Category: Sunday Standard

Bakang Seretse and his company, Khulaco, may have lost their appeal in spectacular fashion, but the Court of Appeal refused to make two findings that would have carried even heavier consequences.

Despite describing the case in unusually strong language, the court declined to find that Seretse had committed fraud.

The judgment leaves Seretse facing an order to repay P42 million. But the court drew a distinction between the serious allegations made by government and what it could determine on the evidence before it.

Government had argued that the conduct amounted to fraud and asked the court to award costs on a punitive scale. The Court of Appeal declined.

Although the judges said there remained a ‘whiff of fraud’ over the transactions, they said they were not making a finding of fraud itself. The appeal was decided on different legal grounds. Those included breach of fiduciary duty, undisclosed conflicts of interest and the obligation to account for profits received.

The judges also rejected government’s attempt to secure attorney-and-client costs, one of the harshest costs orders available in civil litigation.

Instead, the court awarded costs on the ordinary scale. The ruling means Seretse and Khulaco remain liable for substantial legal costs, but avoid the additional financial penalty that accompanies punitive costs orders.

The judgment nevertheless leaves little doubt about the court’s view of the case.

The judges found that Seretse occupied a fiduciary position in relation to the National Petroleum Fund. They concluded that he failed to disclose interests in companies involved in the transaction and that Khulaco was required to account to government for the P42 million it received.

The court also criticised the defence mounted by Seretse and Khulaco. It said they failed to provide meaningful answers to key allegations raised by government during the summary judgment proceedings. Still, the judges drew a clear line between suspicion and proof. Their reference to a ‘whiff of fraud’ were a reflection of concerns arising from the evidence. But they did not elevate those concerns into a formal finding that fraud had been established.This was one of the few legal victories in an otherwise comprehensive defeat for Seretse and company. The judgment leaves him liable for the money government sought to recover. But it also confirms that the Court of Appeal was not prepared to make findings that went beyond what was necessary to resolve the appeal.

Three years ago, Botswana Darts Association (BODA) slipped out of its status among the AUSC Region 5 top three. As BODA prepares to host the AUSC Region 5 Games from 24 to 28 August 2026 at the Aquarian Tide Hotel in Gaborone, the target is simple. Return back to their perch among the region’s top three.

BODA Secretary Kagiso Kitso says the squad they have assembled for the home tournament will be pushing to win the championship. For this tournament, BODA will deploy a mix of Under 25, Senior and Veteran players across the men’s and women’s divisions. Kitso is of the view that the selected team, more especially the senior squad, is the strongest Botswana has fielded in years. The final squad was selected during trials in Palapye.

Winning aside, the BODA Secretary is optimistic that hosting the tournament will boost the popularity of the sport locally. BODA says hosting will increase the sport’s visibility nationally and improve government backing. ‘Hosting the Region 5 Games is a breakthrough. It gives darts national visibility, government support, and a chance to prove we can host world-class events. The Games will benefit Gaborone’s tourism and business sectors.’

With seven countries expected to be represented during the tournament in Gaborone, team delegations are expected to fill hotels and patronise restaurants and transport services over the five-day event.

‘For development, it means our final squad prepares at home, with more training and no travel stress. It tells every young Motswana that darts is a real pathway to represent Botswana. Players get international competition at home along with regional ranking points and qualification opportunities.’

As it is, BODA seeks to use the regional championships as a springboard for a better future. Kitso outlined BODA already has a long-term strategy built on three pillars. These include keeping the current squad active through monthly leagues and training, expanding BODA’s school and community programmes to grow its player base, as well as pushing for Region 5 darts to gain international recognition by aligning its rules and rankings with global standards.

‘BODA plans to align its rules, rankings and events to international standards so that a Region 5 champion can compete at African and World level without extra qualifiers, The goal is to produce Botswana players who are not just Region 5 champions, but African and World champions.’

