By Sibusiso Dlamini | 2025-04-02

BUSINESS Eswatini (BE) President Mvuselelo Fakudze and Chief Executive Officer (CEO) E. Nathi Dlamini have recused themselves from the boardroom drama at EswatiniMed.

This was confirmed by BE Vice President and Montigny CEO Andrew le Roux who said the move was aimed at avoiding conflicts of interest, amid an escalating dispute with EswatiniMed Chairman Sammy Dlamini and Principal Officer Peter Simelane.

The leading private sector organisation in the country filed the application with the High Court last week, seeking to have both executives (Simelane and Dlamini) imprisoned for contempt of court, for their role in holding the Annual General Meeting despite a court order interdicting them.

The AGM was held on March 26, despite the interdict by Judge Ticheme Dlamini.
In their court papers, BE argues that Simelane and Dlamini engaged in a direct attack on the judiciary’s authority and accountability structures within EswatiniMed by going ahead with the AGM.

“We had to ensure that there’s no conflict of interest or even perceived conflict of interest,” le Roux stated.
Fakudze, who is also Standard Bank Eswatini Chief Executive, confirmed last night the decision to withdraw themselves from the matter in a bid to ensure that there was transparency and sensitivities were being attended to.

“We asked that someone independent steps in to drive the process,” said Fakudze. Le Roux had also confirmed that head of trade and commerce Musa Maseko had been asked to step in and hold fort for the CEO together with head of Legal Affairs Nozipho Msibi as the leading private sector organisation navigates the legal battle with the EswatiniMed CEO and board chairman.

Meanwhile, le Roux has also sought to make it clear that he was not using his position at BE to secure Montigny’s alleged acquisition of the troubled Eswatini Private Hospital (EPH).
“That would be the absolute worst investment ever because the hospital is not audited,” le Roux said, adding that the lack of financial transparency at EPH makes it an unattractive business prospect.

Speaking out on the boardroom drama at EswatiniMed, le Roux dismissed claims that government holds a shareholder position in EswatiniMed, describing claims by Dlamini (Sammy) that government is the principal shareholder as ‘absolute nonsense.’

He instead alleges that while government has the authority to appoint some directors, it is not a founding shareholder of the fund.
“The notion that the government is a shareholder or involved at the shareholder level is completely false,” he stated.

Expounding on the controversy, le Roux said BE decided to take action following mounting concerns over financial mismanagement and defiance of governance protocols, which led BE to launch urgent legal action against Simelane and Dlamini.
“Let’s be clear here and not run away from the facts, this whole controversy surrounding EswatiniMed stems from allegations of severe financial mismanagement, which has left the medical aid scheme in a precarious financial position,” alleged le Roux.

He further claims the fund has been on a downward financial trajectory since its investment in the Eswatini Private Hospital (EPH).

“The Fund is running out of money, to put it quite frankly. It’s been on a downward trend for a number of years, particularly since its investment into the hospital,” he said.
According to him, the alleged concerns over financial instability have not been confined to BE alone, but also the Bankers Association, who he claims also raised the alarm, citing the scheme’s dwindling resources as a major risk to both financial institutions and their employees who are EswatiniMed members.

“If Simelane has nothing to hide, why doesn’t he just sit back, go on holiday for a few days, take paid vacation and allow a forensic audit to happen?” he asked.
The BE vice president further questioned the principal officer’s running of football aspirations, as he owns a Premier League football club.

“Governance structures have been compromised, as board meetings and Annual General Meetings are being held improperly, funds are being spent without authorisation, and the audit will prove that there is serious corporate malpractice,” he further alleged.

Efforts to obtain comment from EswatiniMed Principal Officer Peter Simelane were unsuccessful, as calls to his mobile phone went unanswered yesterday afternoon.

 

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