By Zweli Martin Dlamini

MBABANE:Peter Mgcini Shongwe,the then Eswatini Electricity Company(EEC) Commercial Services Manager established Likhwane Beneficiary Fund in what appeared to be a well-syndicated corruption machinery activated to steal over R200million workers pensions within the State owned energy company.

An independent investigation conducted by this Swaziland News uncovered that, after establishing Likhwane, Shongwe resigned to manage the Fund as a Chief Executive Officer(CEO) and soon thereafter, the Management of the Electricity Company established a policy forcing all beneficiaries to invest their pensions with Likhwane after the death of EEC workers.

In fact, the State owned energy company refused to allow beneficiaries including widows to invest their late parents, wives or husbands monies with reputable financial institutions like African Alliance but, after the collapse of Likhwane subsequent to the rampant looting, Eswatini Electricity Company(EEC) dumped hundreds of orphans and widows.

It has been disclosed that, the senior EEC Management allegedly colluded with Peter Mgcini Shongwe, the former Manager who established Likhwane to loot over R200million being pension monies and other benefits for the late employees and as a result, hundreds of beneficiaries are living in poverty after the collapse of Likhwane.

“I am the wife of the late Vusi ‘Tiki’ Dlamini who was working at EEC as a Meter Reader, he died in August 2020. The EEC Management invited me for a meeting and I was told that the over four hundred thousand Rands(R400,000.00) pension and other benefits due to the children will be transferred to Likhwane Beneficiary Fund. I wanted the money to be invested with African Alliance or Royal Insurance but, they refused saying it’s the policy of EEC to invest with Likhwane. Now the children are financially struggling, their father’s money was looted”, said the widow.

It has been disclosed that, as a result of the highly syndicated corruption involving Likhwane and the senior Electricity Company Management including Managing Director Enerst Mkhonta, the Financial Services Regulatory Authority(FSRA) launched a high level investigation and indeed, it was confirmed that, there was mismanagement of beneficiary funds, Likhwane accounts were subsequently frozen by the regulator pending liquidation.

Khaya Mavuso, the Spokesperson of the Eswatini Electricity Company(EEC) declined to comment regarding this multimillion corruption scandal involving the energy company particularly Managing Director Enerst Mkhonta.

But Ncamiso Ntshalitshali, the Chief Executive Officer(CEO) of the Financial Services Regulatory Authority recently released a statement, clarifying why Likhwane was liquidated.

“The regulatory decision to take steps towards liquidation was based on a thorough investigation into Likhwane’s mismanagement of beneficiary funds and failure to adhere to regulatory investments standards, which jeopardized its financial stability and solvency”, reads the statement in part.

Peter Mgcini Shongwe, the CEO of the now defunct Likhwane Beneficiary Fund, avoided questions when this publication tried to contact him regarding this multimillion corruption scandal that left hundreds of orphans and widows in poverty.

On another note, Nomcebo Motsa, the widow to the late Boysin Sukati who was working for the Electricity Company as a Surveyor said, her husband died and EEC refused to release about five hundred thousand Rands(R500,000.00) due to the children saying “the money will be transferred” to Likhwane Beneficiary Fund.

“But Likhwane was subsequently closed and the children are now financially struggling”, she said.

Corruption is rife within the eSwatini public administration including State owned companies, millions have been looted and the country is failing to fight corruption.

The alleged looting of millions within Likhwane left hundred of orphans and widows grounded with no money to pay school fees and food after the death of EEC workers.