Chain store denies P150m CMB investment

Friday, July 17, 2020

The chief executive officer (CEO) of Kawena Distributors Pty Ltd, a chain store in which Capital Management Botswana (CMB) claimed to have invested P150 million on behalf of the Botswana Public Officers Pension Fund (BPOPF), says there was never an intention to set up in Botswana, contrary to the liquidated asset manager’s assertions.

In its repeated statements and court filings in which it argued that it properly invested the P427 million allegedly misappropriated from the BPOPF, CMB has frequently cited an investment of P150 million in Kawena.

The asset management firm, which had an original P500 million investment mandate from BPOPF, says the funds in Kawena were invested for the establishment of a supermarket chain in Botswana.

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