NBFIRA blocks CMB's 11th hour escape bid

Embattled local asset management firm, Capital Management Botswana (CBM), this week allegedly attempted to surrender its licence to the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) ahead of a high-stakes Court of Appeal (CoA) judgement due today.

The move was a stark about-turn as CMB, since the beginning of the year, has fought off NBFIRA’s attempts to place it under statutory management. The regulator wanted the statutory management as part of a probe into the now famous P422 million saga involving monies invested by Botswana Public Officers Pension Fund (BPOPF).

Yesterday, several high level industry insiders told Mmegi that CMB had attempted to surrender its licence with NBFIRA, while promising to drop its other battles with BPOPF and Bona Life, the latter now a closed firm, which is demanding the return of P133 million from CMB.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

Have a Story? Send Us a tip
arrow up