High divorce rates a result of financial problems

11th July 2017
Tiro Masimege accused of misapropriating around 4 million pula . Source:The Midweek Sun


By Peter Madiya - Reporter

An accused person Tiro Masimologe a former credit controller for Panda Group who was dragged before Francistown magistrate court for allegedly misappropriating Furnmart/Cash Bazaar subsidiary company Brick Build of around P4 million cash has challenged the company to delist and disown a consolidated financial report audited between 2008 and 2011 as it doesn’t reflect that P4 million has ever missed from the company accounts.

The case which is before former principal magistrate Dumisani Basupi was adjourned yesterday for today since the lawyer in the matter was not available before court. Masimologe argues that there is nowhere in the consolidated financial reports where the company is missing the said amount. Instead he insists that if his former employers claim that cash amounting to P4 million has gone missing between 2008 and 2011 then they must delist from Botswana Stock Exchange since they are trading fraudulently.

“Those consolidated financial reports presented at BURS, Stock Exchange are not correct if they alleged that there is some money missing from their company which means they have to delist and sort out their own mess,” Masimologe explained. The group’s CEO Odirile Merafe could not respond to questions from this publication, instead a correspondence from Panda Group Managing Director Andre Van Zyl on behalf of Merafe reads as follows: “This matter is “sub judice’’ and any response now can jeopardise the criminal proceedings and therefore we do not wish to respond. We would like to clarify the issue that you mentioned that: “Furnmart is trading illegally on the stock exchange” Brick Build (Pty) Ltd, Panda Plant (Pty) Ltd and Panda Quarry (Pty) Ltd are all private companies and are not affiliated and have no relationship with Furnmart. Therefore will not reflect any financial implications of Brick Build and Panda.”

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