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That crook’s days are numbered

Dear Cabinet & Congress members


COMRADES, it’s been three years since that Ponzi scheme called MKM swindled our people out of their hard-earned monies.

Since then the owners of that dubious scheme have tried every trick in the book to save it from liquidation.

We must all hang our heads in shame for this is a national disgrace.

Our judges have scurried for cover every time the case has landed on their laps.

Like a hot potato, they have tossed the case to the next judge available.

The crook-in-chief, Simon Thebe-ea-Khale, has been playing poker with our judiciary system.

Because the judiciary has allowed itself to be prostituted with impunity the case has continued to stumble in the courts.

Thebe-ea-Khale has launched a battery of court applications to stall the liquidation case and he has not been short of willing tools to recruit for that nefarious plot.

His sympathisers like Libe Moremoholo, that young overzealous opposition MP with a questionable IQ, have taken up the fight.

In their naivety they have persistently pressured the government to bail out the troubled Ponzi scheme.

They have fanned public anger against some ministers they suspect to be blocking that bail-out.

They speak like it’s the government’s responsibility to help out pyramid schemes.

A few months ago some High Court judge, who preferred to hide behind the veil of anonymity but was obviously a tool of Thebe-ea-Khale, told a local weekly newspaper that the MKM case was political and therefore the government should sort it out.

In the meantime the 300 000 people who were swindled by MKM are still waiting for their money.

Some have died and others are living as paupers.

What has been lost in all this mayhem is that Thebe-ea-Khale, the architect of that scheme, is still alive and kicking.

Why haven’t people like Libe asked him where he put the money?

And why doesn’t Thebe-ea-Khale himself just put his money on the table and call the depositors to come collect their dues?

Surely that won’t be such a difficult task if he has the money as he has claimed in the past.

You see, Thebe-ea-Khale might be uneducated but he is not a fool.

He knows that he has munched the money and there is no way he can plug the M300 million hole that he drilled into the company’s books.

He knows too that there is no bank under the sun that will loan him that kind of money.

For all his feigned denials he is aware that he was running a Ponzi scheme.

In fact, he is not even surprised that it was closed because he knew from the start that in the end it was always going to crash anyway.

Even if the central bank had not closed the company in 2007, MKM was eventually going to succumb under its own weight of accumulated debts and the unsustainable interest that it had promised depositors.

Ponzi schemes always crash because they are not based on sound investment plans but the availability of more naïve people willing to pump in money with promises of fantastic returns.

Because of this reality Thebe-ea-Khale would rather play hide-and-seek with the central bank hoping that maybe — just maybe — a silly but sympathetic government might come into power in the next few years from now and play to his tune.

That is why he has changed tact and no longer insists that he has the money to pay the depositors.

In the meantime he will also play this game in the public arena.

People like Libe and that unnamed judge are efficient tools in that regard.

For as long as they have the platform to speak they will talk about the need for a government bail-out.

That message will obviously  resonate with the public.

When people are desperate they can swallow any nonsense.

There are many reasons why this government should not spend a single cent to bail out MKM.

Apart from the obvious fact that it is broke, it is also important for people like young Libe and his ilk to understand that MKM was an illegal business.

It was neither an insurance company nor a financial institution but a Ponzi scheme designed to fleece depositors.

It boggles the mind what motivates the calls for a government bail-out.

Governments are not in the business of bailing out illegal businesses.

They are not in the business of helping out crooks like Thebe-ea-Khale.

Libe and the people who share his discredited views are engaged in a debate that is hopelessly skewed.

Instead of screaming at the government to bail out MKM they should be raising hell asking why Thebe-ae-Khale is still outside Maseru Central Prison.

It’s a national scandal that Thebe-ea-Khale is still a free man years after the Court of Appeal ruled that he was operating an illegal business.

There is no difference between MKM and companies that deal in illegal drugs or criminal syndicates.

But as Libe and his colleagues know, calling for his arrest will not be a popular move because Thebe-ea-Khale owes every person who matters in this country.

Which police officer in this country will knock on Thebe-ea-Khale’s house brandishing a warrant of arrest?

Which judge will issue that warrant?

And who will prosecute that case?

So Libe and company know that the only way they can get some audience is when they shout profanities at the government and accuse it of letting down MKM depositors.

But that game will finally come to end sooner rather than later.

Thebe-ea-Khale might have managed to pee on the judiciary for so long but that won’t happen forever.

What happened in court last week should indicate to Thebe-ea-Khale that his days are numbered.

First, an application by one of his friends and former employee to be enjoined to the case was thrown out.

Then when Thebe-ea-Khale’s dubious depositors’ trust tried to play tricks they found South African judge Justice John Musi vigilant.

We now know that the interim court order that the misnamed trust fund acquired to block the liquidation proceedings is questionable.

The court tomorrow will prove how questionable it is but there is no doubt that something really stinks about that temporary order.

Yet try as they may, that liquidation case will still proceed.

Whether Thebe-ea-Khale and his supporters like it or not MKM will be liquidated and when auditors dig through its books they will find that it was just a farce.

Those days are coming.

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