MBABANE, Eswatini — The Business Weekly & Review can now reveal details of a private meeting late last year between His Majesty King Mswati III and South African businessman Dave Van Niekerk — a gathering that drew public attention amid allegations and mounting legal battles.
Van Niekerk, a controversial figure known for his role in fintech ventures, was seen at the Ludzidzini Royal Residence at a time when he faced two red notices and an attachment order of £5 million obtained by ESW Investment Group. His appearance sparked speculation, but he now says the meeting was part of a personal pledge to the monarch: to help recover millions of emalangeni invested by citizens in the collapsed Ecsponent and Status Capital schemes.
“It was during that meeting that I committed to assist in resolving the matter of the missing funds in any way possible,” Van Niekerk said in an interview. “I have followed through on that commitment. After my resignation as a non-executive director, I undertook to help both members and management ensure that the investments made during my tenure were properly managed. All but one of the investments have been repaid.”
E35 million recovered, more expected
Van Niekerk says he acted as an intermediary in the recovery of more than E35 million in the Status Capital Building Society (SCBS) case. Curator Bimal de Silva, appointed by the Financial Services Regulatory Authority (FSRA) in December 2024, has since told investors that a further E95 million could be recovered, with another E2.7 million currently being pursued.
SCBS currently holds E33.7 million in various accounts: E23.5 million invested locally at 9.78 percent interest, E10 million in treasury bills earning 9.02 percent, and E183,000 in a commercial bank account at two percent for operational expenses.
De Silva told members that if SCBS were liquidated now, after paying E2.9 million in fees, E5.1 million to creditors and E1.5 million in employee costs, investors would recover about 16 percent of their original investments — an outcome members unanimously agreed to avoid. Funds recovered so far have been allocated to creditors (E600,000), employees (E1.2 million), operational expenses (E550,000) and issued loans (E346,000). Interest income of E1.5 million has offset staffing costs.
Lingering disputes and legal battles
Van Niekerk said the one outstanding investment falls under the responsibility of the court-appointed curator. He also stressed that he had never been a director of ESW or Status Asset Management and had no executive control over them.
At the request of certain parties, he said, he had tried to arrange a repayment deal between Status Asset Management and SCBS, but the proposal was rejected by the society’s management in favor of legal action — a move he claims escalated costs and diverted attention from deeper financial mismanagement, including excessive loans, inflated salaries, related-party legal fees and unnecessary rental expenses.
Van Niekerk also dismissed allegations of substantial overlaps in directorships and control between Ecsponent, SCBS and Status Asset Management as “false and without basis.”
Government engagement and SDFF case
Van Niekerk confirmed he had met senior government officials, including Finance Minister Neal Rijkenberg and Central Bank Governor Dr. Phil Mnisi, to discuss SCBS matters and recommended that ESW be placed under curatorship.
On allegations that he controls the Swaziland Debt Factoring Firm (SDFF) — against which SCBS has launched court action over a debenture agreement allegedly E82 million in arrears — Van Niekerk said, “I do not control SDFF. I am aware of the court proceedings currently pending.”
Looking ahead
Asked about his legacy, Van Niekerk said he wants it to be one of cooperation with authorities in tracing and recovering investor funds. “I have and will continue to assist wherever possible,” he said.
While the E35 million recovery is significant, the anticipated E95 million in further recoveries depends largely on legal and commercial processes tied to debentures. Multiple court actions remain active, and investors last week voted to extend De Silva’s mandate until Aug. 18, 2025, with a request to the FSRA for further extension until most outstanding funds are recovered.
