CMB Workers Unpaid For Months

The saying 'when elephants fight it is the grass that suffers' has come to play in the Capital Management Botswana (CMB) saga.

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.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

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