One of the directors of Capital Management Botswana (CMB) Rapula Okaile wants his confiscated assets back, saying the State used fabricated and misleading information to deceive the courts when the assets were seized.
Okaile’s assets including a house acquired for P3.5 million through a bank loan is amongst the 27 properties belonging to various entities confiscated as part of the CMB saga.
These include some undisclosed assets belonging to a company owned by his spouse, a cruiser belonging to a company owned by Pini Morupisi spouse to former PSP Carter Morupisi, two houses belonging to construction mogul Nicholas Zakhem, two immovable properties belonging to Bona Life, while another property allegedly belongs to one Trudy, who had taken a loan from CMB to buy the property.
Justice Omphemetse Motumise heard Okaile’s case on October 28 and judgement is expected on December 17, 2020.
Okaile who was the chief executive officer of CMB, which is now in liquidation, told the court last week that an impression was created that his company or himself had misappropriated P477 million, which was also fraudulently obtained.
However, the fact of the matter is that the funds were obtained legally according to the contract signed with Botswana Public Officers Pension Fund (BPOPF) and that they were duly invested as per agreement with the Fund, which released the funds in draw downs.
Okaile further said his case is threatened by the fact that the
He added that the share certificates evidencing the investments were proof of the misleading information filed by the State, ex-parte, to deceive the court into giving them powers of assets forfeiture.
Okaile says another misinformation related to his acquisition of a house valued at P3.5 million, which the State had told the court was bought with proceeds from the BPOPF funds, while in fact he had taken a loan from Bank ABC to purchase the property.
While the State admitted that they had misled the court about the P477 million, they recalculated the amount to P204 million, alleging that the amount was made of P150 million for Shereto Investments, P50 million for Agile Investments and P4 million of dividends from Wilderness Holdings Investments; adding that part of those proceeds were used to acquire the 27 properties by Okaile.
However, Okaile’s lawyers argued that the State is bound by law to tender proof that such property were proceeds of crime, something they argue has not been satisfied.