NBFIRA pursues CMB affiliate over P164m

Friday, June 28, 2019

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) is going after P164 million in property and other assets it alleges are illegally housed in a Capital Management Botswana (CMB) associate.

CMB is in liquidation following a long drawn out legal battle with NBFIRA and the Botswana Public Officers Pension Fund over more than P500 million in pensioner funds alleged to have been mismanaged.

The former asset manager’s affiliate, CMB Fund 1 has been sued for liquidation by Bona Life which is claiming P133 million in funds invested as part of the relationship with CMB.

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