Kgori Capital wins P15 million NPF case
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The Board and Management of Kgori Capital have noted and welcomed the ruling by the Court of Appeal (COA) on Friday, the 26th of July 2019, in favour of Kgori Capital. This is with respect to frozen Kgori Capital funds at the request of the Directorate of Public Prosecutions (DPP) in 2018, disputing management fees owed to Kgori Capital.
Kgori Capital, a company formerly owned by Bakang Seretse was put under a restraining order for an amount in the sum of P15 million by Lobatse High Court Judge Abednego Tafa. Delivering the order then, Judge Tafa narrated that he was relying on Section 35(3) of the Proceeds and Instruments of Crime Act, Cap 08:03.
According to Kgori, the Friday ruling highlighted that a contractual dispute need not have been escalated to alleged criminal charges, resulting in Kgori Capital being wholly exonerated of any assertions or allegations of “Money laundering”, “Cheating of public revenue”, and or “Obtaining money by false pretences.” “The COA ruling this morning overturns a previous order of the High Court on the same matter. Furthermore, the ruling effectively clears Kgori Capital of any civil or criminal wrongdoing in the management of NPF funds, read a statement from Kgori.
Said Alphonse Ndzinge, Managing Director of Kgori Capital, “We welcome the ruling of the COA and are of course pleased with this outcome and to have this matter reach its conclusion. We are equally grateful for our Judiciary system in that it avails everyone an opportunity to exercise their right to pursue any case or its outcomes in higher courts. We further recognize the significant role that our courts play in ensuring that the administration of justice is undertaken with utmost fairness and impartiality.
I wish to extend our most heartfelt appreciation to our colleagues, clients and business partners, who have remained supportive of us during this challenging period. It is as a result of this confidence that we continue to passionately perform our services with the outlook of creating the utmost value for our stakeholders. Kgori Capital remains a proudly Botswana business with its focus centred on serving our clients with PRIDE as a leading investment management firm.”
BACKGORUND TO THE CASE
The High Court order related to the credit amount of P15million standing to the credit of Investment Account Number: 3000 448 474-INV held by Afena Capital Botswana Kgori Capital with Bank Gaborone. “The receiver shall take control of all property specified in the order pending the institution and finalization of proceedings for a Civil Penalty Order,” Judge Tafa ruled.
He went on to stress that all persons with knowledge of this order were, other than as required and permitted by the order, prohibited from dealing with the said amount, “Except in the manner or circumstances, if any, specified in the order.” The sum in question is a portion of the total credit balance of P30m standing to the same account as at January 22, 2018.
An affidavit deposed by Director of Public Prosecutions (DPP), Stephen Tiroyakgosi states that the amount in question represents a reasonable estimate of the value of benefits and incidental expenses derived by Kgori Capital as a result of a multiple serious related criminal activities. The offences include cheating the public revenue; abuse of public office; obtaining by false pretences and money laundering.
The court heard that Kgori Capital had over a period of 10 months, debited to the Kgori National Petroleum Fund Account held with Stanbic Bank the total amount of P10m ostensibly as management fees contrary to the consultancy agreement. The consultancy agreement is that Kgori Capital could only benefit as a sub-contractor with whatever fees it might be entitled to, claimable from Basis Points Capital Botswana Limited from the consultancy price.
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Malawi appeals for help over Cyclone Freddy at PAP
As of yesterday evening, the death toll from the Cyclone in Malawi had risen from the initially reported 190 to 225 in a short period of time, over 20 000 people have been displaced, and the worst of fears are yet to come as the fatalities continue to mount. This was reported by a Malawi Member of Parliament attending the Pan African Parliament session in Midrand, South Africa, Hon Steven Mikiya.
Mikiya was giving a statement on behalf of Malawi as the ongoing Pan African Parliament in South Africa.
Mikiya said the Cyclone has wreaked the most havoc in our country’s Southern Region. “The Southern Region, has been hardest hit with widespread heavy rains and strong winds. This caused a rapid rise in water levels and subsequent flooding. Meanwhile, power supply has been disrupted, roads blocked off and rendered impassable and mudslides have also been widely reported,” he said.
He made a special appeal to the PAP: “Where I come from, there is a parable which I would like to share with you which says, “mzako weniweni umamudziwa panthawi ya mavuto.” Simply put, a friend in need is a friend indeed or put loosely, a person who helps at a difficult time is a friend you can rely on.”
Mikiya continued: “Yes! Misfortune has knocked on our door and left in its wake a trail of death and destruction that may take years to fully recover from. However, amidst these difficulties, I have every reason to believe that sometimes when you are in a dark place and think you have been buried, you have actually been planted. My belief, Mr. President, arises out of my faith in this gathering and out of the conviction that it is not coincidental that Cyclone Freddy hit Malawi and Mozambique while the delegations of both countries are here.”
According to Mikiya, the level of destruction, the loss of life, property and the decimation of the entire fabric of established communities has been unprecedented. He noted that all this, is coming at a time when Malawi was starting to show signs of recovery from the deadly COVID-19 pandemic that also came hard on the heels of Cyclone Ana and Cyclone Gombe that left a similar trail of devastation and destruction in Malawi and neighbouring countries.
As of Sunday, this week, from the 12th of March, Malawi and Mozambique have been facing the devastating effects of Cyclone Freddy that made a landfall over Mozambique on Saturday the 11th and reached Malawi by Sunday the 12th of March.
The Malawi legislator said he has absolute faith in the Pan African Parliament, which he described as “a league of nations brought together by a shared ancestry, history, identity as well as our beloved continent which we inhabit”.
Meanwhile, Malawi President, Lazarus Chakwera, has declared a State of Disaster in the affected areas effectively appealing for local and international support for the affected families.
Mikiya appealed to the Pan African Parliament drawing “positive” inspiration from Europe which rallied around Turkey after the destructive earthquakes to bring the much-needed relief and humanitarian aid to the people of Turkey.
He said Africa should demonstrate to the world that the African Union and its Organs are not mere talk shows, but effective institutions which stand up when it matters most.
“Alone, it may take us a lifetime to fully recover, but together, in the Pan-Africanist spirit of Ubuntu, our lives and livelihoods will return to a semblance of normality in record time. This is the time to live by our operative mantra, “One Africa, One Voice.” Mikiya concluded.