BCL saga, page-90

Silence abounds re the EIH/UAE move on BCL. Relevant to my statement that I believe the firing of Paul Smith of MDCB will enhance the possibility of EIH going ahead with BCL are following quotes from Bots Guardian (http://www.botswanaguardian.co.bw/news/item/2475-paul-smith-fired.html) dated 18/04/17.......
......"Kebonang (minister) confirmed to BG News that he has fired Smith. “The MDCB board had a meeting on Monday and made a recommendation that Smith must be fired which I have acceded to”.

......"He (Smith) has allegedly compromised the reputation of the Board (of MDCB) in the way he deals with other stakeholders, such as the former BCL Board which he allegedly did not give the best cooperation".

......"The decision
But the decision to fire Smith started to build up when government decided to sell the BCL mine assets to the Emirates Investment House (EIH) of the United Arab Emirates (UAE) following his alleged lack of cooperation and ‘disrespect’ for his employers and key stakeholders at large. He allegedly tried to frustrate Minister Kebonang’s efforts to have the due diligence process on BCL mine done by EIH. That’s when Kebonang put his foot down by ordering Smith to cooperate with the process or face the chop."

......"BG News has it on good authority that the BCL shares were transferred to MDCB just a day before the company was put on provisional liquidation. All along the Ministry of Finance and Economic Development had been refusing to do so advancing reasons that they could only make the transfer once Parliament had sanctioned the move. When Smith took office in February 2016 his immediate task was to work closely with BCL management to oversee a process of streamlining the mine’s operations."

......"BG News has it on good authority that the BCL shares were transferred to MDCB just a day before the company was put on provisional liquidation. All along the Ministry of Finance and Economic Development had been refusing to do so advancing reasons that they could only make the transfer once Parliament had sanctioned the move. When Smith took office in February 2016 his immediate task was to work closely with BCL management to oversee a process of streamlining the mine’s operations."

......"It's said that in due course Smith started to overrule everybody including the board, a matter that later led to two seasoned and fierce Batswana administrators - Dr Akolang Tombale and Ms Dora Moremi- resigning their positions from the BCL board as chairman and deputy respectively."

Thus on balance (my words) if there is to be a seamless deal outcome with the potential buyer(s), the absence of Mr Smith will be a positive.

Have a nice day all.