Thursday, June 13, 2024

BOSETU calls for forensic audit on Bluthorn

Botswana Secondary School Teachers Union (BOSETU) has called for a forensic audit of Bluthorn Fund Managers (BFM) and its associated group of companies as creditors look to take the company and its directors to court.

The trade union’s attorney Kabo Motswagole told the liquidator, Master of the High Court, and fellow creditors that his client intends to get to the bottom of the Bluthorn mess.

“We do agree with all other recommendations by the liquidator but my clients have advised that we continue with forensic audit,” Motswagole said.

He said BOSETU were ready to make a financial contribution to ensure the forensic audit is carried out. BOSETU has lost at least P21 million through the “Ponzi scheme”. Ghanzi and South East district councils’ representatives also said their clients were open to the idea of forensic audit but needed time to consult further. Concerns were also raised about individual creditors’s ability to help finance the audit.

The decision for a forensic audit follows recommendations by the BFM liquidator Kopanang Thekiso.

“Following my investigations, I am inclined to believe that the best way to follow the flow of funds that were invested by the Creditors is to engage a forensic auditor to conduct a forensic audit of all the accounts of the companies in the Consolidated Estate as well as the internal companies,” Thekiso says in his report. “This is on the basis that a substantive amount of funds have been dissipated in entities and individuals based in South Africa and other countries which we may not be aware of. A forensic auditor, with their professional skill, will be able to assist me in tracing the funds.   However, such an engagement does not come without a cost, which in my view, would be an expensive exercise.” 

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