Babereki Investments auctions Molome's Movables
Goitsemodimo Kaelo | Monday March 29, 2021 14:50
BI had sued Mamataz Enterprises and Molome for the money his company received as a commission fee for services rendered between September and November 2016.
The court has directed the sheriff or his deputy to sell by public auction Mamataz Enterprises and Molome’s movable property to recover the sum of P11,604,000 plus 10% interest from the day of disbursement to date, of the payment as excess money BI paid back in 2016.
The money will also include the cost of suit on attorney and own client scale ordered against Molome and his company.
BOPEU, represented by its then executive chairperson Andrew Motsamai, had in September 2016 agreed with Mamataz to raise capital for the union’s commercial wing.
The funds raised were to be used for growing the microlending and asset management businesses of BOPEU, held under the BI.
In the contract signed by Motsamai and Molome, the parties agreed that BI should pay a three percent facilitation fee of the capital raised to Mamataz.
BI’s case was that from the targeted P1.2 billion only P50 million was secured, but strangely Mamataz was paid about P13 million.
BI was of the view that it was robbed of P11.6 million because the signed contract stipulated clearly that the three percent was to be paid on capital raised.
According to BI, from the P50 million Mamataz was entitled to P1.5 million that was secured from Botswana Life. BI’s bone of contention was that the payment of the amount was not based on the contract, or for the service rendered, but was done fraudulently.
It also argued that this was a result of a conspiracy to defraud the company as it was made without any entitlement whatsoever by Molome and Mamataz to such funds.
But Molome argued that his company was entitled to a fee of three percent on the P1.2 billion raised as the invoices that were sent to the plaintiff that he says clearly indicated the basis upon which the fee was being raised.
“You are hereby directed to attach and take into execution the movable goods of the above-mentioned 1st Defendant, Mamataz Enterprises (Pty) Ltd, company 2005/3560 of plot 16427, Gaborone West, Gaborone and 2nd Defendant Ernest Molome of the same address, and the same to be caused to be realised by public auction the following sum, P11,604.00, together with interest on the aforesaid amount at 10% per annum compounded from the date of disbursement to date of final payment, which sum and interest the plaintiff recovered by the judgment of this Honourable Court dated the 13th day of March 2020 in terms of the aforesaid judgment in the aforementioned case,” read the writ of execution.
BI’s board chairperson, Masego Mogwera told The Monitor that the deputy sheriff will start attaching Molome’s movable goods from this week.