FNBB accuses Mauritian ‘investor’ of self-help in EUR 500m standoff :: Mmegi Online

LOBATSE: First National Bank Botswana (FNBB) has strongly denied allegations by Alithea Investment (Pty) Ltd that it received or misappropriated EUR500 million (about P7.8 billion), submitting before Lobatse High Court’s Justice Reuben Lekorwe that there is no evidence the money ever reached the bank.

The bank's response comes weeks after Alithea obtained an interim High Court order allowing it to preserve documents and electronic records which it believes could help trace the alleged international funds transfer.

In its founding papers, Alithea claimed that the funds were transferred through Deutsche Bank AG Frankfurt, allegedly to be used under Botswana's Economic Transformation Programme (BETP), following engagements involving Minister of International Relations, Dr Phenyo Butale, and the Botswana Investment and Trade Centre (BITC).

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

FNBB

FNBB accuses Mauritian ‘investor’ of self-help in EUR 500m standoff

Explore

More

Open vote sinks Palai’s motion

Crowd to crown street dance ruler

Maine explores recovery, change in solo exhibition

Home-built hero ‘P7’ steals Desert Race spotlight

Mahlaya fills Masaseng’s ‘big boots’ at FUB

Showdown looms as BFL meets

OLEA Botswana officially launches

4 Reasons to Fall in Love with Novelas+

Appeal to public transport operators to exercise caution