Battle begins to recover pensioners' P550m :: Mmegi Online

Creditors, amongst them the Lobatse Clay Works, Yarona Media Holdings and others, have reportedly compiled claims running into hundreds of millions of Pula ahead of the first liquidation meeting of troubled asset manager, Capital Management Botswana (CMB).

Provisional liquidator, John Little will on Monday face a room full of restless creditors, who are expected to include the Botswana Public Officers Pension Fund (BPOPF) and Bona Life. The two entities are collectively seeking the return of more than P550 million.

A statutory manager appointed by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) suspects the asset manager, under the guise of managing funds for the pension fund and the life insurance company, lost hundreds of millions of Pula through bad investments, alleged fraud and personal enrichment, via a complex web of directorships and shady entities.

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