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P400m battle: NBFIRA wants rematch in 30 days

MBONGENI MGUNI
Gaborone High Court.PIC: MORERI SEJAKGOMO
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has filed an urgent appeal in the matter in which it lost a bid to place Capital Management Botswana (CMB) under statutory management.

The regulatory authority wants the Court of Appeal to hear its appeal in 30 days’ time. 

The appeal comes after the High Court dismissed NBFIRA’s bid to take control of CMB, in response to complaints from the Botswana Public Officers Pension Fund and Bona Life, which are pursuing a combined P560 million in disputed funds.

Judge Omphemetse Motumise dismissed the regulator’s

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case on April 24, saying NBFIRA had failed to prove the criteria required to impose statutory management on a regulated entity. 

Even as NBFIRA waits for its day in court, CMB and BPOPF are reportedly moving ahead with arbitration in the matter. 

Insiders in the matter believe the arbitration will focus on a settlement amount between the two parties.



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