Tibiyo Taka Ngwane and royal family dominance of the economy King Mswati’s personal wealth is estimated by Forbes Magazine at around USD 200 million (R2 Billion). In addition, the king controls Tibiyo Taka Ngwane, a fund founded by his father allegedly for purchasing foreigners’ interests in enterprises deemed essential to Swaziland’s development. Every Swazi man was required to contribute, typically one cow. The founding charter, although never registered, defined Tibiyo as a national asset held by the king in trust for all Swazis, each of whom was deemed to be a shareholder. Income from Tibiyo’s present total worth of around USD 2 billion (R20 Billion) supports King Mswati, his dozen wives, their 27 children and those of the king’s royal kinfolk whom he must placate in order to preclude their doing him harm. Like Mswati, Tibiyo is immune from taxation, civil suits and criminal prosecution. Over the past 45 years, Tibiyo has exploited its official status as a ‘Swazi national empowerment vehicle’ to acquire equity at nominal costs in key sectors of the Swazi economy.The legal status of Tibiyo has been described as ferae naturae, a Latin term meaning “of a wild nature” like an animal running free in the forest and owned by no one. This is because Tibiyo and those who control it cannot be held accountable by anyone or any authority. As a result of its unique status, Tibiyo’s dominance in Swaziland’s economy is invulnerable to competition. King Mswati ensures that the government’s laws and law enforcement, regulations, budgeting and contracting all work in Tibiyo’s favor while placing barriers against would be entrepreneurs who do not enjoy the king’s protection. Both Sobhuza and Mswati have dispossessed village people of lands which subsequently were folded into Tibiyo’s business assets. One example is the sugar producing fields of the Royal Swaziland Sugar Corporation. These are located on highly fertile land previously occupied by prosperous communities which were forcibly relocated to a marginal farming area where they now live in poverty. Similarly, large areas in Big Bend which were developed into Tibiyo’s sugar cane business were acquired by King Sobhuza through forced evictions without compensation. Mswati has seized people’s homes, land and other properties without indemnifying the owners. In Swaziland, property is insecure, and rightful owners have no effective redress in the legal system which places the king above all laws – FREEDOM HOUSE
Posted on: Fri, 20 Sep 2013 13:15:59 +0000
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