Kitso acknowledged that BODA faces significant obstacles, including funding constraints, a shortage of facilities outside Gaborone, difficulty keeping players consistently active, strong regional competition, and the challenge of securing international recognition for Region 5 darts. However, he noted BODA is tackling the challenges with better structures, more partnerships and by using Region 5 games as a launch pad.

Meanwhile, Botswana’s squad for the regional championships includes seniors Letlhogela Mosepele, Mothusi Moakofi, Jimmy Moshokgo, Tshupo Ramotlhala, Tomeletso Poloka, Topo Mongweemang, Boipelo Masimele, Keneilwe Kabanna, Charity Mashiakgomo, Irene Otukile, Moabi Othapile and Malebogo Subule.

U25 comprises Thatayotlhe Robert, Theo Rantshabo, Botlhe Baliki, Lame Poloka, Rachel Moremi and Gaone Ishmael.

Veterans include George Lekang, Moitshupi Seomile, Arthur Jansen, Gaolatlhe Setlhare, Tebogo Lesaba and Florah Chikhwai.

Having spent time in Asset Management Operations, one thing has become very clear; expectations have changed, and they have changed quickly. Clients no longer have the patience for slow turnaround times or opaque processes. They want real-time visibility, faster execution, and a level of service that feels effortless. At the same time, regulation has not eased, if anything, it has become more demanding. Governance, Risk and Compliance expectations continue to grow in both scope and complexity.

The question is not whether firms should prioritise efficiency or control. The real challenge is figuring out how to deliver both consistently.

Operations Has Quietly Become Strategic

Operations used to sit in the background. It was largely process-driven, often manual, and not always seen as a source of competitive advantage. This is no longer the case. Today, Operations sits right at the centre of client experience, regulatory compliance, and business scalability. It is where expectations collide: speed versus accuracy, cost versus control, automation versus oversight.

Clients are not benchmarking us against other asset managers anymore; they are comparing our service to the best digital experience they have had recently. Which changes the bar completely. The pressure is real.

Technology Helped – But Also Exposed Gaps

Most firms have already invested heavily in automation, workflow tools, Robotic Process Automation (RPA), and more recently, Artificial Intelligence (AI). These investments have improved processing speed and reduced manual effort. But they have also surfaced something uncomfortable. Speed is relatively easy to improve in isolation. What is much harder is improving speed without weakening controls or increasing risk.

In some cases, the opposite happens. A process is automated, but then layer on additional approvals, manual overrides, or duplicate checks, often in response to audit findings or regulatory concerns. Before long, we have recreated complexity in a different form. There are some processes which are technically automated but still feel slow because of how many touchpoints sit around them.

The Problem with Layering Controls

Controls rarely get removed; they accumulate. Each audit point, each incident, each regulatory update tends to introduce another control. Individually, they all make sense. Collectively, they can become heavy.

Over time, we end up with multiple reviews of the same data, unnecessary approvals, and manual interventions that do not meaningfully reduce risk anymore. They just slow things down. This is where organisations start to lose the balance they were trying to achieve in the first place.

A Shift Toward Risk-Based Thinking

The firms that seem to be navigating this better are the ones leaning into risk-based approaches. Not every client, transaction, or process carries the same level of risk, so why treat them as if they do? When we start segmenting by risk, things open up. Lower-risk activities can move quickly through automated workflows, while attention is given where it actually matters.

It sounds obvious, but it requires a mindset shift. It means being comfortable with not applying the same level of control everywhere – and having confidence in the framework that supports that decision.

Embedding Controls, Not Adding Them

Another shift is around how controls are applied. In more mature environments, controls are not something that sits around the process; they are built into it. Systems enforce rules automatically, flag exceptions in real time, and prevent errors before they happen rather than detecting them after the fact.

AI is starting to play a role here as well, particularly in areas like anomaly detection, document verification, and transaction monitoring. Used well, it does not remove human judgement; it just changes where that judgement is applied. Instead of reviewing everything, teams can focus on what actually looks unusual or high-risk. This is a much better use of time.

