The US makes annual reviews of the ‘fiscal transparency’ of governments that receive its financial assistance to ensure that American taxpayers’ money is used appropriately.
In its review
of Swaziland published in June 2015 the US Department of State concluded the
kingdom, ruled by King Mswati, who is an absolute monarch, did not meet
acceptable standards.
The report stated, ‘Expenditures
to support the royal family, military, police, and correctional services are
included in the budget, but are not subject to the same oversight as the rest
of the budget.’
It added, ‘Revenues and
expenditures related to natural resources are not included in the budget.’
The report concluded,
‘Fiscal transparency in Swaziland would be improved by including all
expenditures and revenues in the budget; subjecting the entire budget to audit
and oversight; consistently applying legal procedures in the awarding of
natural resource extraction contracts and licenses; and making basic
information on natural resource awards publicly available.’
The truth about of the
King’s spending has been consistently hidden from the Swazi people, his budget
is never debated in parliament, and audits of the budget are only presented to
the King himself and the Royal Board of Trustees chaired by the minister of
finance.
Media in Swaziland have access to the full budget estimates which contain information about the King’s budget but do not publish it. State media in the kingdom are heavily censored and the private media censors itself when reporting about the King.
Media in Swaziland have access to the full budget estimates which contain information about the King’s budget but do not publish it. State media in the kingdom are heavily censored and the private media censors itself when reporting about the King.
The source of much of King Mswati’s income remains secret. In
2009, Forbes magazine estimated that the King himself had a personal net
fortune worth US$200 million. Forbes also said King Mswati was the beneficiary
of two funds created by his father Sobhuza II in
trust for the Swazi nation. During his reign, he has absolute discretion over
use of the income. The trust has been estimated
to be worth US$10 billion.
In August 2014 the Sunday
Times newspaper in South Africa reported King Mswati personally received
millions of dollars from international companies such as phone giant MTN; sugar
conglomerates Illovo
and Remgro; Sun International hotels and beverages firm SAB Millerto.
It reported that MTN, which has a monopoly of the cell
phone business in Swaziland, paid dividends directly to the King. He holds 10
percent of the shares in MTN in Swaziland and is referred to by the company as
an ‘esteemed shareholder’. It said MTN had paid R114 million (US$11.4 million)
to the King over the past five years.
The newspaper also reported that the King was
receiving income from Tibiyo Taka Ngwane, which paid dividends in 2013 of
R218.1 million. The newspaper reported ‘several sources’ who said it was ‘an
open secret’ that although money generated by Tibiyo was meant to be used for
the benefit of the nation, Tibiyo in fact channelled money directly to the
Royal Family.
Meanwhile, seven in ten of Swaziland’s tiny 1.4
million population live in abject poverty with incomes less than US$2 a day;
three in ten are so hungry they are medically diagnosed as malnourished and the
kingdom has the highest rate of HIV infection in the world.
Despite the poverty of the
kingdom, King Mswati continues to live a lavish lifestyle. He has 13 palaces, fleets of top-of-the-range
Mercedes and BMW cars, at least one Rolls Royce and a private jet.
See also
KING DIVERTS WEALTH FROM HIS SUBJECTS
KING MSWATI SPENDS AND SPENDS
http://swazimedia.blogspot.co.uk/2014/05/king-mswati-spends-and-spends.html
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