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GIPF given ultimatum on lost millions saga

GIPF given ultimatum on lost millions saga

Zorena Jantze
The Namibian Women Lawyers Association (NWLA) after considering the statement made by the Prosecutor-General, on the Government Institutes Pension Fund’s missing N$600 million has resolved to pursue this matter on behalf of affected members of the fund and in the public interest.
The Women Lawyers Association, chaired by Ruth Herunga stated that the feedback expressed by GIPF appears to have taken little cognisance of the huge loss suffered by its members who have contributed to the fund monthly and continue to do so and without whom the fund would not exist.
The association further noted that the GIPF has not informed the public how they intend to recover the pension fund money that was lost or whether there was ever an attempt to recover such.
“We encourage the GIPF to release to the Namibian nation the actual impact of the loss suffered by the fund and its members caused by the N$600 million loss” the women lawyers association demanded.
The association stated that as a result, the issue is receiving their immediate attention and they reserve the right of their members, including private prosecutions as contemplated under Section 8 of the Criminal Procedure Act 51/1977.
Earlier this week, the Prosecutor General, Martha Imalwa shocked the nation to the core when she revealed that recovering the over N$600 million lost in the GIPF scandal would be an issue that would go unresolved, as her office had declined to prosecute 18 of the 20 firms linked to the case.
In response to this statement, the (GIPF) in a press statement earlier this week claimed that the company has learnt a lesson from the Development Capital Portfolio (DCP) scandal and as a result set up a new plan that will ensure proper alignment of interest, transparency, accountability and good governance.
The fund also further stated that the pronouncement does not, in any manner, adversely affect the fund’s investment and operations.

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