CMB, Regulator fight over Collins

SHARE   |   Monday, 12 March 2018   |   By Kabelo Adamson

The legal battle between Capital Management Botswana (CBM), Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and Peter Collins continued on Friday at the Gaborone High Court before Justice Omphemetse Motumise. The case stems from the 30th January 2018 notice from NBFIRA, acting in terms of Section 46 (4) (a) of the Securities Act no. 26 of 2014 appointing Peter Collins as the Statutory Manager of CMB. By the notice, Collins was to assume full management, control, control and authority of CMB and also carry out transactions of CMB which will only be recognised if approved by Collins. On Friday before Justice Motumise, the warring parties from both sides argued over whether or not a report produced following an investigation carried out by Collins should be accepted, even though there is an ongoing court case where CMB is challengin Collins' legitimacy as the statutory manager before a different judge. NBFIRA lawyers argued at length that Collins remains in his position as the statutory manager and therefore his report should be accepted. CMB on the other hand insist  that the appointment of Collins as the statutory manager was unlawful. On Friday NBFIRA lawyers wanted Justice Motumise to give an order dismissing the counter application by CMB and that the identity of the manager was not an important thing as it has been made. Other interested parties who have been following the lawsuit with keen interest include Botswana Public Officers Pension Fund (BPOPF), BONA Life, Botswana Life Insurance Limited (BLIL) and numerous others who have business dealings with the embattled asset manager.