Ex-CMB Director’s Property Goes Under The Hammer
Former director of the troubled Capital Management Botswana (CMB) Rapula Okaile’s property has been put under the hammer following a legal battle with the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). Okaile was the chief executive officer of the asset management company, CMB, which is now under liquidation.
He has had a long run-in with the law facing accusations of fund mismanagement of security institutions, criminal charges, and civil suits in his capacity as director of the embattled firm.
CMB came into the spotlight in 2018 after the firm was accused of misappropriating public employees funds including a major stake from the Botswana Public Officers Pension Fund (BPOPF). NBFIRA as a regulatory body was forced to act and got entangled in the saga as it fought to take control of the asset management company including carrying out investigations and appointing a statutory manager.
The matter between NBFIRA and CMB ended at the courts after reaching the Court of Appeal with Okaile cited as one of the respondents. In the Court of Appeal matter, punitive action against Okaile as CMB CEO was sought. BPOPF brought a counter-application with NBFIRA wanting punitive costs from Okaile after accusing him of self-aid in the case. In a notice of sale in execution according to the judgement given in favour to NBFIRA against CMB, BPOPF, Bona Life and Okaile, his (Okaile) five-unit multi-residential in Tlokweng has been put under the hammer and would be sold by public auction on June 22, 2021. “Property to be sold which is a piece of land being Tribal Lot 2519, Tlokweng passed by Lingani Pharo in favour of Rapula Okaile dated August 12, 2013, together with developments thereon being a multi-residential with five units, screen wall with electric fence, paved yard and motorised gate,” reads the notice.
The NBFIRA has had legal tussles with CMB and its associates since 2018 when it argued that the asset manager may be financially unsound and in breach of financial services laws. NBFIRA whose actions were prompted by complaints by the BPOPF, which was trying to recover over P400 million under CMB’s management went to war with the asset manager when it resisted being put under statutory management.
The regulator took the move as it argued that it wanted to protect the interest of clients from the security institutions as it felt the asset manager under Okaile and Tim Marsland was committing a financial crime. Meanwhile, the ex-CMB boss Okaile has had more trouble with the law concerning the CMB saga including being charged with a count of obtaining by false pretence in a matter involving about P80.5 million from the Botswana Insurance Fund Management. He recently won the case thereby escaping criminal prosecution when the High Court dropped the same charge after he filed a review application.