‘Investor’ abandons €500m suit from Eswatini

Innocent Selatlhwa | Monday July 6, 2026 06:00

In an affidavit commissioned in Eswatini on June 30, Alithea director Vinay Roopchand informed the High Court that the company no longer wished to proceed with the application it had initially launched against FNBB.

The latest development comes barely weeks after Alithea secured an interim court order that allowed it to preserve documents and electronic records at the bank's premises as part of its efforts to trace the disputed funds.

The company had alleged that EUR500 million, equivalent to about P7.8 billion, was transferred through Deutsche Bank AG Frankfurt into its account at FNBB. FNBB has consistently denied ever receiving the money.

However, in a sworn affidavit filed before the High Court, Roopchand says fresh information has changed the direction of the case.

'Since the institution of these proceedings, I have received further information concerning the movement of the funds in question and subject of my application,' he states. He further says the information now available suggests that the money is no longer within Botswana.

'The information now available to me indicates that the funds have already been transferred beyond the jurisdiction of this court to South Africa,' Roopchand states.

On the strength of that development, Alithea says it has decided to abandon the civil proceedings before the Botswana courts. 'As a result of these developments, I have elected to pursue the matter through the appropriate law enforcement authorities rather than continue with the present civil proceedings,' the affidavit reads.

Roopchand says the company is already working with investigative agencies in an effort to trace the alleged funds. 'I am presently engaged with the relevant investigative authorities, including international law enforcement agencies, in efforts to trace and recover the funds. Those investigations are ongoing and I do not consider it appropriate to comment further on their nature or scope. The trace and movement of the funds is also an ongoing process; we continue to monitor the funds,' he states. The affidavit marks a significant shift in Alithea's strategy.

Until now, the company had maintained that the disputed funds had been transferred into an FNBB account through the international SWIFT payment system and had sought court intervention to preserve banking records it believed could establish what happened to the money.

The company had also written to SWIFT headquarters in Belgium requesting preservation of transaction records while notifying the Bank of Botswana and several local law enforcement agencies about the matter.

Instead of pursuing that civil route, Alithea now says it intends to focus on criminal investigations and possible proceedings in other jurisdictions. Roopchand is careful to state that withdrawing the Botswana case should not be interpreted as abandoning the company's claims.

'My decision to withdraw these proceedings should not be interpreted as a concession on the merits of any issue, nor as a waiver or abandonment of any rights or remedies that I may have against any person or entity arising from the facts giving rise to this matter,' he states.

He adds that the company reserves the right to institute fresh proceedings once investigations have been completed or if further evidence becomes available. 'I expressly reserve all of my rights to institute such proceedings, whether civil or otherwise, as may be appropriate upon the conclusion of the ongoing investigations or should further evidence become available,' he says.

The affidavit also brings to an end Alithea's relationship with its Botswana legal team. Roopchand informed the court that he was immediately terminating the mandate previously granted to his attorneys of record KV Mvududu Attorneys and withdrawing their power of attorney.'I shall be engaging South African Advocates,' he states. Despite ending the relationship, Roopchand praises his lawyers for their work.

'I record that my attorneys have acted at all material times in accordance with my instructions and have discharged their professional obligations diligently and competently. The termination of their mandate arises solely from my decision to withdraw these proceedings and is not attributable to any conduct or omission on their part,' he states. He also tenders the costs of withdrawing the application.

The latest development comes as FNBB is seeking to set aside the interim court order. In papers filed earlier this week, the bank denied ever receiving the alleged EUR500 million and argued that Alithea had failed to produce any tangible proof that the funds were transmitted to FNBB.

Additionally, bank also challenged the legality of the search conducted at its premises and accused Alithea of obtaining the interim order through material non-disclosure.