Last August, the High Court placed FirstCred, formally known as GetBucks Botswana, under judicial management following a period of financial turbulence with part of the troubles involving the alleged mismanagement of hundreds of millions of pula by former directors.
Documents seen by BusinessWeek indicate that while the judicial managers believe their interventions since last August have stabilised FirstCred, an amount of P258 million owed to the microlender is “probably not recoverable” meaning the company is insolvent.
