Kgori Capital Fights Hard To Retain Clients
Staff Writer | Monday December 18, 2017 18:57
The statement also shows that the company is not pleased with some news making rounds about their client dealings.
The BPOPF Investment and Risk committee last week met to deliberate on the Kgori matter and recommended that the contract, which comprises management of listed equities, fixed income and cash, be terminated. The board of trustees, chaired by Permanent Secretary to the President, Carter Morupisi, will on Tuesday meet to either adopt or decline the recommendation.
“Kgori Capital is a home-grown asset management company that has always strived to make an enduring difference. We set out to do better for our country. We set out to demonstrate that, indeed, a 100% citizen-owned and -run asset manager can serve the likes of BPOPF as well as anyone else in the world.
In fact, it is our conviction that our intrinsic understanding of the lay of the land here in Botswana provides us a distinct advantage over others,” read a statement from Kabelo Binns on behalf of Kgori.
Kgori states that they are incredibly saddened by the topic that has gripped the nation over the last couple of weeks. He says that they have not gotten all the facts yet as the topic appears to be incredibly complex, and with multiple layers.
“Alphonse Ndzinge and Sharifa Noor are currently joint executive managers of Kgori Capital. This follows the resignation of our former managing director, Bakang Seretse.
Our shareholder’s agreement states that those that are employed by Kgori Capital will only hold shares. Thus, we have already started the process of removing Seretse from our shareholders list,” Binns wrote.
In what seems like a complaint towards circulation of recommendations made by BPOPF Investment and Risk committee, Kgori bemoans, “At Kgori Capital, we take confidentiality extremely seriously. Thus, we are saddened by the carefree and casual way extremely confidential information about clients and client dealings is being circulated.
This is particularly so on social media. We would like to state and gently remind people that we are talking about people’s livelihoods.
We are talking about people’s jobs and careers. We plead with all to restrain themselves from speculation. We are prepared to engage on the facts as we have them.”
Seretse and his co-accused, Botho Leburu and Kenneth Kerekang, have been charged with money laundering allegedly in connection to P250 million transferred from Kgori Capital-managed National Petroleum Fund to build fuel reserves for the Directorate of Intelligence and Security Services (DIS).