Monday, July 15, 2024

Kgori Capital in yet another financial scandal?

Local asset managing firm, Kgori Capital was improperly and secretly awarded a P31 million tender by the ministry of Mineral resources, green technology and energy security, fresh information from the government enclave shows.

The revelation was made by the former Permanent Secretary at the ministry, Obolokile Obakeng at the ongoing Parliamentary Public Accounts Committee (PAC) session held in the capital Gaborone.

According to Dr Obakeng, the money was paid to Kgori Capital for the development, running and maintenance of an online database system for fuel suppliers in the country.

“We are still looking for the documentation that explains how the company was awarded such a tender”, said Obakeng.

He further stated that the ministry’s internal auditor had picked lot irregularities, “which is consistent with what the auditor general has also recently found out”.

The recent audit of the National Petroleum Fund (NPF) by the Auditor General indicated that there has been laxity in management of the financial affairs of the Fund which permitted lack of clarity in relationships between the Fund and the various third party entities.

Apart from the P31 million fraud allegation, Kgori is amongst the companies which have been fingered in what has been described as the country’s biggest financial scandal.

The company’s former Managing Director, Bakang Seretse has since been dragged to the courts of law where he is facing charges relating to money laundering and fraud.

Meanwhile the former PS also told the PAC that another unusual tender, worth P60 million was also awarded to an unnamed company. The money was to be used for the purchase of strategic fuel stocks with an account opened with Bank Gaborone.

While he confirmed the P60 million alleged fraud, Dr Obakeng said that, “there was no record that shows that the former Director of energy Kenneth Kerekang had an authority to open such an account”.

Dr Kebonang said the three alleged fraud cases are currently under investigation.


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