Abandoned accounts amount to P9.4m - BoB

The ruling Botswana Democratic Party also abandoned funds in over six accounts belonging to the Lobatse, Gantsi, Gantsi Youth, Serowe, Palapye and Kanye branches, to name a few. Other notable accounts belong to the Kgatleng District Council, the Serowe-Palapye Sub-District and Serowe Development Fund.In a written response, Bank of Botswana PRO, Chepete Chepete says the publication of abandoned funds was done because the funds have been transferred to the Bank of Botswana by the different commercial banks in accordance with the requirements of Section 39(1) of the Banking Act (CAP. 46:04): ''Where a customer's deposit, or money lodged with a bank for any purpose, has been left untouched and not reclaimed for 10 years or more, and the customer has not responded within six months to a letter from the bank concerning the dormant deposit or money, and sent to the customer's last known address by registered post, the deposit or money, as the case may be, shall be deemed to have been abandoned and shall, without further formality, be transferred forthwith by the bank concerned to the Central Bank (Bank of Botswana),'' Chepete quotes.