CMB Workers Unpaid For Months

Employees of the troubled asset manager have not been paid for several months now. On March 9 at the High Court, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) faced off against CMB, in a suit in which the regulator wanted to place the asset manager under statutory management.

NBFIRA actions were prompted by complaints by the Botswana Public Officers Pension Fund (BPOPF), in its attempts to recover more than P400 million at one time under CMB’s management. Citizen-owned insurer, Bona Life also reported CMB to NBFIRA over P133 million in assets under management. The pension fund and the insurer are unhappy about the manner in which the funds were managed. For its part, CMB said BPOPF has no valid claim to the funds in dispute and Bona Life is attempting to blame the asset manager for its own alleged mismanagement.