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Setipa, LNDC part ways

by Lesotho Times
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By Letuka Chafotsa

MASERU — Suspended Lesotho National Development Corporation (LNDC) Chief Executive Officer, Mr Joshua Setipa, has left the institution by “mutual consent”.

Mr Setipa officially quit the parastatal on Wednesday last week “with full benefits” and leaves just two years into a five-year contract which started with so much promise — only to collapse in spectacular fashion on December 11 2013, when he was put on five months suspension pending investigations into his management of the organisation tasked by government with marketing Lesotho as a prime investment destination.

Yesterday, Mr Setipa told the Lesotho Times he had left the LNDC by mutual consent, but referred further questions to the corporation’s Caretaker Chief Executive Officer, Mr Tseko Bohloa.
Mr Bohloa, on the other hand, confirmed Mr Setipa’s departure, but would also not go into details of the separation agreement.
“We have agreed on the terms for the CEO to leave the LNDC on the 30th of April 2014, but we cannot disclose those terms to the public,” Mr Bohloa said.
“We reached that agreement after a breakdown of relationship between Mr Setipa and the then LNDC Board.
“After the investigations’ findings, we looked at the available options and one of them was to go to court, and the other was to have a peaceful settlement. We opted for the cordial settlement.”

Mr Bohloa further said there were “indeed errors of judgement” made by Mr Setipa during his tenure, which he also refused to talk about in detail.
When he joined the LNDC on January 10 2012 after serving as Senior Advisor to the Director General of the World Trade Organisation (WTO) from 2005 to December 2011, Mr Setipa emphasised transparency as the core principle by which he would manage the Corporation.

He said this would create an environment complementary of the LNDC mission statement, “to promote economic growth by facilitating the development of sustainable, medium-to-large enterprises through the promotion and establishment of domestic and foreign direct investment”.

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