It Still Comes Down to People and Alignment

Technology alone does not solve this. Getting the balance right requires alignment across Investment Operations, Risk and Compliance, and Internal Audit. The Three Lines of Defense model is not new, but in practice, it is often fragmented. When these functions operate in silos, we tend to get tension. Speed on one side, and control on the other. When they work together early in the design of processes, the outcome is very different. We get workflows that are both efficient and defensible from a risk and regulatory standpoint.

Don’t Forget the Client View

It is easy to get caught up in internal priorities, but the client experience is where all of this ultimately shows up. Clients do not see our r control framework; they feel the delays, the repeated requests for information, the lack of transparency when something is stuck. They care about security and compliance, but they also care about responsiveness. If processes become too cumbersome, it starts to erode confidence, even if everything is technically ‘working as designed.’

Where This Is Heading

Operational excellence is no longer about being the most controlled or the most efficient in isolation. It is about how well we integrate both.

The firms that will stand out are the ones that simplify where possible, apply controls intelligently, and use technology in a way that enhances, not complicates, how work gets done. That is not easy, and there is no single blueprint. But it starts with being willing to question existing processes, not just adding to them.

Because in the end, moving faster only creates value if we are still in control, and having strong controls only matters if they don’t stop us from moving.

Botswana Defence Force (BDF) retirees have escalated their long-running pension dispute with government, demanding permission to stage a peaceful march to President Duma Boko’s Office and threatening urgent High Court action if authorities continue to ignore their request.

In a statutory notice and letter of demand dated 4 August 2026 lawyers representing retired soldiers accused the Office of the President of failing to respond for nearly two months to a request to deliver a petition directly to the President over the controversial 1/375 Transfer Value Enhancement pension payments.

The legal notice, addressed to the Permanent Secretary to the President, the Commissioner of Police, the Attorney General and the Ministry for State President, Defence and Security gives government 24 hours to facilitate the march or face litigation. The retirees are represented by Rt Lieutenant General Gaolathe Galebotswe and others who say they have exhausted engagements with the Ministry for State President, Defence and Security without resolving their grievances. According to the letter, the group first requested on 8 June 2026 to present a petition to President Boko on 30 June but says the Office of the President has never acknowledged or acted on the request.

‘Despite the clear and formal request, and the significant period of time that has since elapsed, no response has been received from the Office of the President, no convenient date has been pronounced… and no arrangements whatsoever have been made to facilitate the receipt of the petition,’ the lawyers state.

The former soldiers argue that government’s silence amounts to a failure to uphold constitutional rights guaranteeing freedom of expression, assembly and association.

‘The proposed date of the 30th June 2026 has long passed without any engagement,’ the retirees argue through their lawyers.

They contend that the State has a constitutional obligation to facilitate not frustrate the peaceful exercise of those rights. ‘This duty includes, but is not limited to: Designating a suitable and authorised person within the Office of the President to receive the Petition; Enabling and facilitating a peaceful public procession or march for the purpose of delivering the said Petition and ensuring that the Botswana Police Service provides the necessary escort, security and protection for such peaceful procession.’

‘Our Clients and their Members are entitled, as of right under Section 13 of the Constitution of Botswana, to the protection of their freedom of assembly and association… They are further entitled under Section 12 of the Constitution to freedom of expression… and to petition the Head of State and Commander-in-Chief in respect of their legitimate grievances,’ the letter from Monthe Marumo and Co. letter reads. The lawyers are demanding that the Office of the President designate an authorised official to receive the petition, while the Botswana Police Service is being asked to issue the necessary procession permit and provide police escort for what they insist will be a peaceful march.

The lawyers further demand that the petition be received within seven days of the notice. Failure to comply, they warn, will trigger urgent court proceedings seeking declarations affirming the retirees’ constitutional rights to march and protest, together with court orders compelling the Office of the President to receive the petition and directing police to facilitate the procession.

‘The State… has a corresponding constitutional duty to facilitate, and not to hinder, the peaceful exercise of these fundamental rights,’ the notice states. The legal team says it will also seek costs against the State should the matter proceed to court. The latest development is a fresh escalation in the long-running dispute over the 1/375 Transfer Value Enhancement payments, an issue that has remained a source of discontent among retired military personnel despite months of engagement with government.

