Tuesday, October 26, 2021

Will BPOPF’s Chief Executive survive Carter’s axe?

It is just a matter of time before the Chief Executive Officer (CEO) of the Botswana Public Officers Pension Fund (BPOPF) Boitumelo Molefe is shown the exit door, Sunday Standard has been reliably informed.

Although by Friday evening official details regarding the impeding sacking of Molefe were still sketchy, sources within the capital markets industry were convinced that those who have been plotting her downfall have ticked all the boxes necessary to let her slide off.

“Her replacement has already been identified, and it’s a former CEO of the fund who is currently a director at one of the companies that the powers that be has interest in. The powers that be are willing to bend the rules and ensure that the anointed successor take over sooner than everyone thought”, said the source on Friday.

Currently BPOPF is operating under the leadership of an acting Chief Executive Moemedi Malindah. Malindah holds a substantive position of investment and portfolio director within the fund. He was recently the signatory to a press statement that was widely circulated in the local newspapers that announces the termination of the Kgori Capital contract. The board of Trustees of BPOPF recently toke a decision to terminate all its asset management contracts with Kgori Capital following a fraud related case

The impeding sacking of Molefe is strongly linked to a bitter battle between her and the Permanent Secretary to the President (PSP), Carter Morupisi. Those close to the matter indicate that by mid December last year, the influential Morupisi had already “convinced” the BPOPF board to let-go Molefe.

“Infact Molefe missed one of the meeting in which she was to be furnished with the dismissal letter. She is not happy about the interference and dirty tactics by PSP to get her fired. She has since notified the board about her displeasure.” another source said Friday night.

Molefe joined BPOPF from Bokamoso Private Hospital, where she was employed as Chief Finance Officer (CFO). She is also a former Managing Director of Debswana Pension Fund. The Sunday Standard was unable to solicit comments on the matter from both Molefe and Morupisi at the time of going to press on Saturday morning.

BPOPF remains the largest pension fund in the country with more than 150, 000 members. It primarily invests members’ funds in assets such as equity and property in the local market, emerging markets and developing markets. 

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