NBFIRA pursues CMB affiliate over P164m

Okaile
Okaile

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.

Editor's Comment
Botswana deserves ideal political leaders

This remains to be seen, particularly as opposite unity has been seeing its ups and downs. In 2012, three opposition parties namely the Botswana National Front (BNF), the Botswana Movement for Democracy (BMD), and the Botswana National Front (BNF) formed a political alliance under the Umbrella for Democratic Change (UDC). The Botswana Congress Party (BCP) would, after rebuffs, join the coalition in 2017.The promise made by the coalition to its...

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