Banners
Banners

Latest News

While privileged Batswana can afford medical aid, it is only those wit...
While all Land Boards stress Batswana out due to the way matters are h...
Whilst government has commended teachers for their commitment to work ...
The Botswana Unified Revenue Service (BURS) over the weekend closed an...
Banners
Banners

Ex-CMB Director’s Property To Be Auctioned

MPHO MOKWAPE
Rapula Okaile PIC: KENNEDY RAMOKONE
Former director of the troubled Capital Management Botswana (CMB), Rapula Okaile’s property has been put under the hammer following a legal battle with the Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

Okaile was the chief executive officer (CEO) of the asset management company, CMB, which is now under liquidation.

He has had a long run-in with the law facing accusations of fund mismanagement of security institutions, criminal charges, and civil suits in his capacity as director of the embattled firm.

CMB came into the spotlight in 2018 after the firm was accused of misappropriating public employees funds including a major stake from the Botswana Public Officers Pension Fund (BPOPF). NBFIRA as a regulatory body was forced to act and got entangled in the saga as it fought to take control of the asset management company including carrying out investigations and appointing a statutory manager.

The matter between NBFIRA and CMB ended at the courts after reaching the Court of Appeal (CoA) with Okaile cited as one of the respondents. In the CoA matter, punitive action against Okaile as CMB CEO was sought. BPOPF brought a counter-application with NBFIRA wanting punitive costs from Okaile after accusing him of self-aid in the case. In a notice of sale in execution according to the judgement given in favour to NBFIRA against CMB, BPOPF, Bona Life and Okaile, his (Okaile) five-unit multi-residential in Tlokweng has been put under the hammer and would be sold by public auction on June 22, 2021. “Property

Banners
to be sold which is a piece of land being Tribal Lot 2519, Tlokweng passed by Lingani Pharo in favour of Rapula Okaile dated August 12, 2013, together with developments thereon being a multi-residential with five units, screen wall with electric fence, paved yard and motorised gate,” reads the notice.

The NBFIRA has had legal tussles with CMB and its associates since 2018 when it argued that the asset manager may be financially unsound and in breach of financial services laws. NBFIRA whose actions were prompted by complaints by the BPOPF, which was trying to recover over P400 million under CMB’s management, went to war with the asset manager when it resisted being put under statutory management.

The regulator took the move as it argued it wanted to protect the interest of clients from the security institutions as it felt the asset manager under Okaile and Tim Marsland was committing a financial crime. Meanwhile, Okaile has had more trouble with the law concerning the CMB saga including being charged with a count of obtaining by false pretence in a matter involving about P80.5 million from the Botswana Insurance Fund Management. He recently won the case thereby escaping criminal prosecution when the High Court dropped the same charge after he filed a review application.



News

Banners
Banners ?>

Selefu

Peace, Perfect Peace

Latest Frontpages

Todays Paper Todays Paper Todays Paper Todays Paper Todays Paper Todays Paper
Banners
Adana Escort Adıyaman Escort Afyon Escort Ağrı Escort Aksaray Escort Amasya Escort Ankara Escort Antalya Escort Antep Escort Ardahan Escort Artvin Escort Aydın Escort Balıkesir Escort Bartın Escort Batman Escort Bayburt Escort Bilecik Escort Bingöl Escort Bitlis Escort Bolu Escort Burdur Escort Bursa Escort Çanakkale Escort Çankırı Escort Çorum Escort Denizli Escort Diyarbakır Escort Düzce Escort Edirne Escort Erzincan Escort Elazığ Escort Erzurum Escort Eskişehir Escort Giresun Escort Gümüşhane Escort Hakkari Escort Hatay Escort Iğdır Escort Isparta Escort İskenderun Escort İstanbul Escort İzmir Escort İzmit Escort Karabük Escort Karaman Escort Kars Escort Kastamonu Escort Kayseri Escort Kıbrıs Escort Kırıkkale Escort Kırklareli Escort Kırşehir Escort Kilis Escort Kocaeli Escort Konya Escort Kütahya Escort Malatya Escort Manisa Escort Maraş Escort Mardin Escort Mersin Escort Muğla Escort Muş Escort Nevşehir Escort Niğde Escort Ordu Escort Osmaniye Escort Rize Escort Sakarya Escort Samsun Escort Siirt Escort Sinop Escort Sivas Escort Şırnak Escort Tekirdağ Escort Tokat Escort Trabzon Escort Tunceli Escort Urfa Escort Uşak Escort Van Escort Yalova Escort Yozgat Escort Zonguldak Escort Alaçatı Escort Aliağa Escort Alsancak Escort Bornova Escort Buca Escort Çeşme Escort Çiğli Escort Gaziemir Escort Karşıyaka Escort fethiye escort iskenderun escort iskenderun escort iskenderun escort iskenderun escort iskenderun escort