The Swaziland Solidarity Network (SSN) has named African Alliance group and Interneuron South Africa as the two companies behind a E1.4 billion government bailout loan announced this week.
The Swazi Government has refused to name the companies behind the deal, or to reveal the interest rates being charged, or any other conditions of the loan.
But SSN, citing ‘highly placed sources’ in the Swaziland Government and financial institutions, says African Alliance has offered to raise R1 billion, with Interneuron SA loaning the rest of the money.
SSN, in a statement said, ‘The king has shares in the African Alliance group and African Alliance Swaziland is managed by his financial adviser, friend and personal do-boy, Sithofeni Ginindza.’
SSN said the Swaziland Government has had to put up its own shares in Standard Bank, First National Bank, Ned Bank and Swazi Bank as collateral.
SSN said, ‘At a stroke of a pen the people of Swaziland are facing a real risk of losing whatever little family silver that the country still has. It would not be surprising if African Alliance emerges out of this illicit deal as the future super bank of Swaziland.’
SSN said, ‘Interneuron SA, has offered the government R400 million and seeks to hold the equivalent value of the Swaziland Electricity Company as it is also seeking to acquire the MTN Swaziland shares currently owned by the Swaziland Postal and Telephone
‘SPTC is willing to sell these shares but only at their market value. This company, however, wishes to use its loan to the Swazi government as leverage to acquire them at less than half this price.
SSN added, ‘If these activities are honourable and well-intended and not just another
opportunity to loot the little that is still left in the country, why are they being made under the cover of night. Moreover why were they not advertised publicly so that the local and regional markets and society can participate in them and scrutinize the efficacy of the deals on offer?’
SSN also said the Swaziland Government was privately offering to sell eight other parastatals to private investors. ‘Only people connected with the ruling elite have information on what is going on. The country is being auctioned away to shylocks and these thugs are determined to loot everything before they leave office.’
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