Business

Bona Life closes shop

Thursday, July 05, 2018
Reginah Sikalesele Vaka PIC. MORERI SEJAKGOMO
Reginah Sikalesele Vaka PIC. MORERI SEJAKGOMO

Troubled life insurance company, Bona Life, earlier today shut its doors indefinitely, marking the culmination of a bitter shareholder dispute that traces back to the P400 million battle between the Botswana Public Officers Pension Fund (BPOPF) and asset management firm, Capital Management Botswana (CMB).

Bona Life holds about P800 million in annuities from nearly 1,000 clients. The company’s 20 permanent employees in Gaborone and Francistown were sent home yesterday, while the regulator, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) was said to have been informed of the closure.

It is expected that the regulator will take control of the life insurance company, following the latest developments. 

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