It will be recalled that in November 2007 an interim Court Order (CBL/APN/569/2007) was obtained by the Central Bank of Lesotho against Millennium Goal Society. The Court Order, amongst others provided that the Central Bank of Lesotho, through the PriceWaterHouseCoopers (PWC):

(i)             investigate the true amount unlawfully obtained by Millennium Goal Society from the public in contravention of  Financial Institutions Act (FIA) 1999;

(ii)           establish identities of all persons from whom such money was so obtained;

(iii)          determine where such money or assets into which such money was converted are kept  or located;

(iv)         any fact that, in the opinion of the Governor needs to be established in order to facilitate the repayment of such monies to the persons concerned.

Millennium Goal Society opposed the said application but on the 10^th April 2008,  the Court dismissed the points in limine raised by Millennium Goal Society and allowed the process of investigation to continue, per the CBL/APN/592/2007 (JUDGEMENT) dated 10th April 2008.

The date of 19^th May 2008 had been set for the consideration of the Interim Court Order of November 2007. On this date, instead of arguing the case, the two parties, namely, the Central Bank of Lesotho and Millennium Goal Society, presented the Court with an Agreement relating to the investigation in question.  The Court then converted this Agreement into an Interim Consent Order of 19^th May 2008.  In accordance with this Consent Order, the Central Bank of Lesotho, through the PriceWaterHouseCoopers (PWC) is authorised to conduct a verification exercise, in terms of which persons who have invested money with the Millennium Goal Society are given the opportunity to provide the Bank or PWC with the following;

(i)             Proof of the investor’s identity;

(ii)           An original document or documents evidencing the investment and the payments made in respect thereof;

(iii)          The investors’ bank details; 

The verification exercise shall be conducted in each of the following towns: Maputsoe, Maseru, Butha-Buthe, Seshote, Mokhotlong,  Mafeteng, Quthing and Thaba-Tseka.  The Central Bank of Lesotho shall publish by a notice, not less than fourteen days before the commencement of the exercise in each of the said towns, in a newspaper circulating in the said town and on a radio station broadcasting in the said town , in terms of which investors are invited to take part in the exercise and informed of the location, date and time when verification will take place. The Bank is expected to report its findings to the Court in September this year.

The nation is thus advised to be vigilant and listen to the media and read papers circulating in their areas to hear as to when and where verification will be made.

27 May 2007