On Friday Bona Life was granted a lifeline to recover its assets by the court after they launched an application to put the assets holder under liquidation. Gaborone High Court Judge, Justice Christopher Gabanagae granted the order to Bona Life for the winding up of its assets holder to recover its pensioners’ money in the sum of P66 million. The urgent application that was filed a few weeks ago was seeking for the provisional winding up of CMB Fund 1 as the insurance company tried to protect its assets from going under liquidation through asset manager, CMB. Bona Life is a sole creditor of CMB Fund 1, which its parent host is CMB. CMB, which is already under liquidation, is the asset manager for Bona Life and according to court documents CMB Fund 1 is indebted to them in the sum of P133,500,000 or alternatively P66,000,000. Before the order was granted, Bona Life through their advocate instructed by Pepsi Makgalemele argued that should CMB Fund 1 go under winding up under the parent host CMB it will lose its assets to fellow creditors despite being the sole creditor on the fund 1.
In that regard, Bona Life was petitioning court through their chairperson and director, Martin Dingake on grounds that CMB Fund 1 was unable to pay its debt.
