To my dearest sister, Motena Lishea
Scrutator is overjoyed and happy for you my sister. I cannot help but give you some unsolicited advice.
After all, we fought this battle together. Even though I might have appeared to be on the side of makhooa, all I wanted in the end was to save Platinum Credit as an institution for everyone’s good – including yourself as the founder, the company’s many employees, makhooa themselves as investors and all the beneficiaries of loans. I am happy that has now happened my sister.
It goes without saying that micro lenders are key to fostering financial inclusion. I am happy that Platinum Credit is not only back, but it is back with a bang under your full control.
I am over the moon for you. You are undoubtedly now the richest woman in the Kingdom. I am truly happy for you over your newly acquired massive wealth.
No one would have imagined that would be the case only a few weeks ago as your battle of attrition with makhooa subsisted. Now that you are rich, everyone would want to be your friend. Beware of all the sheep in wolves’ clothing. Listen only to your true friends like me. Don’t doubt me, my sister. Even siblings can fight to the death at times.
Yes, I at times used harsh language against you and your handsome husband, Ntate Tsenase Tsenanse. For every harsh word I used, I sincerely apologise. All I wanted was for you to work things out with makhooa to save Platinum Credit. As you know, makhooa are also extremely rich and well connected globally. I had thought we would all be better off if we kept them invested in our country.
Makhooa
I was not necessarily fighting for makhooa my sister. I was fighting for Platinum Credit and its staff, who had been rendered jobless because of a mere shareholder squabble.
That’s exactly what your fight with makhooa was all about, a shareholder dispute: nothing else. I never believed the bunkum that you and makhooa were money launderers and fraudsters. In a way, I now feel vindicated.
They say where two elephants fight, the grass always suffers most. Likewise, whenever shareholders fight, the shop floor stakeholders – including ordinary employees, suffer most.
Remember sister, my argument, shared by this newspaper, You and I know very well that your makhooa partners were never money launderers. They did not need to launder any cash. Your fight with them was more about control of the company. After they had invested, they naturally wanted to eject you and appoint their own person to become MD of Platinum Credit. You were miffed at that because it was your license, they had bought into in the first place. If they had kept you as MD, I don’t think things would have degenerated to the extent they did. But you see my sister it’s natural for an investor to want to put their own person to look after their money.
Thank God, that’s now all water under the bridge. The happy thing is that you have settled with makhooa and Platinum Credit is now back in business. That is all I wanted from you, my sister. That is all I was fighting for.
Big Bang
You will know that when I fight for a cause, I can be brutal with words. In the end, I am happy that this fight has ended largely in your favour.
Platinum Credit is not only back in business, it is back with a huge bang, with a solid capital base. You have retained much of the invested capital (M200 million plus including the loan book). Makhooa have walked away with much less, with tails firmly tucked between their legs. In fact, after their contribution to the more than M30 million in statutory fines, they have walked away with nothing. For their acknowledgement of their mistakes, they need to be praised.
Their greatest mistake was to invest without formal authorization from the Central Bank. Even though you had signed deferred share sale agreements with them, that did not authorize them to run the business through you without explicit authorization from Ntate Letete. There was never any intention to launder anything. At most, their crime was for minuscule administrative errors and not money laundering. For acknowledging these errors, we must also thank makhooa for making a settlement possible.
In a way, Scrutator also stands vindicated. Throughout the dispute, I strenuously argued that this was never about money laundering or fraud. Sister, you are too pretty. You don’t look like a fraudster. You are not a fraudster. By admitting that you all made administrative errors against the purport of the Financial Institutions Act, you made a deal possible. I therefore wish the war of attrition between you and makhooa had never happened. Anyway, everything happens for a reason. You have emerged the biggest victor of the war. Everyone has also learnt a few lessons.
Good Wallet
With more than M200 million in your wallet, you have easily become the richest woman in Lesotho. For that, I am happy for you my sister. I reiterate my love for you.
Not only because I want to borrow some money, but because for us to make good use of the M200 million plus in your wallet, we have to be friends and help each other with good advice.
Yes, my sister, you will soon see me at the BNP Centre with my application for a loan. But that’s not the reason why I am being overly nice to you here. I just want you to succeed. If you succeed, we all succeed. Whatever you loan me at Platinum Credit, I will repay on commercial terms.
The M200 million now in your wallet is a solid foundation on which to carry Platinum Credit forward. If I were you, I would even consider converting Platinum into a commercial bank.
Just consider that Lesotho Post Bank’s entire asset base is also M200 million. Platinum then becomes the only private commercial bank wholly owned by Basotho.
I honestly see how that project can fail sister, as long as you carry me along.
Even if you keep Platinum Credit as a micro lender, it is now very well capitalized with an unencumbered cash base. You are now up there with the likes of Letshego and Lesana.
With your riches my sister, I repeat – be careful of all the wolves in sheep’s clothing who will now all want to be your friends. Don’t open your wallet to them.
Give me a job
The other thing you can do to guarantee your success is to give me a job, my sister. You will know that many micro lending firms fail because of people who don’t want to repay their loans. I have a special talent, my sister. I can assure you that once you give me a job of vetting all potential borrowers, the business will flourish even more. Not a single potential defaulter will get a loan. Just by looking at people’s faces, I am able to tell who can repay a loan and who cannot. As an example, consider a person with a face like Thabo Thakalekoala (may his soul rest in eternal peace). If he were still alive, and pitched up at the BNP Centre, I would not approve a loan for him just by looking at his face.
It’s obvious he will not repay. You will need a person with a skill like that my sister. And it’s only me.
I want Platinum to grow. And sure, it will grow. But you will need the right people to run the business. Consider me my sister.
Lastly, don’t forget people who assisted you in this fight. Apart from myself (even though I fought from the other side), there were people like Ntate Thuso Jacob Makhalanyane. I must say, I have grown to like and love this man. He fights for what he believes in. He fought on your side and he fought publicly. He is a good man.
Very lastly, I am also a bit jealous of you because you have a very handsome husband in Ntate Tsenase. Does ntate Tsenase have a younger or older brother, my sister? If he has, I wouldn’t mind introductions. That will enable us to fully cement bonds and become family. From now onwards, we work closely together, sister. We are now best friends forever. Let’s make Platinum Credit Great Again (PLAGA).
