The Export Insurance and Credit Guarantee Company Botswana (BECI) has come to the rescue of Mosele Legal Services as underwriter.
Although neither of the two parties would confirm it, Sunday Standard can confirm that BECI and Mosele Legal Services have already finalized all the necessary paper work to start a working relationship ÔÇô a result of long and painstaking behind the scenes negotiations involving third party emissaries.
The BECI/Mosele new partnership comes in the wake of an end of what had been, by all accounts, a turbulent and sometimes tempestuous as to be mysterious relationship between Mosele and its former underwriter, Botswana Insurance Company.
Mosele Legal Services, which is a pioneer of legal insurance service in Botswana, first made the headlines when their relationship with BIC soured, and the two started to trade accusations and counter accusations.
The spat ended up in court.
A forensic auditor was appointed to help detect possible money laundering, charges observers have been quick to point out were induced not least by the high street lifestyles led by executive directors of the company – Base Sebonego and McBain Kaang.
Sunday Standard can confirm that, faced with closure and sabotage from competition, the two young entrepreneurs approached government, complaining that their business was a victim of spite and sabotage by some powerful interests in the country who wanted a share of the market they had already cultivated.
The Government is said to have listened to Sebonego and Kaang with a sympathetic ear.
The two were, however, warned that henceforth they would have to conduct themselves honourably and maturely.
“It is our belief that these young boys should be given a second chance. While there is no doubt that they have made mistakes, we cannot run away from the fact that they have also been victims of sabotage by powerful interests in collusion with some government officials at the Ministry of Finance,” said a private businessman who led the negotiations with government on behalf of Mosele.
BECI is a Botswana Development Corporation-owned company which, among other things, offers credit insurance.
Although the cover from BECI is likely to provide Mosele with the much needed lifeline, it is not yet clear if going forward the company will have the subscriber base big enough to make it as profitable as it had been over the past few years.
There have been reports that one of the teacher-trade unions that turned Mosele into a money-spinner has since formed a Mosele replica.