Botswana Development Corporation has ‘parted ways’ with Managing Director, Bashi Gaetsaloe a month after he led the corporation into impressive results, Botswana Guardian has heard from two sources familiar with the goings on at the state owned firm.
Employees of the government investments arm have already been informed of the MD’s departure. Gaetsaloe left the employ of BDC on Wednesday. Specific details on why the man who has transformed BDC into a profitable entity left were not clear at the time of going to press. Furthermore, it is understood he could have left last year, but his departure was delayed by financial results which were paraded to stakeholders mid December.
Head, Corporate Affairs and Strategy, Boitshwarelo Lebang did not want to dwell into specific reasons why Gaetsaloe quit, save to state that: “Botswana Development Corporation(BDC) confirms the departure of Bashi Gaetsaloe from the employ of BDC as Managing Director to pursue other opportunities with immediate effect. The Corporation wishes to thank Bashi for his contributions to BDC and wish him well in his future endeavours.”
This publication could not immediately reach Blackie Marole, BDC board chairman to explain why Gaetsaloe, who was appointed on April 2014, has left before his second contract lapses. His contract was renewed about three years later(2017), but at the time, some legislators raised concerns that, his relations with Vincent Seretse, who was then a trade and industry minister ‘was not ideal’. Gaetsaloe is Seretse’s brother in law. BDC falls under the trade ministry which is now under Bogolo Kenewendo.
Meanwhile, speculation is rife that, Chief Investment Officer at the corporation, Moatlhodi Lekaukau will be appointed on an acting capacity until a new Managing Director is found. Lekaukau who is former Standard Chartered Chief Executive has been with the multimillion-Pula Company for about a year now.
Gaetsaloe is leaving at a time when the group has just started investing in the African continent, having been given the leeway by the sole shareholder, government. The group has also vowed to invest in the local front, especially on high value projects which can meaningfully boost the economy. For the year to June 2018, BDC reported a profit before tax of P187 million, up 37 percent year on year.