Scores of Batswana may have been duped into buying shares in some financial institutions based on incorrect financial statements, this is suggested in a report by Botswana Accountancy Oversight Authority (BAOA).
Bank of Botswana (BoB) which is the regulator of the financial institutions was rapped on the knuckles by BAOA for failing to enforce accurate financial reporting. Reporting on the financial institutions which are being regulated by the central bank, BAOA stated that,“some of the entities did not pay attention to detail in the presentation of their financial statements resulting in inconsistencies.”
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