Francistown is grappling with a fresh wave of illegal gold mining activities and there are fears that it could be fueled by an influx of Zimbabwean immigrants into the city who are escaping anti-immigrants tensions in South Africa.

Anti-immigration protests and marches targeting undocumented foreign nationals have erupted across major South African cities like Johannesburg, Cape town and Durban led by citizen groups such as March and March and Dudula Operation. Demonstrators are demanding the South African government to deport illegal immigrants and to enforce strict border controls. Some protests have led to violence and intimidation forcing thousands of immigrants from countries such as Zimbabwe, Nigeria, Ghana, Malawi and Mozambique out of that country.The violence and attacks on foreign nationals in South Africa has been widely classified by human rights organizations, the United Nations and international organizations as ‘xenophobic’.

Information reaching the Sunday Standard suggests that police in Francistown have identified fresh illegal mining activities in Francistown and the surrounding villages particularly Matsiloje, Patayamatebele and Matshelagabedi.

Francistown which is a historic gold mining town and its surroundings has over the years experienced illegal gold mining activities mainly from undocumented Zimbabwean nationals targeting old disused shafts. This escalated into a major national security and economic concern. The unregulated miners commonly referred to as ‘Zama Zamas’ similar to the illegal mining syndicates in South Africa use metal detectors and basic tools to extract gold under highly hazardous conditions. Devoid of protective gear, these illegal miners navigate structurally unstable deep shafts which sometimes result in collapse related fatalities.

However several efforts to contact the Officer Commanding No.1 District, Senior Superintendent Paul Chaluza to confirm these allegations last week were unsuccessful as his mobile phone was not answered.

A highly placed source within the law enforcement authorities revealed to the Sunday Standard that they have identified new illegal mining holes in some areas of the city such as Selepa, Matsiloje and Patayamatebele.

‘We are already experiencing an influx of illegal immigrants into the city and we believe that most of them are fleeing from South Africa amid anti-immigrant tensions in that country. Most of them are of Zimbabwean origin and possibilities are high that they are the ones re-igniting a surge in illegal mining activities. Remember South Africa has also been under siege from illegal immigrants engaged in illegal mining popularly known as the ‘Zama Zamas,’ said the source. He however said initially they had been making progress in the fight against illegal mining.

Last year the law enforcement which includes the Botswana Defence Force(BDF) and the Botswana Police Services(BPS) were deployed in the area conducting patrols and made hundreds of arrests. The operation dubbed ‘Operation Kamani’ led to a significant reduction of illegal mining activities.

While anti-migrant tensions increased pressure on foreigners in South Africa, the Ministry of Labour and Home Affairs in Botswana announced that there was no unusual border crossings or influxes. Meanwhile, Botswana government has also stated that it will not serve as an open sanctuary for those fleeing neighbouring unrest. The government further said individuals arriving without proper documentation are not processed as conventional refugees but are instead, assisted with safe return to their home countries.

At a time when fashion houses across the world are searching for new stories to tell, Botswana luxury designer Koki Chiepe is looking inward.

Her exhibition, Heritage Reimagined: Living Archives, transformed the National Museum in Gaborone into something more than a fashion venue. It became an exercise in cultural memory – a space where landscapes, ceremonies and indigenous knowledge were translated into contemporary design without losing sight of their origins.

The exhibition asked a deceptively simple question: What happens when a country’s heritage becomes its design language?

The answer unfolded through textiles, jewellery, leather goods and carefully curated installations that drew from some of Botswana’s most recognisable cultural and natural landmarks. The golden hues of the savanna appeared in elegant fabric compositions, while the distinctive patterns of Botswana’s cracked earth inspired original prints that surfaced throughout the exhibition. Even the silk garments worn by museum ushers formed part of the visual narrative, blurring the line between exhibition and performance.

What emerged was less a fashion showcase than a conversation between place and design.

