BDC confirms Gaetsaloe's exit
Mbongeni Mguni | Thursday January 17, 2019 09:27
Gaetsaloe’s departure was the subject of intense social media speculation yesterday afternoon with reports that his exit was linked to allegations of maladministration of some sort. Earlier this morning, unconfirmed reports suggested Gaetsaloe was due to be announced as the head of a major corporate in the country.
Last night, BDC head of corporate affairs and strategy, Boitshwarelo Lebang issued a brief statement saying Gaetsaloe had left to “pursue other opportunities”.
“BDC confirms the departure of Bashi Gaetsaloe from the employ of BDC as managing director to pursue other opportunities with immediate effect.
“The Corporation wishes to thanks Bashi for his contribution to BDC and wish him well in his future endeavours,” she said.
Gaetsaloe joined the BDC in April 2014 tasked with turning the state-owned investment agency from a dark period of high profile project failures, corruption and financial losses. His initial contract was renewed in 2017, amidst criticism from a parliamentary committee whose members claimed the process was cloaked with favouritism.
Gaetsaloe, however, is credited with returning the BDC to strong profitability, as reflected in a 39% jump in profit before tax for the group to P187 million for the year ended June 2018. He leaves the organisation with an asset base of P4.1 billion, up from P3.9 billion in 2017.