8chan/8kun QResearch SOUTH AFRICA Posts (1)
#20743079 at 2024-04-18 18:15:02 (UTC+1)
Q Research South Africa #12: Joburg Blast and Highjacked Buildings Edition
>>20743061
>>20743064
>>20743072
"Swazi Secrets part 2: The construction kingpin" - 4 of 4
https://www.businesslive.co.za/fm/features/africa/2024-04-16-swazi-secrets-part-2-the-construction-kingpin/
16 April 2024 - 12:05
Excerpts
Funds 'being laundered'?
The ICIJ Swazi Secrets leak does provide evidence of SV Mdladla & Associates' role in facilitating a different set of questionable financial transactions for Shakantu in 2017. One of these took place in June 2017, when the EFIU flagged suspicious transactions involving millions of emalangeni paid from the Swazi National Provident Fund (SNPF), via a SV Mdladla & Associates Nedbank account, to the personal accounts of Shakantu and his deceased business partner Victor Gamedze.
According to a report by the EFIU (then known as the Swaziland FIU, or SFIU) accessed by Open Secrets as part of the Swazi Secrets leak, the unit detected a June 2017 transfer of E50m from the SNPF to a Nedbank account of SV Mdladla & Associates, which then remitted E20m each to Shakantu and Gamedze. The remaining E10m was paid to Swazi Mobile, which Shakantu and Gamedze co-founded.
The SNPF claimed the money was paid for shares in Swazi Mobile, but the EFIU in its internal documents casts doubt on these claims, saying "it is not clear why 80% of the funds were deposited into personal accounts. The funds remitted into personal accounts makes the SFIU believe the funds are being laundered and the claim of buying shares by SNPF is a front to cover up an alleged illicit act."
In October 2017 a similar transaction occurred, where SV Mdladla & Associates used a First National Bank account that received a transfer of E70m from the SNPF, according to the SFIU report. In the span of days this money was apparently disbursed, with E33m paid to accounts linked to Shakantu, E33m paid to accounts linked to Gamedze and the remaining E4m transferred to an African Alliance account. The latter company is close to the monarch's financial affairs, and is listed as a banker to the royal company Tibiyo Taka Ngwane, according to its 2022 annual report.
The SFIU report goes on to suggest that Shakantu moved a portion of this money into a prime-linked account at the Swaziland Building Society and, when that institution inquired about the origin of the funds, he claimed the proceeds were from the sale of property.
The roaming buffalo
The allegations, taken collectively, suggest that Shakantu's Inyatsi Group, on the face of it, may be linked to several questionable financial transactions that may require further investigation. Given the group's footprints across Southern Africa, the Inyatsi Group looks set to expand its operations and influence. As the Swazi Secrets leak reveals, the influential Inyatsi Group has, it seems, operated with impunity precisely because the institutions of state in an ostensibly corrupt absolute monarchy have tolerated this. The question is for how much longer will this continue - and at what cost to the people of Eswatini?