CENTRAL BANK REVOKES FARMERS BANK LICENSE
As the net closes on John Asfar, The Central Bank of Eswatini ('CBE') has not renewed the licence of Farmers Bank, due September 11th.
Instead, the CBE has given Farmers Bank a 'show cause' notice as to why the licence should not be cancelled.
Swazi Bridge readers will recall that Farmers Bank Director, John Asfar, left a trail of bankupt companies in Canada where he is from. He was also exposed in the Swazi Leaks saga.
Asfar fired his Board earlier this year. Before then he was sued for months of unpaid salaries at the Conciliation Mediation and Arbitration Commission (CMAC). CMAC ordered Asfar to pay all the staff their salaries, and as soon as that was settled, the old Board of Directors issued a demand for unpaid Board fees.
Controversial businessman John Asfer
As the Asfar empire crumbles, Alexandre Asfar popped into eSwatini to see the mess his brother created. He has since flown back to Canada.
John Asfar has now attempted to get some of his old staff back. Inside sources say Farmers Bank have no staff, and without a licence so they won't be be opening any time soon.
"Even Asfar's new Board cant operate - none of them have been approved by CBE. With a trail of unpaid invoices for Bankserve, SWIFT and local creditors Asfar is now fighting a losing battle," said a source from within the embattled bank.
Worse, Asfar's only asset at Farmers Bank, a haul of silver bullion, has been embargoed by the Eswatini Revenue Authority (ERA) due to the bullion being brought to Eswatini in an irregular manner with no import taxes paid. The bullion is Farmers Bank's only asset.
Swazi Bridge called Asfer for a comment and he angrily shouted to this reporter before blurring out expletives and then hanging the phone.
Central Bank's Communications Manager Mandla Luphondvo could not be drawn to comment on this story at the time of publishing. He asked to be allowed time to confirm with his superiors first before commenting.