BIFM takes aim at Molefe and BBS board

The fund, in its last communication before the final court option was explored, portrayed Molefe as a man not only unable but unwilling to apply his mind to the simple principles of corporate practice.  In a letter addressed to the BBS board Rhys Carr of BIFM accused Molefe of pursuing a personal vendetta against the fund.  Carr warns that the bank would pay heavily for Molefe's indiscretions.  "Molefe's more recent pursuance of his personal vendetta against the BIFM Capital, liberally using the resources of BBS to do this, places the Society at enormous risk. 

This is because the board took a decision to attack the contract with BCIF1 without even having had the signed agreements at hand to ensure its actions were legal (which they are not)," warned Carr in October.