Investors’ legal wrangle for Euro 500M :: Mmegi Online

A rather rare and potentially far-reaching legal battle is unfolding before the Gaborone High Court as a Botswana-registered company with Mauritian origins, Alithea Investment (Pty) Ltd, accuses First National Bank Botswana (FNBB) of failing to account for EUR500 million (approximately P7.8 billion) allegedly transferred through the international SWIFT payment system.

The staggering amount at the centre of the dispute has thrust Botswana's banking sector into unfamiliar territory, with the investor seeking court intervention, regulatory scrutiny and international assistance to trace the funds.

Court papers filed before the High Court reveal that Alithea Investments claims the funds were remitted through Deutsche Bank AG Frankfurt as part of an investment initiative linked to Botswana's Economic Transformation Programme (BETP), following engagements with the Minister of International Relations, Dr Phenyo Butale.

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Investors’ legal wrangle for Euro 500M

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