The Investor Relations Committee (IRC), in Eswatini, which convened on the 6th August 2024 to review the Ecsponent Eswatini Forensic Investigation Report, presented to Parliament by the Minister of Finance early August 2024 has come out clear to exonerate the Chief Executive Officer of MHMK George Manyere, who had been subjected to media reports implicating him in the Ecsponent saga, which among others suggest the latter has fleeced investors in that country millions of Pula.
The forensic investigation was commissioned by the Central Bank of Eswatini (CSE) and conducted by Cliffe Dekker Hofmeyr Inc. (CDH). The forensic Investigation was initiated at the request of the Investors who suffered financial losses to Ecsponent Eswatini. “The investors successfully lobbied Members of Parliament to commission the investigation via a Parliamentary Resolution after encountering difficulties in garnering attention from the Government and the Financial Services Regulatory Authority (FSRA),” said the statement.
Following the appointment of CDH by the CBS, the IRC, and through ESWIG (ESW Investment Group) and Getbucks Management, provided comprehensive submissions to this process. Subsequently, CDH has since resulted a forensic report. Considering the CDH report released to Parliament early August, the IRC, has stated its comments, which among others state that the CDH the report ‘is preliminary and incomplete, as noted In CDH's own qualifications and limitations outlined on pages 19-21 of the report’
“Critical resources and Information necessary for a thorough investigation were not accessed, leading to an incomplete understanding of the fraud and accountability issues. Notably, the omission of interviews with key individuals undermines the report's comprehensiveness. Evidence presented to CDH by ESW management substantiates the critical roles these Individuals played,” said the press statement which was released on the August 6th 2024. According to a statement, the CDH report excluded significant submissions from investors and ESW management, which are crucial for understanding the fraud and determining accountability. In addition, the report according to the IRC, the report, contains factual Inaccuracies that must be corrected in the final version, incorporating recommendations for additional Investigations.
“Lastly, the report's failure to adequately address the role of the critical directors Is concerning. It renders the report suspect and leads to the inevitable conclusion that it has been used to divert attention from the main suspects,” said the report. Meanwhile, Botswana Guardian has been able to establish that, the CEO of MHMK is not a director of Ecsponent or Getbucks.
The forensic investigation was commissioned by the Central Bank of Eswatini (CSE) and conducted by Cliffe Dekker Hofmeyr Inc. (CDH). The forensic Investigation was initiated at the request of the Investors who suffered financial losses to Ecsponent Eswatini. “The investors successfully lobbied Members of Parliament to commission the investigation via a Parliamentary Resolution after encountering difficulties in garnering attention from the Government and the Financial Services Regulatory Authority (FSRA),” said the statement.
Following the appointment of CDH by the CBS, the IRC, and through ESWIG (ESW Investment Group) and Getbucks Management, provided comprehensive submissions to this process. Subsequently, CDH has since resulted a forensic report. Considering the CDH report released to Parliament early August, the IRC, has stated its comments, which among others state that the CDH the report ‘is preliminary and incomplete, as noted In CDH's own qualifications and limitations outlined on pages 19-21 of the report’
“Critical resources and Information necessary for a thorough investigation were not accessed, leading to an incomplete understanding of the fraud and accountability issues. Notably, the omission of interviews with key individuals undermines the report's comprehensiveness. Evidence presented to CDH by ESW management substantiates the critical roles these Individuals played,” said the press statement which was released on the August 6th 2024. According to a statement, the CDH report excluded significant submissions from investors and ESW management, which are crucial for understanding the fraud and determining accountability. In addition, the report according to the IRC, the report, contains factual Inaccuracies that must be corrected in the final version, incorporating recommendations for additional Investigations.
“Lastly, the report's failure to adequately address the role of the critical directors Is concerning. It renders the report suspect and leads to the inevitable conclusion that it has been used to divert attention from the main suspects,” said the report. Meanwhile, Botswana Guardian has been able to establish that, the CEO of MHMK is not a director of Ecsponent or Getbucks.
