Trust ordered to account for R41m transfer
King Misuzulu ka Zwelithini has ordered Ingonyama Trust Board (ITB) chairperson Jerome Ngwenya to publicly account for the entity’s finances within seven days in a bid to enforce transparency and accountability in its workings.
The monarch made the intervention this week, shortly after the Mail & Guardian exposed that the ITB had failed to account to the Auditor General for R41m it transferred to its investment wing, Ingonyama Holdings, in 2021.
The funds were paid to two legal firms and to an investment company, AIN Private Capital, Pty Limited, which was registered only four months before the payments began in March 2021.
Misuzulu is the sole trustee of the Ingonyama Trust, and is responsible for appointing the chairperson of the board.
The rest of whose members are nominated by provincial and national government and the House of Traditional Leaders.
The monarch said he had summoned Ngwenya, who was appointed by his late father in 2000, ‘upon the emergence of negative news reports relating to financial management in the organisation’.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
