Citizen Entrepreneurial Mortgage Assistant Fund ruins citizen investors
source: Standay Standard
by REUBEN PITSE
09.11.2008 9:10:26 P
Tens of citizen companies are fighting for survival after they were ruined by alleged corruption at the Citizen Entrepreneurial Mortgage Assistant Fund.
Patrick Ketsitlile, Managing Director of N&N Fund Managers, the company that won the tender to manage the government fund, is the central figure in what could become one of Botswana’s biggest political and corruption scandals ever.
Allegations against Ketsitlile range from conflict of interest to money laundering. A reconstruction of Ketsitlile’s rise shows that he was an ingenious dealmaker who hatched interlocking companies that exploited loopholes in the fund and trampled the norms of running public businesses more often to serve his desire for wealth.
This inside account of Ketsitlile’s career is [continue reading]
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