Conflict of interest rocks BIFM board of directors
source: Sunday Standard
by Sunday Standard Reporter
20.04.2008 10:29:53 A
Once the darling of the investment community, Botswana Insurance Holdings Limited has had a rough time lately.
At the bottom of the crisis are accusations of conflict of interest.
As a result, the blue chip stock-listed on the Botswana Stock Exchange, has been forced to restructure its board and recruit a new set of independent nonexecutive directors following a disputed acquisition of shares in the company’s asset management wing by a consortium owned by directors and executive management team.
BIHL has had to implement an embarrassing reversal and clean up of its corporate governance following a P30 million purchase of shares by nonexecutive directors in BIFM (an asset management subsidiary.)
The group is also in the process of recruiting a [continue reading]
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