Fishing Travel

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The company experienced rapid expansion prior to its collapse, with its loan book reaching approximately £2.4 billion ($3.2 billion) by the end of 2024. Its creditors included major international financial institutions and private equity firms.

In March, courts in London and Dubai imposed a worldwide freezing order on Raja’s assets up to £1.3 billion.

The order requires Raja to disclose assets worth more than £10,000 ($13,000) and limits his personal spending to no more than £5,000 ($6,700) per week without explicit consent from MFS administrators.

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He said the Authority’s role was to protect the public while ensuring gambling benefited Botswana. Kemorwale added that it was working with police against illegal promoters who make misleading promises of wealth, and that its approach to licensed operators emphasised guidance and compliance alongside enforcement.

The dispute over the legal gambling age comes as the Gambling Authority steps up its warnings about illegal online betting.

Speaking at the 2026 South East Region Staff Excellence Awards in Gaborone, Kemorwale said unlicensed platforms were diverting an estimated P850m ($63.2 million) from Botswana’s economy each year and exposing children and teenagers to unregulated gambling.

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The CFTC’s move gives the agency a chance to pursue parts of a crypto market framework under its existing authority, rather than waiting for Congress to resolve the broader legislative debate. 

CFTC Chairman Michael Selig signaled that possibility back in August. The agency was considering how its existing powers could be used to create a dedicated market structure for digital assets that are standard, he said. 

A new type of Designated Contract Market (DCM) dedicated to crypto trading is among the elements being looked at. Selig’s approach would enable existing and perhaps new crypto exchanges to gain CFTC recognition and offer leveraged or margined digital asset products under rules tailored for the sector.