CMB directors to face irate creditors

A statutory manager appointed by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) suspects the asset manager, under the guise of managing funds for the Botswana Public Officers Pension Fund (BPOPF) and Bona Life, lost hundreds of millions of Pula through bad investments, alleged fraud and personal enrichment, via a complex web of directorships and shady entities.

The two entities alone are collectively seeking the return of more than P550 million. Other creditors include Lobatse Clay Works, Yarona FM, the Manual Workers Union, Grant Thornton, BIFM, Mascom, Botswana Telecommunications Corporation Limited and others who are collectively claiming more than P62 million.