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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Reflections on the Botswana law of company accounts in the aftermath of the Benco crash
Author:Takirambudde, Peter Nanyenya
Periodical:Pula: Botswana Journal of African Studies (ISSN 0256-2316)
Geographic term:Botswana
Subject:company law
External link:https://d.lib.msu.edu/pula/126/OBJ/download
Abstract:The events surrounding the insolvency of BENCO International's subsidiaries in Botswana have cast doubt on the effectiveness of existing company law rules regarding corporate accounting and their enforcement. The basic problem is that the present Botswana Companies Act is based on the premise that the growth of a free enterprise system is a progression through two different stages (the epoch of the entrepreneur - promoter - investor - manager and the time when the entrepreneurial function is split into ownership and control) characterised by distinct legal rules and roles. This article argues that though Botswana's industrial and commercial system has not arrived at stage two, the relatively rapid expansion of company floatation in the post-independence era and a significant participation of multi-national enterprises in major sectors of the economy should justify the application of regulatory strategies which are normally associated with economies and legal systems at stage two typified by such institutions and roles as professional management, large public companies and the large numbers context. - Notes.