- Boko says ‘Butterfly’ case crippled investor confidence
President Advocate Duma Boko this week unleashed a scathing critique of the infamous P100 billion criminal case against Welheminah Maswabi, AKA ‘Butterfly,’ and others, calling it a massive blunder that has tarnished Botswana’s reputation as an investment destination.
When addressing a high-profile gathering of judges of the Court of Appeal on Wednesday afternoon, organized by the Financial Intelligence Agency (FIA) to discuss financial crimes, Boko said the case sent shockwaves across the globe, causing investor confidence to plummet by a staggering 26%. “How did we allege that a young Motswana was financing terrorism? Why did we do it? I have been informed by international experts that, during that period, investor confidence fell by 26 percent,” he questioned, highlighting the damage done to the country’s image.
President Boko said the case, which accused Maswabi of laundering P100 billion and financing terrorism, cast doubt on the capabilities of the country’s institutions to detect money laundering, illicit financing, and other financial crimes. The country, which has previously been grey-listed by the Financial Action Task Force for failures in tackling possible financial crimes, attracted global attention for negative reasons and is set for another assessment.
Boko emphasized that the country also needs its own definition of financial crimes, such as the financing of terrorism, and clarity on who the terrorists are. He stated that he will not rush into conducting a forensic audit of government institutions and state-owned enterprises because the exercise requires a careful approach and should be executed by neutral individuals with no family or historical connections to the citizens.
The President revealed that the initial estimated cost of the forensic audit of a few state-owned enterprises and some government institutions was put at P250 million. However, the government has since established that an international firm can conduct the audit at approximately P60 million. He explained that he had to prioritize between rushing into an expensive forensic audit exercise and delivering on the welfare of the citizens at a time when the government had limited funds.
“We will do the forensic audit at an affordable price, conducted by international professionals with expertise in asset tracking, tracing, and recovery. Where there is a need to prosecute, the judges’ cases will be handled by judges. We count on the Judiciary to ensure that these cases are completed on time, and the law is fairly applied without fear or favor,” he said.
Boko stressed the urgent need for the country to strengthen and re-imagine its institutions and the roles each citizen plays in making Botswana a new country in the coming years. He expressed confidence that once the institutions are strong, investors who are already showing interest in Botswana will definitely come, and the government will roll out world-class infrastructure within the next three years.
The President, who humorously referred to himself as a “Mad Man in the World of Ideas,” expressed confidence in Botswana’s potential to become a regional powerhouse. He highlighted that the country enjoys the best geographical location in the SADC region and predicted that it will surpass many countries as a hub of everything good within the next three years.
