Wednesday, May 22, 2024

Okavango Diamond’s back against the ropes

Government-owned rough diamond marketing company, Okavango Diamond Company (ODC), has been accused of lying – court records show.

The company is facing a P133 million lawsuit for alleged theft of a Motswana businessman’s intellectual property from whose idea ODC pocketed P1, 4 billion.

The ODC which is struggling to sell its 25% diamond allocation from Debswana turned down local businessman Isaac Leshona’s proposal and offer to introduce the company to the Dubai Diamond Exchange (DDE) market.

This was to enable the company to sell its diamaond stockpile. The company argued it was not interested in exploring the Dubai market. A few months later ODC went on to implement the idea, raking in over a billion Pula in just one auction.

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