BIHL wants turnaround in Letshego’s weak spots
Friday, March 10, 2023 | 470 Views |
Resolute: Lesetedi says Letshego must show recovery in its weaker markets PIC: KENNEDY RAMOKONE
Botswana Insurance Holdings Limited, the country’s largest diversified financial services group, has been a loyal shareholder in Letshego, riding through recent periods of reduced profit contributions and growth.
For the year ended December 2022, Letshego reported a 30% drop in pretax profits to P801 million, with the weaker performance partly due to below-par performances in Ghana, Tanzania, Kenya, Nigeria, and Rwanda.
That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...