Among the exhibition’s most compelling references was the Okavango Delta. The winding waterways of the UNESCO World Heritage Site inspired flowing textile compositions that mirrored the movement of water across the landscape. The humble water lily, one of the Delta’s most recognisable symbols, was reimagined as sculptural jewellery – earrings, rings and brooches that transformed a familiar botanical form into contemporary adornment.

Elsewhere, the focus shifted to Tsodilo Hills, a site often described as the ‘Louvre of the Desert’ because of its extraordinary concentration of ancient rock art. Rather than treating the site as a relic of the past, Chiepe used its visual language as a starting point for modern textile design, luxury accessories and jewellery. The result suggested that heritage need not remain frozen in time to retain its significance.

The exhibition’s emotional centre, however, lay in its interpretation of Botswana’s ceremonial textiles – Tjale and Mogagolwane.

For generations, these textiles have occupied a special place in Botswana’s social and cultural life, appearing at graduations, family gatherings, weddings and other important milestones. They are markers of identity and belonging, woven into both memory and everyday experience.

Chiepe resisted the temptation to reproduce these traditions literally. Instead, she translated their visual vocabulary into silk textiles, contemporary garments and luxury accessories. Mogagolwane-inspired prints appeared alongside intricate beadwork, including hand-crafted flamingo motifs that drew on Botswana’s wildlife heritage. The pieces felt familiar yet contemporary, rooted in tradition while speaking to a global luxury audience.

This balancing act – between preservation and reinvention – runs through the exhibition.

It is also central to Chiepe’s understanding of luxury.

‘For me, luxury begins with knowing who we are,’ she says.

‘When I look at Botswana, I see one of the richest design archives in the world. I see the Okavango Delta, the Tsodilo Hills, the Tjale, the Mogagolwane, the savanna, the cracked earth, our baskets, our indigenous knowledge and the remarkable craftsmanship that surrounds us.’

Her argument challenges longstanding assumptions about where luxury originates. Rather than positioning African heritage as inspiration for global fashion, Chiepe places it at the centre of the conversation. Botswana’s landscapes, cultural symbols and artisanal traditions are not references to be borrowed from; they are the archive itself.

That philosophy extended beyond the finished garments.

Each collection was accompanied by the story behind its creation, offering visitors insight into the research, symbolism and craftsmanship embedded in every piece. Through collaborations with artisans specialising in weaving, beadwork, leather craftsmanship, brass work and textile development across Africa and Asia, the exhibition highlighted the role of skilled makers in preserving cultural knowledge.

In an era of mass production and fast fashion, the emphasis on craft felt deliberate.

For Chiepe, heritage survives not simply through preservation, but through continued use, reinterpretation and exchange.

‘Heritage should never stand still,’ she says. ‘We honour it by allowing it to evolve with dignity and respect.’

The exhibition remained open for five days after its runway presentation, inviting visitors to engage with it as both a fashion experience and an educational journey through Botswana’s cultural landscapes. Through garments, photography, jewellery and storytelling, Heritage Reimagined: Living Archives positioned heritage not as a static collection of artefacts, but as a living resource capable of generating new ideas and new forms of expression.

In doing so, it offered a compelling vision of what contemporary African luxury can look like: confident in its identity, grounded in place and unafraid to tell its own stories.

Botswana is heading toward a future defined by worsening water shortages, rising competition for scarce supplies and mounting pressure on its economy unless urgent investments are made to strengthen water security, a new report warns.

The latest Econsult Botswana Review says the country, already among the world’s most water-scarce nations, will become increasingly vulnerable to climate change over the next 25 years, with higher temperatures, more frequent droughts and declining inflows into dams threatening livelihoods and economic growth.

‘As a semi-arid and water-scarce country, Botswana is one of the countries most exposed to the impact of climate change, notably heat, drought, water stress, and climate variability,’ the report says. The report warns that by 2050, climate models project ‘increased rainfall variability, the delayed onset of the rainy season, a shorter crop growing season, rising average temperatures, increased drought frequency, reduced water inflows to dams and reduced rangeland productivity.’

