MBABANE –Dave Van Niekerk has strongly refuted the claims that the FSRA singlehandedly recovered E111.5 million investors’ funds.
The South African businessman’s stance follows a press release by the Financial Services Regulatory Authority (being the regulator) implying that the Status Capital Building Society could no longer operate sustainably and hence exercising its statutory mandate under Section 71 of the Financial Services Regulatory Authority Act, 2010 (FSRA Act), appointed Bimal de Silva as Curator to take control of SCBS’s affairs and implement remedial measures.
According to Niekerk, the above is misleading.“I want to set the record straight on the recent FSRA statement regarding the recovery of E111.5 million in the Status Capital Building Society matter.”
He explained that the narrative being presented was that this recovery was achieved through the FSRA’s curatorship process yet that was not the full picture.
Niekerk pointed out that the E35 million recovered from Status Asset Management, and the momentum that led to the subsequent settlement with Swaziland Debt Factoring Firm, came about because he personally engaged directly with the parties involved — including facilitating conversations that the curatorship process on its own had not produced.
“Members and stakeholders who were part of these efforts know the work that went into this, long before it appeared in an official press release.”
He also lamented the fact that he was previously accused of neglecting his duties as a non-executive director, and of allowing his own removal from the board without resistance.
“I reject that characterization. Throughout this period, I continued to work — on my own initiative and without direct assistance from the FSRA — to ensure that funds owed to members and depositors were actually retrieved. That work is what produced results. Members deserve to know that.”
He however stressed that none of this was to say the FSRA played no role in the oversight of this matter.
“But the framing that credits the regulatory process alone for these recoveries, without acknowledging the direct efforts of members and stakeholders who pushed for them, is incomplete — and members and investors deserve an accurate account of how this money was actually recovered.
Last but not least, he highlighted his commitment to full transparency for SCBS members and will continue pushing for a resolution that puts members’ interests, and their right to know the truth, first.
Before Dave’s statement, the FSRA claimed that over the past seven months, the Curator’s thorough review had driven significant asset recoveries for stakeholders.
The regulator continued to assert that these efforts include recovering E35 million from Status Asset Management Proprietary Limited (SAM), an entity that previously received funds from SCBS via a debenture agreement.
“Additionally, the Curator negotiated a court-ordered settlement agreement between SCBS and Swaziland Debt Factoring Firm (Pty) Ltd (SDFF), resolving E76.5 million of the E84 million total due from SCBS. The remaining E7.5 million balance is scheduled to be paid by SDFF at the end of July 2026, with the FSRA actively monitoring compliance.”
To protect stakeholders, the FSRA mentioned that it has placed all recovered assets with the Central Bank of Eswatini and reputable asset management firms to ensure their preservation until they form part of the estate distributed to creditors.
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