Although his contract as Botswana Development Corporation (BDC) Managing Director was set to end in March, Bashi Gaetsaloe has been released before he could see the end of it.
According to an inside source, Gaetsaloe was recently subjected to a lifestyle audit – a management tool to identify fraud – “And the results came back negative!”
His departure marks the end of a relatively fruitful if slightly turbulent five years in the Managing Director’s seat for the vastly experienced Gaetsaloe.
Appointed in April 2014, he is credited with successfully leading BDC’s Transformation Programme, resulting in a substantial turn-around for the business.
However, his 2017 contract extension was marred in controversy when it emerged that the man behind the renewal, the then Minister of Investment and Industry (MITI), Vincent Seretse, was in fact Gaetsaloe’s brother-in-law.
Their relationship came to light during a Public Accounts Committee (PAC) meeting.
It was also revealed Seretse did not consult the BDC board when he recommended Gaetsaloe’s reappointment.
It is alleged that his departure will not result in a leadership vacuum, with our source tipping him to be replaced by BDC’s current Chief Investment Officer, Moatlhodi Lekaukau.
The former Standard Chartered Bank Botswana CEO – the first Motswana in the bank’s history to hold the position – joined BDC in February 2018.
With close to 20 years experience in the financial services sector, predominantly spent at leadership level, Lekaukau is widely regarded as one of the country’s finest corporate leaders.
Reached for comment on Gaetsaloe’s sudden departure and alleged failed audit, the Minister of Investment, Trade and Industry, Bogolo Kenewendo would not be drawn into discussing the matter.
“I am sorry, I cannot comment on that,” she replied, before abruptly ending the conversation.
Despite numerous attempts to get hold of him, including phone calls, Whatsapp texts and SMS’s, Gaetsaole had not responded to The Voice’s enquiries at the time of going to press.