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CMB returned license back to NBFIRA

The Statutory manager of Capital Management Botswana (CMB) is reported to have proposed a settlement as the only way out in the dispute between the former and the Botswana Public Officers’ Pension Fund (BPOPF). On the other hand the regulator, Non-Bank Financial Regulatory Authority (NBFIRA) wants the two to address their contractual issues.

CMB had initially proposed a settlement in the form of arbitration but was rejected by the BPOPF at the time. This was at a stage when the two where tussling over the appointment of a statutory manager when BPOPF had the backing of NBFIRA. It is understood that the statutory manager has forwarded communication to BPOPF and CMB indicating his desire for a settlement in the matter that involves asset that are in the value of about P450 million.

While CMB has demonstrated that the assets are alive, there is a twist in that they were disposed for P50 million which was paid to BPOPF and they are now in the custody of a third party. The statutory manager has discovered that CMB has no revenue, it effectively just a shell hence this is could have influenced his verdict for a settlement.

On 18 May 2018, Regina Sikalesele Vaka, the Chief Executive Officer of Bona Life wrote a letter to CMB directors requesting information for Bona Life financial statement audit and financials. In the letter she acknowledged property namely: Equity in commercial property company, Mr Car Wash (Pty Ltd Botswana; Equity in commercial property company, Woodword Pty Ltd Botswana; Bond in property development SPV, Manor Squad Services (South Africa); and Residential Property Lot 226 (Botswana).  While the narrative that the assets were missing, CMB directors had pointed to this letter as evidence of the existence of the property and that partners were alive to it. But now, this property has been disposed to a third party.

CMB directors are concerned that the statutory manager is going ahead with the CMB liquidation whereas at the same time he is proposing a settlement. CMB directors are also concerned that the people involved in the matter are at most conflicted because they have social and business relationships.

CMB WANTED TO RETURN LICENCE TO NBFIRA

After several court actions and inflammatory exchanges between Capital Management Botswana (CMB) and the regulator, Non-Bank Financial Regulatory Authority (NBFIRA) and other partners such as Botswana Public Officers’ Pension Fund (BPOPF), the directors of the once famed asset managing company had resolved to return their license to the regulator, NBFIRA.

“Following the various court actions and massive adverse publicity campaign waged against CMB and its directors by NBFIRA and its collusive partners being Bona Life and BPOPF, CMB is no longer able to operate as an asset manager,” wrote Rapula Okaile to NBFIRA CEO, Oaitse Ramasedi on 20thJuly 2018.

“We wish to point out again, as we have previously, that you erred in attempting to place CMB under statutory management when the appropriate course of action should have been to follow section 53 of the NBFIRA Act, which mirrored your publicly stated intentions and would not have had effect of shuttering CMB.

Clearly there was no purpose for the pursuance of statutory management in preference to section 53, other than to allow your collusive partners to utilize the statutory management mechanism to achieve their own objectives, which they failed to achieve when they pursued their own prior legal mechanisms,” wrote Okaile.

According to Okaile in his missive to Ramasedi; CMB is no longer in the business of asset manager, as all its contracts have been cancelled; it does not offer any advisory services; CMB has no clients; CMB, due to the damage to reputation and goodwill, has no hope of ever attracting any new clients, either as asset manager or advisor; the company has no revenue; its offices are closed and are now occupied by Fleming Asset Management; There is no hope of reviving the business due to deliberate infliction of reputational damage.

Okaile further writes: “Consequently, there is no further purpose in CMB being licenced by you and CMB therefore, in terms of this notice, returns its licence to you with immediate effect. Same being explicitly property of yourself is hereby returned to you.” However NBFIRA wrote back and refused to accept the licence saying there should be procedure and that they should be given notice.

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Khan: Boko, Masisi are fake politicians

18th January 2021
Masisi & Boko

While there is no hard-and-fast rule in politics, former Molepolole North Member of Parliament, Mohamed Khan says populism acts in the body politic have forced him to quit active partisan politics. He brands this ancient ascription of politics as fake and says it lowers the moral compass of the society.

