chief Executive Officer in the absence of Mr Ntshalintshali to perform the duties of a curator.It appears that the FSRA took the operations of the SCBS and made provisions to make reports for its own consideration.It is therefore not surprising that there are no reports pertaining to the operations of the SCBS.
“All the averments made appear to be information from the FSRA CEO who was neither an inspector nor investigator.Mr Ntshalintshali has not suggested that he also performed duties of a curator.”
Shockingly,weeks after Bimal De Silva was sacked, we can reveal that among his recommendations,was that the SCBC should not be liquidated.
This is contained in court documents that this publication has in possession.
This is not only an irony but a blunder, considering the fact that one would assume that the Curator was hired to save the situation.
It is inevitable to assume or expect the FSRA to appreciate,respect and value an curatorship recommendation.
The Financial Services Regulatory Authority turned a blind eye and chose the opposite – to apply for liquidation.
As seen in the report,some of the recommendations that the former curator made included that the FSRA should approve the migration of the entity SCBS from the existing entity to new entity (an investment entity).
“FSRA does not pursue liquidation option since the entity since the entity can be revived.FSRA approves the continuation of the curatorship to executive the recovery strategy as proposed,duration of which should be decided by the FSRA
As demonstrated the opposition by the FSRA to liquidate SDFF on a point of precedence and law results.This then means that an additional investment of E40 million is needed to fund the entity and E35 million will potentially be recovered SDFF.Hence it is recommended that the FSRA’s opposition to liquidation be withdrawn to enable the curatorship to collect the maximum amount of funds from the SDFF.”
In a nutshell,the office of the Master of the High Court sees the proposed liquidation of the SCBS as a huge blunder.
The Master’s Office in Eswatini (under the High Court) plays a vital role in protecting assets and overseeing the legal administration of deceased estates, trusts and liquidations. It supervises executors and curators to ensure legal compliance and the fair distribution of assets to beneficiaries.
On condition of anonymity,a trusted official at the Master’s office sourced this bold stand from the Companies Act of 2009 Section 314 (h).
The section reads,“any person who does not reside in Swaziland, unless such person is appointed co-liquidator with a person ordinarily resident in Swaziland.”
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