He made his statement in a case where he is
personally being sued over a US$3.5
million debt relating to repairs and improvements to his private jet
aircraft.
The Eastern Caribbean Supreme Court in the British
Virgin Islands (BVI) made
a freezing order against the King, who rules Swaziland as sub-Saharan
Africa’s last absolute monarch, which meant he could not dispose of his jet
until the debt dispute was resolved. King Mswati was also required by the court
to disclose his assets.
In an affidavit to the court, Sihle Dlamini, the
King’s Private Secretary and Director of Administration at the King’s Office,
who had been authorised by the King to swear on his behalf, stated the King had
no ‘commercial assets’ outside of Swaziland. He also stated the King, ‘does not
own any assets in the United Kingdom’ and that the King did not ‘own any assets
in any overseas territories of the United Kingdom’.
He also stated that the King and the King’s company
Inchatsavane, which is also being sued, ‘do not own any other property, solely
or jointly, in their own name or not, in any other jurisdiction outside of
Swaziland’.
King Mswati’s wealth is a closely guarded secret. In
August 2007, Forbes magazine first disclosed that his
personal net worth was US$200 million (E1.4 billion at the then exchange rate).
That figure was revised downwards in later years.
In June 2014, Forbes
estimated his wealth had fallen
to US$50 million, which made him the third wealthiest monarch in Africa.
Forbes
reported, ‘The King is one of Africa’s wealthiest royals. His personal net
worth is at least $50 million, based on the annual $50 million salary that he
is paid out of government coffers.
‘He also controls Tibiyo TakaNgwane, an investment holding
company that owns stakes in sugar refining giants Ubombo Sugar and Royal
Swaziland Sugar Corporation (RSSC), dairy company Parmalat Swaziland,
spirits manufacturer Swaziland Beverages and hotel chain Swazi Spa Holdings.
The company has assets worth over $140 million, but he holds it in trust for
the people of Swaziland.’
It reported the King ruled over a kingdom which has
one of the world’s highest HIV prevalence rates: over 35 percent of adults. Its
average life expectancy is the lowest in the world at 33 years; nearly 70
percent of the country’s people live on less than US$1 a day and 40 percent are
unemployed.
It added, ‘But for all the suffering of the Swazi
people, King Mswati has barely shown concern or interest.
‘He lives lavishly, using his kingdom’s
treasury to fund his expensive tastes in German automobiles, first-class
leisure trips around the world and
women. But his gross mismanagement of his country’s finances is now having
dire economic consequences. Swaziland is going through a severe fiscal crisis.
‘The kingdom’s economy
is collapsing and pensions have been stopped. In June last year [2011], the
King begged for a financial bailout from South Africa.’
In February 2011 the Mail & Guardian
newspaper in South Africa reported King Mswati also had US$10-billion that
was put in trust in King Mswati’s name for the people of Swaziland by his
father, King Sobhuza II.
In 2015, a report from the United
States government concluded there was no oversight in the kingdom on
how the King, his 15 wives and vast Royal Family spent public money.
See also
KING
DIVERTS WEALTH FROM HIS SUBJECTS
KINGDOM’S
WEALTH STAYS WITH THE KING
KING
MSWATI SPENDS AND SPENDS
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