Court denies CMB time in mega-money battle

Friday, July 13, 2018

The Court of Appeal has denied local asset manager, Capital Management Botswana (CMB) time to put their house in order. The CMB who are facing the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and Botswana Public Officers Pension Fund (BPOPF) for a case in which the regulator is fighting to place it under statutory management, were hoping not to proceed with the case yesterday.

However, the three-men bench of Justices Ian Kirby, Singh Walia and David Brand declined to postpone the matter on reasons that there was no proper application before them, and that there was no valid reason raised for a postponement.

They ordered that the matter continue as scheduled, more so that all relevant papers have been filed by both parties.

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