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The Business Weekly___Revie AA REFINEDREFINED READREAD : @THEBWRBOTSWANA: @THEBWRBOTSWANA : FACEBOOK.COM/THE : FACEBOOK.COM/BUSINESSWEEKLYBW BUSINESS WEEKLY & REVIEW Friday 06 FRINovemberDAY 10 JULY 2020 2020 - 12 November- 16 JULY 20202020 VOL.VOL. 22 ISSUEISSUE #303#320 VAT#:VAT#: C31201701111C31201701111 PRICE:PRICE: BWPBWP 10.5010.50 (Inc.(Inc. VAT)VAT) HigH Court GUMAstops r MOYO‘Sam's debt Open an accountOpen an enriP100CHmentM WEB plot account • tells ram to return sHares of nine Companies He Held as deBt seCurity from your • ram Has Been Claiming tHe Companies owed Him • ram Held tHe sHares in His name altHougH tHey were meant for CHoppies couchfrom your in OFstory DEBT on page 09 SELF-EXILED MP AND FORMER JUNIOR MINISTER SAMSON MOYO GUMA IS couch in FIGHTING TOOTH AND NAIL TO PREVENT LIQUIDATION OF HIS PART OWNED 15 minutes COMPANY, UNITED REFINERIES BOTSWANa (Pty) LTD, WHICH OWES CREDITORS OVER P100 MILLION. STAFF WRITER KABO RAMASIA REPORTS 153 minutesdocuments STORY ON PAGE 03, 05 & 08 3required documents 48required hours and 48your hours card and is yourdelivered card tois deliveredyou to you Scan now and Scagiven it now a try. and give it a try. LetLoLe Ceo hits baCk Download the SC Mobile against CriminaL Charges Botswana App today. SEFALANAstory on pages 03 & 08MD IN Download the SC Mobile Botswana App today. INSIDE BotswanaALLEGED falls Hig FINANCIALH Court BtC CeleCRIMEBrates For more information, visit our website or call intoIssues Covid-19 of disclosure and insiderC tradinglips “Butterfly’s” lie at the heart of the conduct40 years of the ofMD of Sefalana us on 361 5800. reGroup,Cession Chandra Chauhan, whenwings he recently went on a buying spreeprogress of the company’s shares For more information, visit our website or call Creditin the ratingbuild-up agency, to Moody’s,the award have of Botswana’sDisgraced Directorate lottery oftender Intelligence to Grow BTC Mine kicked Africa off a(Pty) programme Ltd, whichto mark us on 361 5800. isprojected owned largelya long-lasting by Sefalana African Group and whileSecurity Chauhan Service is(DISS) the biggestagent singleits 40th shareholder anniversary inas SefalanaBotswana’s aftereconomies institutional recession that shareholders. will severely StaffWelheminah Writers “Butterfly” KEABETSWE Maswabi NEWEL has pioneering and KITSO and leading DICKSON technology report and hit Botswana together...page 02 suffered a setback when. ..page 03 telecommunications...page 13 STORY ON PAGE 11 & 13 Terms and conditions apply. DOMESTICDOMESTIC EXCHANGEEXCHANGE RATES:RATES: USD/BWPUSD/BWP 0.08530.0853 ZAR/BWPZAR/BWP 1.46431.4643 GBP/BWPGBP/BWP 0.06790.0679 EURO/BWPEURO/BWP 0.07560.0756 ...MARKET...MARKET HIGHLIGHTSHIGHLIGHTS ONON PAGEPAGE 09 09 Terms and conditions apply. THE BUSINESS WEEKLY & REVIEW 2 Friday 06 November 2020 - 12 November 2020 www.businessweekly.co.bw News COVID-19 CrIpplEs INSIDE News 2-7 Tax & your Pocket 8 BOTswana ECONOMY Companies & Markets 9-16 • Econsult report focuses on impact of Covid-19 TEAM KABO RAMASIA in June 2019. The decline in nation open to the dire economic by 23 percent when compared Staff Writer GDP was driven by (a) halt in effects of the Covid-19 pandemic, to the previous corresponding EDITOR-IN-CHIEF diamond trading activity during it asserts. “So much so that both period of Q2 2019. There were Keabetswe Newel ven as Botswana moved the quarter (April 2020), which S&P and Moody’s ratings agencies [email protected] broad-based declines under with speed to combat the subsequently led to the mining changed the country’s medium- all import categories barring impact of the Covid-19 sector contracting by 18.6 term outlook from stable to diamonds, which experienced BUSINESS EDITOR E Kitso Dickson pandemic on human life, the percent.” negative, citing the adverse a significant uptick in June, crippling effects of the disease Econsult says unlike in the 2008 effects on these (diamonds and [email protected] according to the report. were already felt by economies financial meltdown, the private tourism) by the pandemic as the The reports draws special around the world, including sector has not been immune to main reason behind the change.” attention to the value of exports SUB EDITOR Botswana. the downturn occasioned by the However, the report observes which significantly decreased in Douglas Motheo [email protected] According to a report by coronavirus. “The non-mining that both rating agencies retained the second quarter of 2020. “Total Econsult titled “The Impact private sector (NMPS) shrank by the country’s grade credit rating, exports declined by 66.8 percent HEAD OF GRAPHICS of the Covid-19 Pandemic on 3.7 percent, of which the Trade meaning that there are robust compared to the previous quarter Taelo Maphorisa Botswana Revealed” released sector was the hardest hit by economic policy frameworks and and by 75 percent compared to [email protected] this week, in the third quarter the pandemic, registering year- a girding “public sector balance the same period