Thursday, March 30, 2023

Fairscape building audit to open a can of worms at BDC

It appears that the government investment arm Botswana Development Corporation (BDC) recent Board of Director audit meeting emerged that there are serious beating for cost overruns on the corporation’s newly built multimillion Fairscape Precint commercial building.

Sunday Standard learnt that last week the BDC board audit meeting landed the corporation’s entire property development team together with its acting Manager Douglas Phefo with immediate suspension from duty by the corporation’s Managing Director Bashi Gaetsaloe. The division monitors a portfolio of property development loan facilities held with subsidiary, affiliate and non-affiliate companies, through partnerships or joint venture developments.

Inside information indicate that the two main people who were part of the development of the multimillion Fairscape Precint commercial building in Fairgrounds have quit their jobs few months back this year.

Reliable sources stated that one of them who left the corporation had been written a disciplinary hearing letter for the cost overruns of the construction of the corporation multimillion Fairscape Precint commercial building which is now almost ready for occupation, had resigned before she/he could be disciplined.

“The project officer had also been issued with a letter to give all information on the cost and approvals for the project and has also resigned immediately,” said the source.

The source also maintained that currently BDC property division does not even appear on the new BDC structure adding that speculation is rife that the corporation’s MD wants to outsource members of inner circle to the corporation.

One of the seven suspended employees revealed that last week Monday they team was asked to go and pack their belongings from the offices and were also instructed to hand over the keys before leaving the premises.

“Both suspension letters and emails were sent to us as well as to the entire organization.
Official letter from BDC signed MD stated that as per section 5 of the staff disciplinary regulations and procedures I (Gaetsaloe) have decided to suspend the employees from duty with full pay pending investigations.

BDC Acting Corporate Communications and Public Relations Boitshwarelo Lebang maintained that BDC will not go into details about its relations with its employees as employer-employee relations are confidential.

The BDC commercial Fairscape Precinct is now letting since from April 2014 for both retail and office space located in Fairgrounds office park.

As a development financier, BDC has been instrumental in the sustained growth of the Property market, through its 100 percent owned properties, and partnerships. Its Property Division’s mandate is developing and managing residential, commercial, hotel and industrial properties for BDC.


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