After losing R60-million of municipal workers’ money in a VBS-linked investment scam, the asset manager also faces a legal wrangle in Eswatini.
The Financial Services Conduct Authority has suspended the operating licence of JM Busha Investments, the controversial asset manager that lost R60-million from the Municipal Workers Retirement Fund belonging to more than 26000 municipal workers.
JM Busha is also embroiled in a messy court action by the Eswatini Financial Sector Regulatory Authority , which accused the company of attempting to unlawfully transfer millions belonging to investors there to South Africa. He said: “The process is still on-going as you know liquidation takes time. I met with the related parties including the liquidators last week.”
SBI, which belongs to church leader Shepherd Bushiri and which was fined for operating without a licence in 2018, also found itself duped out of millions of its money when it invested into a company owned by another senior pastor of the church.newspaper reported that Nicholas Mgiba’s Merger Chen Solutions promised congregants of Bushiri’s Enlightened Christian Gathering church a 57-fold increase in six months on a R1-million investment, and the SBI itself was caught in this scheme.
“These guys did not initiate the Safrican business, and in fact the current arrangement is to accommodate them [Busha],” said one, who asked to be anonymous. “It’s simply too expensive because these guys must get their 17% .”
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