BPOPF, CMB talks focus on recoverable P200m

The talks in South Africa come as BPOPF and CMB await a July date at the Court of Appeal (CoA), which could render the arbitration moot as the regulator, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) pushes to take over control of CMB. The pension fund and CMB fell out early last year amidst allegations of impropriety and violations of the November 2014 Botswana Opportunities Partnership (BOP) deal under which BPOPF pumped P477 million into various investments managed by CMB.

Documents from the Court of Appeal indicate that CMB has agreed to give BPOPF 30 days written notice if it intends to “trade in or otherwise deal with” with the shares held in Wilderness and Cell City.