Those changes, it says, will undermine water security while intensifying competition among households, agriculture and mining which are three sectors that already place heavy demands on Botswana’s limited water resources. The report identifies ‘greater water demand’ and growing ‘competition among cities, mining and agriculture’ as one of the country’s most significant climate risks.

Econsult argues that safeguarding water supplies must become Botswana’s foremost adaptation priority. ‘Several assessments identify water as Botswana’s highest adaptation priority,’ the report says, urging greater investment in reservoirs, groundwater development, wastewater recycling, leak reduction and more efficient water use.

With nearly two-thirds of Botswana’s population living in urban areas, cities including Greater Gaborone, Francistown, Maun, Kanye, Molepolole and Palapye are expected to face hotter summers, rising electricity demand for cooling, worsening water shortages and more frequent flash flooding after intense rainfall events.

The report recommends urban greening, stronger water conservation standards for buildings, improved drainage systems and better protection of water infrastructure to help cities withstand climate shocks. Climate pressures also threaten Botswana’s tourism industry, with ecosystems such as the Okavango Delta, Chobe National Park and the Kalahari Desert facing increasing environmental stress.

While Botswana has already adopted a National Adaptation Plan Framework and other climate strategies, the report says the real test lies in implementation. ‘Botswana already has a National Adaptation Plan Framework and related climate strategies, but implementation and financing will be the main challenge through 2050,’ it says.

The report states that despite Botswana’s relatively strong governance, the country’s dependence on water, rain-fed livestock production and nature-based tourism leaves it highly exposed to climate shocks, making investment in water infrastructure and conservation critical to protecting future economic growth.

Botswana’s new Employment and Labour Relations Act risks attracting damaging international scrutiny unless lawmakers tighten provisions dealing with child labour, according to Botswana Chamber of Mines Chief Executive Officer Charles Siwawa.

Speaking during a panel discussion titled ‘Rights on Paper or Rights in Practice? Botswana’s Readiness to Enforce Fair Labour Standards under the New Employment and Labour Relations Act,’ Siwawa said the legislation generally posed little risk to the mining industry but warned that one section could undermine Botswana’s reputation in global markets.

‘The risk that I picked up, it’s a small risk. I don’t think it’s a major one,’ Siwawa said. ‘If you look at the section on child labour, to me, we probably need to rewrite that.’

Siwawa argued that while the Act prohibits child labour, it weakens that message by creating circumstances under which children may be employed in non-hazardous work. ‘You cannot legislate child labour. In other words, you are saying you want to employ children, because the perception internationally is going to be very difficult for you. You cannot get away from it,’ he said.

His remarks come as Botswana prepares to implement sweeping labour reforms aimed at strengthening workers’ rights and bringing domestic labour laws closer to international standards. For the country’s mining industry, which exports diamonds and minerals into markets where environmental, social and governance (ESG) standards are increasingly scrutinised, perceptions of labour practices carry significant commercial consequences.

He pointed to the Democratic Republic of Congo as an example of how allegations of child labour can overshadow an industry’s economic importance. ‘The Democratic Republic of Congo… is the largest producer of cobalt. But the challenge is the perception that they use child labour to produce that cobalt,’ he said.

Although he acknowledged that the drafters of the legislation may have had reasons for including the provision, Siwawa said Botswana should adopt a simpler and more unequivocal approach.

‘Maybe the proponents of that, or who authored that section, had a reason to go that route. But you cannot legislate child labour.’

Instead of allowing limited exceptions, he argued that the law should contain an absolute prohibition. ‘If we could only stop with Section 6(2), where it says, ‘No child labour.’ But not to then go on and say, ‘Yes, but you can employ child labour if they don’t work in hazardous areas, etc.’ No. Just stop there. No child labour.’

His comments underscore the balancing act facing Botswana as it seeks to modernise labour protections while preserving its standing as a responsible mining jurisdiction. For exporters competing in increasingly ESG-conscious global markets, legal wording can carry consequences that extend well beyond the workplace, shaping investor confidence, buyer perceptions and the country’s international reputation.

