CMB bosses face investor firing squad

CMB director, Okaile
CMB director, Okaile

The two directors of mothballed asset management firm, Capital Management Botswana (CMB), are due to spend three days next month facing questions from creditors who are tracing more than P500 million that went missing under the firm’s management.

The firm’s provisional liquidator, John Little, has reportedly issued subpoenas for CMB directors, Tim Marsland and Rapula Okaile as well as possible “others” who will only be known on the date of the enquiry.

The face-off will be held before the Master of the High Court in Gaborone, as part of the fact-finding provisions of the Companies Act.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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