BOTASH MD and CFO under investigation

Kabelo Dipholo
SUSPENDED: Kangangwani Phatshwane & Peter Kgomotso

The Managing Director of Botswana Ash (Pty) Ltd Kangangwani Phatshwane and the company’s Head of Finance Peter Kgomotso have been suspended indefinitely to give way for a forensic investigation at the ash mining company.

In a response to a questionnaire from this publication, Deputy Board Chairman Harry Pheko said the Board of Directors has placed the two on administrative leave until further notice.

He further revealed that the two gentlemen will continue to draw their salaries in full.

The suspended duo were sent home immediately, to give way to the investigators.

- Advertisement -

“The decision has been made based on an independent forensic investigation that is currently underway at the company,” said Pheko.

The Deputy Board Chairman however did not get into detail as to what led to the board calling for a forensic audit, but there’s speculation that the company is investigating financial irregularities at one of Botswana’s most profitable mines.

Pheko further told The Voice that, in the interim the Board has with immediate effect appointed Process and Product Development Manager Othusitse Seokamo as the Acting Managing Director.

Finance Manager Lesego Makubate has been appointed the Acting Chief Financial Officer to take over the daily operations of the company.

“The Board and Management team are committed to ensuring business continuity that underpins continuous performance of the company,” Pheko said.

- Advertisement -

The suspension of Kangangwane comes just two years after the launch of ‘Double in Five’ an ambitious five-year strategy that intended to more than double the company’s revenue to P745 million by the year 2027.

The transformative strategy is expected to propel Botash, the country’s leading producer of natural sodium, into an era of sustainable growth and innovation.

In one of his media addresses Phatshwane said the Double in Five would be achieved by maintaining sustainable operational efficiency, adhering to strong corporate governance standards and delivering stakeholder value.

- Advertisement -

It is not the first time that Botash’s MD has been told to leave their office.

Phatshwane came into the office in 2017 following the dismissal of the then MD Montwedi Mphathi.

The former BCL General Manager was shown the door by a board led by Ian Forbes.

 

 

 

 

 

Leave a Comment