MBABANE -Status Capital Building Society members, through their lawyer, have successfully postponed the provincial liquidation by the regulater -FSRA
Speaking to independent News ,the investors’ lawyer,Banele Ngcamphalala confirmed that the matter was postponed to February 23,2026 for arguments.
The postponement was done on Tuesday February 3,2026.
The High Court of Eswatini placed Status Capital Building Society (SCBS) under provisional liquidation, effective December 24, 2025, following an application by the Financial Services Regulatory Authority (FSRA).
Speaking to this publication,the investors’ lawyer,Banele Ngcamphalala confirmed that the matter was postponed to February 23,2026 for arguments.
Notably,after the news of the potential liquidation,investors and permanent shareholders held a meeting at SibaneSami Hotel where they overwhelmingly agreed to oppose this legal move.
On the same day,The Financial Services Regulatory Authority (FSRA) tried in vain to stop the meeting organised by numerous Emaswati investors.The regulator argued that the meeting was illegal.
However,the meeting went ahead hence the resolution to oppose the liquidation of their organisation.The members further felt that they were entitled to meet and discuss the provincial liquidation order.
FSRA justifying the provincial liquidation,in a public notice, the regulator confirmed that the decision was a protective regulatory measure to safeguard the interests of investors, creditors, staff, and other stakeholders, while the court determines whether the institution should be placed under full liquidation.
According to the FSRA, provisional liquidation allows an independent, court-appointed liquidator to take control of the society’s operations and assets, ensuring accountability, transparency, and regulatory compliance throughout the process.
The regulator said it exercised its legal powers under the FSRA Act of 2010 after carefully considering findings in an affidavit submitted by the FSRA’s Chief Executive Officer, as well as curatorship reports.
These findings indicated that SCBS could not continue operating as a viable financial institution. The FSRA further noted that SCBS’s conduct of business was not aligned with its licensing conditions and regulatory obligations.
The regulator also cited significant irregularities and financial mismanagement, stating that these issues necessitated formal liquidation proceedings to protect investor and creditor interests.
The High Court has appointed Tygerberg Trustees (Pty) Ltd as the Provisional Liquidator of SCBS. The liquidator will assume full responsibility for managing the society’s affairs, conducting investigations, overseeing operations, and ensuring full compliance with applicable legal and regulatory requirements.
The Provisional Liquidator will also work closely with the FSRA and report regularly to the High Court to ensure that the process is conducted transparently and in the best interests of all affected parties.
The FSRA acknowledged the concerns of investors, creditors, staff members, and other stakeholders affected by the development. It assured the public that all affected parties will be formally engaged by the Provisional Liquidator as the liquidation process unfolds.
Stakeholders have been urged to allow the liquidator sufficient time to carry out the process thoroughly and professionally, noting that liquidation proceedings often require patience.
Reiterating its mandate, the FSRA emphasized its continued commitment to protecting investors and consumers, maintaining market integrity and public confidence, and ensuring full accountability and transparency in the resolution of SCBS matters.
The regulator also confirmed that it will continue to exercise its supervisory and enforcement powers to uphold financial stability and consumer protection in Eswatini’s financial services sector.
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