last year,” says DISCLAIMER of 2020 (July-September), the on-year growth of minus 7.9 sheet”. Econsult. impacts of Covid-19 and its percent,” the report notes. According to Econsult, in “Diamond exports declined Commentaries, letters and columns associated lockdowns resulted in “This was mainly due to sharp response to the pandemic, by 68.8 percent compared to present are the views of the authors contraction in GDP and exports declines in the Wholesale (which Botswana took a decision to Q1 2020 and by 77.8 percent and not necessarily those of The Business Weekly & Review for the quarter. includes downstream diamond close borders towards the end of compared to Q2 2019. The “The real economy contracted trading activity) and Hotels & March. Accordingly, as reflected stark decline in exports further PUBLISHED BY by 4.2 percent in the 12 months Restaurants subsectors, which by the report, international trade highlights the need for Botswana to June 2020,” the report states. highlights the negative impact was affected. to diversify her exports beyond THE BUSINESS WEEKLY & REVIEW “This is in sharp contrast to the of the pandemic on both the The reports says during Q2 diamonds in order to reduce Post: Post Net Kgale View 449 ADD, year-on-year GDP growth of 3.6 diamond and tourism markets.” 2020, imports declined by 21.7 the economy’s vulnerability to Gaborone, Botswana percent registered during the Botswana’s reliance on percent when compared to the changes in the already volatile TEL: (+267) 3170 615 corresponding period ending diamonds and tourism has left the previous quarter. It also declined diamond market.” Change makes us rethink Investing for a world of change Previously Investec Ninety One Botswana Proprietary Limited is regulated by the Non-Bank Financial Institutions Regulatory Authority. Asset Management THE BUSINESS WEEKLY & REVIEW News www.businessweekly.co.bw Friday 06 November 2020 - 12 November 2020 3 GUMA MOYO‘S P100M WEB OF DEBT self-exiled Mp and former junior minister samson Moyo Guma is fighting tooth and nail to prevent liquidation of his part owned company, United refineries Botswana (pty) ltd, which owes creditors over p100 million. Staff Writer KABO RAMASIA reports ccording to papers filed million would be recognised around was nothing but a hoax. there was no response. Unibulk year but the process had failed to before court, it emerges and accepted as a claim by the “I kept seeking information subsequently wrote to the rescue the company. The creditor Athat when Samson Moyo provisional judicial manager, on the progress of the judicial Master of the High Court raising submitted that in terms of the Guma first placed the company Evans Munalula. Significantly, management but to no avail, pertinent issues regarding the court order placing URB under under judicial management, it was also agreed that Unibulk whereas I am aware that the conduct of the judicial manager. judicial management, as read with the plan was to tactically avoid would withdraw its opposition to judicial manager communicates There was also no response. Section 472(1) of the Companies paying creditors and to drag the judicial management. with creditors through reports UNIBULK APPLIES FOR Act, the judicial manager was the judicial management for as According to Unibulk’s and meetings,” he deposed in the LIQUIDATION OF URB obliged to generate reports of the long as possible rather than to affidavit, its motivation to affidavit. Convinced that it was no judicial management progress rehabilitate the company. withdraw its opposition to the Further, on 15 November longer desirable that the judicial every three months. In the URB As a director and one of judicial management sought by 2019 Unibulk wrote through management order should matter, Unibulk argued, the the company’s significantURB was motivated by its regard its attorneys to the Judicial remain in force, Unibulk applied judicial manager was supposed shareholders, the former MP for for the commercial interests of Manager, Evans Munalula, for liquidation of URB. Unibulk to have produced five reports Tati East and assistant finance both Unibulk and URB. Unibulk requesting an update on the stated that URB had been placed minister made the petition to the believed that the only way to judicial management process but under judicial management for a TO PAGE 04 High Court for URB to be placed save and rehabilitate URB was under judicial management. through a judicial management, His arguments were that under which would restore operations, judicial management, the get the plant running and company could be rehabilitated resume production. Further, it and brought back to life, which was agreed that the provisional would enable it to honour its judicial manager, supported by Notice of meeting of creditors financial obligations and save projections in the petition, was jobs. confident that he would acquire Auto Express (Proprietary) Limited - in liquidation It emerges that when applying funding to revive the plant.
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