Khan who finally tasted political victory in the 2014 elections after numerous failed attempts, has decided to leave the ‘dirty game’, and on his way out he characteristically lashed at the current political leaders; including his own party president, Advocate Duma Boko. “I arrived at this decision because I have noticed that there are no genuine politics and politicians. The current leaders, Boko and President Dr Mokgweetsi Masisi are fake politicians who are just practicing populist politics to feed their egos,” he said.

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Ookeditse rejects lobby for BPF top post

18th January 2021
LAWRENCE-OOKEDITSE

Former Botswana Democratic Party (BDP) parliamentary hopeful, Lawrence Ookeditse has rejected the idea of taking up a crucial role in the Botswana Patriotic Front (BPF) Central Committee following his arrival in the party this week. According to sources close to development, BPF power brokers are coaxing Ookeditse to take up the secretary general position, left vacant by death of Roseline Panzirah-Matshome in November 2020.

Ookeditse’s arrival at BPF is projected to cause conflicts, as some believe they are being overlooked, in favour of a new arrival. The former ruling party strategist has however ruled out the possibility of serving in the party central committee as secretary general, and committed that he will turn down the overture if availed to him by party leadership.

Ookeditse, nevertheless, has indicated that if offered another opportunity to serve in a different capacity, he will gladly accept. “I still need to learn the party, how it functions and all its structures; I must be guided, but given any responsibility I will serve the party as long as it is not the SG position.”

“I joined the BPF with a clear conscious, to further advance my voice and the interests of the constituents of Nata/Gweta which I believe the BDP is no longer capable to execute.” Ookeditse speaks of abject poverty in his constituency and prevalent unemployment among the youth, issues he hopes his new home will prioritise.

He dismissed further allegations that he resigned from the BDP because he was not rewarded for his efforts towards the 2019 general elections. After losing in the BDP primaries in 2018, Ookeditse said, he was offered a job in government but declined to take the post due to his political ambitions. Ookeditse stated that he rejected the offer because, working for government clashed with his political journey.

He insists there are many activists who are more deserving than him; he could have chosen to take up the opportunity that was before him but his conscious for the entire populace’s wellbeing held him back. Ookeditse said there many people in the party who also contributed towards party success, asserting that he only left the BDP because he was concerned about the greater good of the majority not individualism purposes.

According to observers, Ookeditse has been enticed by the prospects of contesting Nata/Gweta constituency in the 2024 general election, following the party’s impressive performance in the last general elections. Nata/Gweta which is a traditional BDP stronghold saw its numbers shrinking to a margin of 1568. BDP represented by Polson Majaga garnered 4754, while BPF which had fielded Joe Linga received 3186 with UDC coming a distant with 1442 votes.

There are reports that Linga will pave way for Ookeditse to contest the constituency in 2024 and the latter is upbeat about the prospects of being elected to parliament. Despite Ookeditse dismissing reports that he is eying the secretary general position, insiders argue that the position will be availed to him nevertheless.

Alternative favourite for the position is Vuyo Notha who is the party Deputy Secretary General. Notha has since assumed duties of the secretariat office on the interim basis. BPF politburo is expected to meet on 25th of January 2020, where the vacancy will be filled.

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BDP cancels MPs retreat

18th January 2021
President Masisi

Botswana Democratic Party (BDP) big wigs have decided to cancel a retreat with the party legislators this weekend owing to increasing numbers of Covid-19 cases. The meeting was billed for this weekend at a place that was to be confirmed, however a communique from the party this past Tuesday reversed the highly anticipated meeting.

“We received a communication this week that the meeting will not go as planned because of rapid spread of Covid-19,” one member of the party Central Committee confirmed to this publication.
The gathering was to follow the first of its kind held late last year at party Treasurer Satar Dada’s place.

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