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.Represented by Kiven Mvududu of Mvududu Attorneys, the company has approached the High Court on an urgency basis, arguing that critical banking records relating to the transaction must be preserved before they are altered, destroyed or become unavailable. The company has since secured a rule nisi following an ex parte application, while the matter is expected to return to court for further argument.At the centre of the dispute is a SWIFT MT103 Global Payments Innovation (GPI) transaction bearing Unique End-to-End Transaction Reference (UETR) number f8ee1a58-6447-476b-8e67-5270d5534740. According to court documents, the transfer allegedly originated from Deutsche Bank AG Frankfurt and was destined for an FNBB account held by Alithea Investment.In a founding affidavit filed before the High Court, Alithea director Vinay Roopchand states that in February 2026, the company formally expressed interest in investing in Botswana under the BETP.According to Roopchand, the proposed investment targeted infrastructure, mining, tourism, energy and financial services sectors and included arrangements for a corporate banking relationship capable of receiving international investment funds through the SWIFT GPI platform.Roopchand states that through engagements involving Dr Butale and the Botswana Investment and Trade Centre (BITC), FNBB was identified as the preferred banking institution for the project.The affidavit further states that on March 24, 2026, Alithea entered into a Partnership Agreement and Deed of Investment and Financial Cooperation with The Best International Service Co. Ltd (TBIS) of Hong Kong, represented by its chief executive officer, Jose Luis Aranda.He alleges that on April 27, 2026, Aranda issued a sworn Letter of Wire Transfer Confirmation confirming that the transaction had been executed through Deutsche Bank and that the relevant SWIFT MT103 and MT199 messages had been successfully transmitted.“On 27 April 2026, Aranda issued a sworn Letter of Wire Transfer Confirmation, under penalty of perjury, confirming the transaction was executed in full by Deutsche Bank, MT103 and MT199 were successfully delivered, funds were settled on 15 April 2026, and that Deutsche Bank and TBIS Co. responsibility has been discharged, and any further queries should be addressed directly to SWIFT Belgium,” Roopchand states.According to Roopchand, following the transmission of the funds on April 8, 2026, he made numerous visits to FNBB premises and submitted both written and verbal requests seeking confirmation of settlement.“On or about 15 April, TBIS representative communicated, both orally and in writing, that the funds had been settled by FNBB, with funds located at Beneficiary Account FNB BL(S)//2,” he states.However, Roopchand alleges that FNBB subsequently adopted a contradictory position.“On 16 April 2026, Steven Lefentse Bogatsu, CEO of FNBB, issued a written email, copied to Dr Butale and senior BITC and BETP representatives, adopting a diametrically contradictory position, asserting: no trace of the funds; the transaction was processed via VISA GPI – a non-existent platform; no transaction found on SWIFT rails; originating bank (Deutsche Bank AG) has no record; the matter is closed,” he states.Roopchand argues that FNBB's assertions are inconsistent with the information available to the company.“VISA GPI has no existence within the SWIFT ecosystem. The operative platform is SWIFT GPI that supports cross-border transactions universally supported by SWIFT member institutions, including FNBB,” he states.The company further contends that FNBB's alleged failure to credit the funds and provide documentary explanations constitutes a breach of obligations arising from the banker-customer relationship and falls short of the standards set out in the Code of Banking Practice.The dispute has since escalated beyond the banking sector.Roopchand states that on April 19, 2026, the company lodged a formal complaint with SWIFT concerning the transaction and FNBB's conduct. On April 30, 2026, it lodged a criminal complaint at Gaborone Central Police Station.According to court papers, the matter was subsequently escalated to Interpol Botswana, the Criminal Investigations Department (CID), the Financial Intelligence Agency (FIA) and the Directorate of Intelligence and Security (DIS).Not content to pursue relief through the courts alone, Alithea has also approached the Bank of Botswana for regulatory intervention.In correspondence seen by Mmegi, the company requests that the central bank investigate the transaction and preserve a broad range of records, including internal ledger entries, settlement records, compliance reviews, anti-money laundering assessments, risk assessments, and communications relating to the disputed transfer.The company further wants the regulator to secure all communications between FNBB, Deutsche Bank AG, SWIFT and any correspondent banks that may have handled the transaction.Given the international nature of the transfer, Alithea has also requested that the Bank of Botswana liaise directly with SWIFT headquarters and relevant foreign institutions to independently establish the settlement status and present location of the funds.In the correspondence, attorney Kiven Mvududu states that the company independently traced the transaction through what is described as the Interbank Oracle System.“From the nomenclature and nature of the account designation, this account appears to be an internal branch ledger or suspense account maintained by FNBB for the temporary holding or processing of funds pending allocation to the ultimate beneficiary account,” Mvududu states.The dispute has also crossed international borders.Alithea has further, on 21 June 2026, served a legal hold notice on SWIFT's headquarters in La Hulpe, Belgium, requesting the preservation of records connected to the transaction, including authentication logs, audit trails, support tickets, emails, communications and metadata.The company argues that such records could prove critical in determining whether communications occurred between FNBB and SWIFT regarding the disputed transaction.Notably, the correspondence expressly states that no wrongdoing is alleged against SWIFT itself. Rather, the company seeks preservation of records that may become relevant evidence in ongoing litigation.The legal hold notice further claims that representatives of FNBB verbally informed the company that the bank could not communicate directly with SWIFT or make inquiries regarding the transaction reference. Alithea's attorneys state that they found this assertion difficult to reconcile with standard SWIFT membership operations and have requested records to confirm whether any such communications took place.Court papers indicate that the Bank of Botswana has also been informed that reports concerning the matter have been submitted to the FIA, CID, DIS and the Office of the President.The company further alleges that FNBB has not fully complied with aspects of an interim High Court order requiring production of certain documents, a claim that could become the subject of further legal proceedings.Contacted for comment, Butale confirmed that he was aware of the matter. “I have referred them to BITC and FNBB to seek clarity and answers,” he said.FIA head of communications Milidzani Gaabopiwe said they have not received any report from the bank that could prompt them to take action. "When there is a suspicious transaction, the bank has to notify us, and that is when we can be involved and investigate. As things stand, we have no such report," he said.In response to questions sent by Mmegi, FNBB Chief Executive Officer Steven Bogatsu said the Bank is aware of the matter concerning Alithea Investment (Pty) Ltd. However, he said the matter is currently before the courts.“As such, the Bank is limited in the level of detail it can disclose at this stage, given that the case is subject to ongoing legal proceedings. The Bank will continue to cooperate fully with the legal process and will present its case before the courts,” he said.Where concerns are identified in any Bank processes, Bogatsu said the Bank takes appropriate action in accordance with its legal and regulatory obligations. “FNBB remains committed to protecting the integrity of the financial system and serving the best interests of its customers, stakeholders and the wider economy,” he said.The allegations contained in the court papers remain untested, and no court has made any finding that FNBB received, withheld or misappropriated the funds.However, the case raises significant questions regarding international payment systems, banking compliance procedures and the tracing of large cross-border transactions.Banking experts consulted by Mmegi noted that SWIFT messages do not themselves constitute the movement of money but rather authenticated payment instructions exchanged between financial institutions. Determining the precise location and status of the disputed funds may therefore require examination of records held by several institutions across multiple jurisdictions.
