Press Statement - Capital Management Botswana Pty Ltd (CMB) statutory management

On 30 January 2018, the Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) acting in terms of Section 46 (4) of the Securities Act, 2014 appointed Mr. Peter Collins Statutory Manager of Capital Management Botswana (Pty) Ltd (“CMB”).

Mr. Peter Collins assumed the role of Statutory Manager immediately. CMB bank accounts were frozen with immediate effect.

An urgent application to confirm Mr. Collins’ appointment in accordance with Section 46(6) of the Securities Act, 2014 was thereafter filed with the High Court and subsequently set down for hearing before His Lordship Justice Letsididi on 5 February 2018 at the Lobatse High Court.

On 1 February 2018 CMB, without notice to either NBFIRA or Mr. Collins (and without regard to the proceedings scheduled before Justice Letsididi) moved an urgent application before his Lordship Justice Motumise. They obtained an order nullifying Mr. Collins’ appointment and thereby allowing release of the funds that had been frozen in terms of the Statutory Management appointment.

NBFIRA immediately filed an urgent application on 2 February 2018 to rescind the order of Justice Motumise which succeeded. The effect of this Order re-instates Mr. Collins and allows the unfrozen funds to be frozen again. While litigation still continues, the situation is as just described.

The public is hereby notified that Mr. Collins remains Statutory Manager of Capital Management Botswana (Pty) Ltd and will continue to discharge his functions in relation to his appointment in terms of the Securities Act, 2014.

Peter Collins – Statutory Manager

Capital Management Botswana (Pty) Ltd

5 February 2018