Manzini Pastors and Teachers Caught Up in Controversial Financial Scheme: ICI’s Pyramid-like Operations Exposed
Overview
- Local ICI representatives targeting pastors and teachers in Swaziland to join financial scheme
- Preferred due to extensive networks and large communities
- Themba Dlamini, local sales representative, held presentation last week
- Required bank account with First National, Standard or Nedbank
- Preferred pastors and teachers for extensive networks
ICI’s Operations and Requirements
- Earn substantial returns by onboarding new members
- Monthly return based on new members recruited
- Claims of competitive interest rates of 15% and above
- Central Bank of Swaziland has not confirmed these claims
Concerns and Allegations
- Pyramid scheme allegations rejected by Dlamini
- No public confirmation from Central Bank of Swaziland
- Overwhelming reliance on recruitment and ambiguous operations a cause for concern
Attendance and Monthly Contributions
- Initially only 8 attendees
- Minimum monthly contribution of E260, electronically transferred
- Funds promised to be returned with accumulated interest when members leave
Share Purchase and Selling
- Members can purchase shares in well-known companies
- No issues with selling these shares when desired
- Involvement of purchased shares does not make it a traditional pyramid scheme, but concerns still remain
Investigation Continues
- The Times SUNDAY to provide updates as more information becomes available