Staff Reporter
COENRAAD Botha, who stands accused of receiving deposits from the public amounting to N$163 million without having a banking license, has said that he strengthened his business relations in Namibia after being told by Presidential candidate Ally Angula that the Bank of Namibia offered a “sandbox environment” for fintech startups.
Botha and his wife, Charlotte Murove, are charged with 64 counts, including 31 counts of conducting a banking business, namely CBI Exchange Namibia, without having a license to do so, and 31 counts of money laundering, contravening the Prevention of Organized Crime Act (POCA).
Additionally, the couple faces one count of conducting a Ponzi scheme, where money was allegedly solicited from investors and earlier investors were repaid with funds from later investors. They are also charged with one count of fraud for allegedly misleading investors between 2018 and 2022 by receiving money from them without authorization.
During cross-examination in his bail application, Botha denied any wrongdoing and asserted that there was no misrepresentation when he started his business.
In October 2019, the Bank of Namibia received an inquiry from a member of the public regarding CBI Namibia and Uhuru Pty Ltd, questioning their compliance with Namibian laws.
The State Prosecutor explained that in a letter dated August 31, 2020, Afrika Jantjies, a lawyer representing CBI Exchange, informed the bank that CBI was not registered in Namibia and had no intention of doing so at the time. However, on June 30, 2021, the entity CBI Namibia was registered. The State Prosecutor raised concerns about misrepresentation, as payments were received from the Namibian public for the purchase of crypto.
To this, Botha denied the claims, stating that nobody knows what they will do in six to nine months. He mentioned that they applied and worked with the Bank of Namibia and decided to move to Namibia after learning about the sandbox environment created by BoN, informed by Ally Angula. This sandbox relates to the fintech innovation initiative by BoN for aspiring fintech startups and fosters innovation, as explained by Botha.
Ally Angula, who has been mentioned in the fraud case, decided to run for the Presidency in 2023 after reportedly being told by God in a dream that it was her destiny to do so. She served as a Non-executive Director of the Bank of Namibia, appointed by the Former President of Namibia. Additionally, she was appointed by the Minister of Mines and Energy to the Boards of Namcor and Namcor Trading, and served as a Committee Chairperson of the Public Private Partnership Committee at the Ministry of Finance, among other roles.
