Investigators recover half of pensioners’ missing P600m

BOFEPUSO members have pensions with the BPOPF FILE PIC
BOFEPUSO members have pensions with the BPOPF FILE PIC

About half of the P600 million in funds taken from the Botswana Public Officers Pension Fund (BPOPF) and Bona Life years ago, has been recovered, while efforts continue locally and in South Africa to trace the balance.

The pension fund pumped out P477 million to Capital Management Botswana (CMB), while Bona Life, which relaunched recently, had directed P133 million to the asset manager for investment.

CMB, now under liquidation, was contracted by the BPOPF in 2014 to manage an initial P500 million investment mandate in private equity. The asset manager and the pension fund fell out in late 2017 with allegations of misappropriation, at which point CMB had reportedly been given P477 million to manage. The asset manager sent BPOPF P50 million back and said the amount was final fulfilment and settlement of its (CMB’s) obligations to the BPOPF under the terms of a “partnership agreement”.

Editor's Comment
Happy Independence Day!

Independence Day holds immense significance for Batswana as a whole. It offers a moment for reflection and celebration of the country's achievements, while also prompting introspection.We must honestly assess whether the number of years of independence aligns with the progress we have made. While there is certainly much to celebrate, there are also pressing issues that require the attention of relevant stakeholders. Many Batswana are facing...

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