The Ministry of Finance and Economic Development says it is closely monitoring the developments at BBS Limited and the Bank of Botswana (BoB) is at hand to institute 'response measures' as may be necessary.
In a statement this afternoon, permanent secretary, Wilfred Mandlebe said the board, led by chairperson, Pelani Siwawa-Ndai, has been in constant contact with the ministry and the central bank with reassurances that BBS’ business continued to be conducted in a “safe, sound and prudent manner”.
“The board has been implored to continue to exercise their duty of care in a diligent and prudent manner, as expected, and to maintain sound banking operations consistent with all applicable laws governing the affairs of BBS Ltd,” Mandlebe said.
He said through monitoring mechanisms put in place by the BoB, the Ministry was “continuously” being briefed on developments at BBS Ltd.
Axed managing director, Pius Molefe and the board earlier today locked horns at the Lobatse High Court over an interim order won by the board that pushed out the veteran administrator.