CMB bosses face investor firing squad
Friday, January 18, 2019
CMB director, Okaile
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.
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...