The legislator suggested that the failure may be due to the fact that the minister is possibly related to some of the beneficiaries. He said that according to the Eurex website before it was shut down, one of the beneficiaries of the scheme shares a surname with the minister. That beneficiary could be related to the minister and this may be the reason he could not brief the nation on the matter.
"If a very close relative of mine is involved in this thing and I am the Finance Minister, then I will not be able to advise the nation against or for joining the Eurex scheme," Mmolotsi said.He asked Matambo to state why his ministry is not able to investigate and acquire more information about the company.
The MP said that since it appears that the minister is related to some of the beneficiaries, he could have more information and better advice for the nation about the scheme. "We expect the finance ministry to advice the nation better so that people cannot fall victim to these schemes," he said. In reaction, Matambo dismissed the allegations and said that he was not going to respond. He said that people have been involved in pyramid schemes whether they had his surname attached to them or not. He said it was their personal decision.
"I am not going to respond to the question whether anybody who benefited or lost
money to Eurex had a surname similar to mine. I will not speak about private people in their absence and on their personal matters," said Matambo.
He said he has been told that Eurex is based in Panama and if it was in Botswana, then his ministry can find ways to deal with it. He said that there is no law in Botswana that can deal with such entities from foreign countries. He said he did not have any information on Eurex. "I am responsible for finance in Botswana not Eurex, so like everybody else who has invested in this, whether they gained or lost money, they did so in their own personal capacity. Through NBFIRA, we researched on what this thing is about and issued a statement for people to be vigilant when investing in Eurex. I have no further information to give about Eurex," he stated.
However, the MP for Francistown West, Tshelang Masisi said that he saw nothing wrong with Eurex. He said the company is in business like any other, and it is an individual's decision to take a risk and join it. "This Eurex thing is registered, which is why it has headquarters in Panama. Batswana should know that this is just like gambling, it is either you save your money in the bank or you invest it at your own risk. It is your choice," Masisi said.