Sefalana Holding Company reported its sharpest profit decline in almost a decade after rising operating costs, weak consumer demand and disruptions to government supply contracts outweighed record sales, underscoring the pressures facing Botswana’s largest listed retailer.

The retailer posted revenue of P12.1 billion for the 52 weeks ended April 26, 2026, up 9 percent from the previous year, the highest in the group’s 52-year history. However, profit before tax fell 40 percent to P331 million, while basic earnings per share dropped to 93 thebe from 169 thebe. The board declared a final dividend of 20 thebe per share.

Sefalana said underlying profit before tax declined 19 percent after excluding one-off gains recorded a year earlier. Botswana operations absorbed most of the pressure as a seven-month gap in government milling tenders cut manufacturing profit by P72 million, while higher electricity tariffs increased costs by P25 million. Above-average wage increases for lower-paid employees added another P14 million to operating expenses.

The company said weak economic conditions continued to reshape consumer behaviour, with shoppers focusing on essential goods, value packs and private-label products rather than higher-margin discretionary items, squeezing profitability despite higher turnover.

Regional operations provided an important buffer. Namibia contributed 39 percent of group profit before tax after revenue rose 16 percent, while Lesotho remained profitable despite weaker consumer spending. Sefalana also expects its recently acquired South African investment to contribute about 10 percent of group profit over the medium term.

Despite the earnings setback, the retailer maintained a cautious outlook, pointing to new store openings, manufacturing expansion and regional diversification as key drivers of long-term growth while preserving cash to limit expensive borrowing during Botswana’s economic slowdown.

A probe by the Public Accounts Committee (PAC) on circumstances surrounding the appointment of Oteng Keabetswe as Managing Director suggest the previous board was dissolved to pave way for his direct appointment.

Members of the PAC this week scrutinized the timing and process behind the managing director’s ascent to the top job at the state-owned development finance institution.

The previous board was dissolved around August 2025. The dissolution was framed as part of the government’s restructuring of boards across several state-owned entities.

Proceedings from the PAC suggest the timing of the dissolving of the then board was too convenient. Keabetswe was appointed as caretaker managing director effective August 1, 2025, following the board’s departure. He later transitioned to the permanent role of substantive managing director on February 1, 2026, following a six-month caretaker period, with the new board appointed on October 13, 2025, confirming him.

The role of the next board, it would seem, would only be to rubber stamp the appointment of Keabetswe.

According to a member of the previous board, they had been told during their recruitment exercise that they were ‘wasting’ their time because there was already an ordained candidate for the job. He would not disclose who said that. The then board had advanced in their interviews for a suitable candidate. ‘We were conducting psychometric tests on selected candidates,’ the member said.

The PAC questioned the process behind his appointment of Keabetswe. Committee member and Nkange MP Motlhaleemang Moalosi asked Permanent Secretary at the Ministry of Trade, Joel Ramaphoi, how Keabetswe was identified and if there was an advertisement for the job and if other Batswana were given the chance to apply. The response was in the negative. Ramaphoi said Keabetswe was appointed directly by the Mnister because there was no board.

Moalosi also pointed to a forensic audit at BDC in which he alleged Keabetswe may have been implicated. He said the report pointed to alleged unethical behavior by the then investment officer Keabetswe. Sunday Standard is informed that some of the allegations in the report pointed to insider trading. Keabetswe left BDC then to work for a company in Mauritius before his return to BDC as caretaker MD in 2025 before being confirmed as substantive early this year.

Moalosi also raised questions about Keabetswe’s salary which he said was almost three times that of his predecessor. He said Keabetswe’s salary was P400,000 while his predecessor earned P150,000. He questioned why the disparity. Ramaphoi asked for time to get answers on both questions on recruitment process and the salary.

Following the dissolution and suspension of the board structure in August 2025, Keabetswe stepped in as caretaker managing director before being appointed as substantive managing director effective February 1, 2026.