Friday, September 25, 2020

New BDC directors to reverse forensic audit resolution by old board?

The new Botswana Development Corporation Board is expected to reverse a resolution adopted last month by the old board to adopt the forensic audit report “in its entirety and all recommendations contained therein.”

The old BDC board met on October 17th and resolved, among other things, to recall BDC managers in the Fengyue board following findings by the forensic audit that they “poorly managed the project”.

They failed to communicate with the BDC board in an honest and direct manner. Various matters involving serious issues of risk were kept from the board. There was serious non-compliance with the BDC board resolution, non compliance with the conditions of the loan and with the ECP contract and various other irregularities.

The board was also about to initiate disciplinary proceedings against managers implicated in the BDC alleged sleaze.

Dr Taufila Nyamazabo issued a press statement this week announcing that, “the new board will also review and consider the forensic audit report commissioned by the previous board reference to which has been widely publicised in media reports”.

Should the board find that there is indeed proof of wrong doing or criminality against anyone within the corporation or in relation to Fengyue Glass Manufacturing Botswana it will be expected and indeed required of them to take such action or steps as warranted against such individuals and hold them accountable.

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