Botswana Insurance Fund Management (BIFM) has responded furiously over recent revelations alleging that the fund is cheating pensioners out of millions of Pula.
“Bifm is shocked by such unfounded allegations which are far from being truthful,” fumed Tebogo Keepetsoe Public Relations and Communications Manager at Botswana Insurance Holdings Limited (BIHL) Group, which wholly owns BIFM. The alleged fraudulent behaviour by BIFM emerged after it was reported that Botswana Public Officers Pensions Fund (BPOPF) independent consultant, Novare conducted an investigation whose findings allegedly revealed that BIFM, the second largest pension fund, together with Fleming, could be possibly looting millions of Pula illegally from the unsuspecting pensioners.
BIFM with Assets Under Management (AUM) exceeding P20 billion follows the BPOPF, which is the largest at P40 billion AUM. There were no clear details since Novare officials declined to shed light on the report, said to have been compiled by Johan Henn, a director in the consultancy. Another Director Olebeng Ngwakwena diverted this publication to BPOPF, saying that they handed over the report to the fund after its completion.
On the other hand, Lesedi Moakofi, BPOPF acting CEO also seemed surprised when queried about the report and its findings. She said that she has not seen nor heard anything regarding the report. “We actually held an emergency meeting this morning to discuss this issue because the allegations are very serious and have the potential to destroy relations between BPOPF and other fund managers,” she said, even suggesting calling a press conference to address the issue.