QUITS: Phiwayinkhosi Ginindza.
his resignation comes amid allegations that, he together with four others, defrauded the Swaziland Local Government Authority (SWALGA) a sum of E21 000
LIDWALA Insurance Company Chief Executive Officer (CEO) Phiwayinkhosi Ginindza has resigned.
His resignation follows charges of fraud which the CEO is currently faced with, alleged a source close to the matter.
He is said to have resigned last Friday amid the allegations of fraud the company wanted him to explain.
According to the source, the CEO was compelled to resign after the company had asked him to come clean on the allegations where it was said that he, together with four other councillors defrauded the Swaziland Local Government Authority (SWALGA) a sum of E21 605.30. This was money meant to purchase Royal Gifts (Tetfulo) by town councilors early this year.
Replaced
Ginindza and the four councillors at that time formed the SWALGA presidential committee, which has since been replaced.
The source alleged that Lidwala Insurance had given Ginindza an ultimatum to either come clean or face the consequences.
Ginindza is said to have decided to do the honourable thing and resigned. Even though the source mentioned that the resignation had only been submitted, the company had not yet communicated anything to Ginindza.
When he was sought for comment yesterday, Ginindza could not be reached on his mobile phone as it rang unanswered. He is currently out on a E10 800 bail together with his co-accused.
The other four suspects are Mzobandzi Dlamini (35) of Siteki Town Council, Ayanda Sigudla (27) of Manzini City Council, Sithembile Mazibuko (42) of Mankayane Township and Dumsani Sibandze (48) of Nhlangano Town Council.
Ginindza joined Lidwala Insurance about three years ago after spending some time as SIPA CEO, a position he quit under a cloud of controversy.
ABOUT LIDWALA INSURANCE COMPANY
n Lidwala Insurance Company is a locally owned short term insurance company.
n The Company opened its doors to the trading public in 2009, after acquiring its operating licence from the Registrar of Insurance & Pension Funds.
n As the name implies, Lidwala Insurance Company comes at the back of strong capital and technical background with a philosophy deeply rooted in offering custom made Alternative Risk Transfer Solutions (ART) for the various insuring public.
CEO BACKGROUND
n Phiwayinkhosi Ginindza has gained an extensive management experience in various government departments and involved in the management and cooperated with a number of national, sub-regional and international institutions.
n He joined Government under the Ministry of Finance - Budget and Economic Affairs Department in 1996 and was later seconded to the Prime Minister's Office late 2001.
n He was further seconded to the African Development Bank (AfDB) in 2004 to represent the one of the Southern African Constituencies (namely, Lesotho, Malawi, Mauritius, South Africa, Swaziland and Zambia) at the Executive Board of the ADB.
n He later joined the Swaziland Investment Promotion Authority as Chief Executive Officer in 2007.
n He was now the Chief Executive Officer for the Lidwala Insurance Company, an institution responsible for providing asset and human security to the insuring clients and risk management services, in the Kingdom of Swaziland.
n He holds a Bachelor of Arts Degree in Social Science with majors in Economics and Statistics and a Masters of Arts Degree in Economics majoring in Development Finance. He has attended short term training in a number of courses in various fields.
No comments:
Post a Comment