CMB, Okaile face 61 counts in fresh P450m BPOPF loot storm
Mpho Mokwape | Wednesday March 11, 2026 08:19
Rapula is charged with CMB and its sister company, CMB Fund 1. At the time the alleged offences happened, from 2017, CMB was managing assets for BPOPF.
The charges relate to the handling of funds entrusted to the company to manage the pension fund’s assets, and the former director is left to face the storm alone after his co-director, South African businessman Timothy Marsland, allegedly took his life around April 2025.
Marsland was at the time in trouble with both the SA and Botswana law and had spent time in prison before the incident.
According to the new charge sheet, Okaile and the two companies face 54 charges of money laundering, stealing by agent, obtaining by false pretences and corruption.
On the charge of money laundering, the Directorate of Public Prosecutions (DPP) alleges that the accused persons, Okaile in his personal capacity, Marsland (not before court) and CMB, a company duly registered and incorporated in terms of the company laws of Botswana represented by Okaile in his capacity as one of its directors, and CMB FUND, also represented by Okaile in his capacity as one of its directors, on or about November 4, 2016 in Gaborone, transferred P 10, 000, 000.00 from First National Bank of Botswana bank account no. 62100023358 held under the names Capital Management Botswana Fund 1 (Pty) Ltd.
The said funds, according to the charge sheet, were transferred, “To an unauthorised beneficiary of First National Bank of Botswana bank account no. 62122793426 held under the names Goldwing (Pty) Ltd t/a Cell City, that being property which in part represented proceeds of crime and the accused persons knew the same to have been derived in whole directly from a confiscation offence of stealing by agent”.
On another count of money laundering, it is alleged that the above named on or about April 27, 2017, in Gaborone, transferred P 4, 000, 000.00 from bank account no. 62100023358 held under the names Capital Management Botswana Fund 1 (Pty) Ltd, First National Bank of Botswana, to an unauthorised beneficiary of the Stanbic Bank of Botswana bank account no. 9060001356203 held under the names Armstrong Legal Trust, such amount being property which in part represented proceeds of crime, and the accused persons knew the same to have been derived in whole directly from a confiscation offence of stealing by agent.
The accused are also charged with stealing by agent, contrary to Section 271 as read with Section 279 (b) and Section 21(b) of the Penal Code.
Particulars of the offence are that the same accused persons, on or about the December 1, 2017, in Gaborone, being agents and Fund Managers for Botswana Public Officers Pension Fund (BPOPF) through Botswana Opportunity Partnership (BOP), stole the sum of P4, 254, 595.26, being property of BPOPF which was entrusted to them by the said BPOPF for purposes of investment.
Appearing in the charge sheet is also the charge of corruption under Section 25 (2) as read with Section 36 of the Corruption and Economic Crime Act.
“The accused persons, Okaile in his personal capacity, Marsland (not before Court), CMB represented by Okaile in his capacity as one of its directors and CMB FUND 1 represented by Rapula Okaile in his capacity as one of its directors, on or about May 15, 2017, in Gaborone, acting together and in concert, through Manor Squad Services (PTY) LTD, a South African based company of which Okaile was one of its Directors, gave Carter Nkatla (Morupisi). a Toyota Land Cruiser,” reads the charge sheet.
As per the court documents, Morupisi who at the material time was employed as Permanent Secretary to the President (PSP) and Board Chairperson of BPOPF, was given a gold Toyota Land Cruiser pickup valued at R 630 988.99 as a reward for having signed a contract with CMB or behalf of BPOPF authorising CMB to administer BPOPF funds as private equity managers without the final resolution of the Board and whilst the business of the Board was on suspension by a Court Order.
Closing the charges is obtaining by false pretences according to the Criminal Procedure and Evidence Act, where the accused persons are alleged to have on or about May 30, 2017, in Gaborone, of the Republic of Botswana, acting together and in concert, by false pretences and with intent to defraud Bona Life Insurance (Pty) Ltd, obtained the amount of P133 500 000.00, by making a false presentation to a certain Regina Sikalesele-Vaka, Chief Executive Officer of Bona Life Insurance (Pty) Ltd, to the effect that the said amount would be invested on behalf of Bona Life Insurance Pty Ltd, when in fact and in truth, at all material times, the accused persons knew that such statement was false.
The case is scheduled today before Broadhurst’s Magistrate Court.