Sunday, October 17, 2021

Symphony Health in search of new managers

Members of Symphony Health Trust have resolved to look for a suitable health company which will be able to execute and administer services and medical insurance covers of the trust without any failure.

Sunday Standard has been informed that a resolution was passed on 19th February 2018,by the beneficiaries of the trust, and Maemo Mesotlo and Associates acting on behalf of the trust was instructed to invite proposals from suitable qualified and experienced medical aid schemes or other similar entities registered in Botswana to submit their proposals for the acquisition and administration of the trust.   

The law firm has already issued a notice inviting interested Health companies to Express their interest in taking over the trust and put it under a healthy environment.

“Symphony Health Trust, having no board of Trustees, and thus being incapable and/or unable to carry out its functions and objectives, was placed under the Curatorship, of Maemo Mesotlo (in his capacity as Partner of the firm Maemo S D Mesotlo & Associates “MSD Mesotlo & Associates”), by Order of The Court (UAHGB-000297-17) on 21 December 2017. And now acting on the resolution of Beneficiaries (Members) of Symphony Health Trust the company is calling on reputable companies to submit their proposals for the acquisition of the trust.” said Mesotlo

According to papers before Mesotlo attorneys, it is clear that Rose Tatedi was unable to adequately run the company well and most devastating was the company operational without Board of trustees.

It was also on court records that its financials were questionable as the beneficiaries were unhappy with its books of accounts (operations) forcing Gaborone High Court to place the trust under curatorship.

As of 31st December, Symphony Health Trust’s estimated the number of Beneficiaries (Members) to be at 380 which was a big decline as compare to the previous year.

Mesotlo said the presently requires membership administration services and continuing medical insurance cover for its members

Symphony Health is an open/private medical aid scheme registered in April 2013 as a Trust and started operating in May 2013. The Scheme is administered by Symphonic (Pty) Ltd

When making a statement, NBFIRA (regulator) said, “Please note that as Curator, Mr Mesotlo is in control of, and carrying out, all functions as may be necessary for the continued operation of Symphony Health. The Curator shall further call a Special General Meeting within 60 days of the date of the Order to inform the beneficiaries of the status of Symphony Health and shall, within 90 days of the Order, prepare and file a report regarding the status of Symphony Health with the High Court of Botswana in Gaborone.” read a statement from NBIFIRA

The statement was signed by Chief Executive Officer of NBFIRA, Oaitse Ramasedi informing the general public and all the clients affected about the decision taken by the regulator.

In 2015 when addressing a Press Conference, Chief Executive officer of Symphony Health, Rose Tatedi said Symphony health Medical Aid Scheme was optimistic of a good trading year in 2015 after striking a deal with a number of companies in the private sector and parastatals.

But this was not reflected on the ground because of what the court described as “leadership vacuum” which resulted in the company being placed under curatorship.

Before the company fall down, Tatedi made it clear that the company was no longer doing well saying it has fall in the hands of dishonest clients.

According to the court order, the curator is expected to address the high court about the status of the company within 90 days which is end of March by way of preparing and filing a report regarding the status of Symphony Health with the High Court of Botswana in Gaborone.

According to Mesetlo, the selection criteria would be based on the financial capabilities and capacity of the bidder and the bidders experience in the health sector and related undertakings.

RELATED STORIES

Read this week's paper