Bigwigs lose big in Fleming takeover deal
Tuesday, March 21, 2017
Mmegi Business has learnt that the shareholders of fund manager, Fleming Asset Management have reportedly accepted a P20 million bid for the company, which is a fifth of an offer price they declined just over year ago before the firm ran into trouble.
Hamstrung by the loss of a P4 billion mandate with Botswana Public Officers Pension Fund (BPOPF) in July last year, Fleming has been knocked down from being one of the oldest and largest asset management companies in the country, losing other key clients and staff in the past eight months.
The findings reveal a disturbing pattern of misconduct and lack of transparency that cannot be ignored.The Tribunal, led by Judge President Justice Kabelo Lebotse, has rightly condemned the Ministry for its eyebrow raising conduct in awarding a P1.8 billion water tender to China Civil Engineering Construction Corporation (Pty) Ltd and Zhong Gan Engineering & Construction Corporation (Pty) Ltd.The award was made despite alleged clear evidence that...