Seretse resigned from the firm late last year after he was charged with money laundering in connection with transactions and dealings with companies unrelated to Kgori Capital. Kgori Capital currently has assets under management of about P1 billion.
This morning, Kgori’s new managing director and fellow founder, Alphonse Ndzinge said Seretse was no longer affiliated with the company in anyway and the shares he previously held were up for grabs.
“Bakang Seretse is no longer under the employ of Kgori Capital and thus has been removed from our shareholder registry as our shareholder’s agreement states that shares will only be held by those that are employed by Kgori Capital,”
Ndzinge said priority for the disposal of the shares would be given to Kgori’s citizen employees as the firm believes that those who add value to the business should take up equity.
The legal troubles surrounding Seretse have heavily impacted on Kgori, with the firm’s assets under management dropping from an excess of P5 billion at the beginning of December last year, to the current P1 billion.
The drop is attributable to the exit of the Botswana Public Officers Pension Fund which cut ties with Kgori in the wake of Seretse’s troubles. The BPOPF had invested P3.9 billion with Kgori.