- ESW Investment Group is alleged to be owing the investors up to E 340 million.
Mbabane-The Financial Services Group Ecsponent that is now known as the ESW Investment Group has welcomed a motion moved by Members of the House of Assembly that the company returns the monies that were invested with it by investors.
The motion was moved by Dvokodvweni Member of Parliament (MP) Mduduzi Magagula in a directive which read “To move that the Minister of Finance should within seven days compile and table a comprehensive report on what the ministry is doing to recover the monies invested in ESW by emaSwati.”
ESW Investment Group is alleged to be owing the investors up to E 340 million. During the deliberation on the matter in parliament, Dvokodvweni MP Magagula mentioned that “investors invested monies after the company advertised itself and gave people the impression that they would accrue profits after investing in it.”
“The company targeted people who were due to retire. Ironically, ESW Investment Group is regulated by the Financial Services Regulatory Authority (FSRA) but E 340 million has disappeared after members of the public who invested were not given their dividends up to this day.”
The Financial Services Regulatory Authority (FSRA) has been cast in a dim light following this incident. It does not seem to have an answer as to how the monies that have been lost can be recovered.
In response to this outcry, the ESW Investment Group has issued a statement informing the public that they welcome the motion moved by Parliament and they will fully cooperate with the authorities to ensure that the process is completed timeously.