Staff Reporter
MOMENTUM Insurance Limited has entered into a settlement agreement in which it has agreed to pay close to N$6.9 million to clients whose funds disappeared due to alleged fraud by insurance broker Michael Hugh Bronkhorst.
Bronkhorst, an accountant by profession, was a former Alexander Forbes finance manager and broker for Petrichor. In 2020, Momentum Short-Term Insurance Namibia, a subsidiary of Momentum Metropolitan Group, acquired Alexander Forbes Namibia. Once Alexander Forbes had been taken over by Momentum, Bronkhorst was employed by Momentum in the same or a similar capacity.
Bronkhorst served as a central point for Petrichor Capital to secure clients for a scheme in which Petrichor enabled individuals to borrow money using their Momentum Insurance policies as security.
The arrangement would, however, prove fatal for both Petrichor Capital and Momentum, as Bronkhorst allegedly siphoned funds from both entities, transferring clients’ money into his personal accounts.
It is alleged that, during March 2024, Bronkhorst provided his personal account number while pretending that it belonged to Momentum, thereby accepting clients’ money for his own use.
Those affected in the Momentum matter include Marlette Coffee-Lind and Albertus Horn, listed as the first and second claimants, respectively, while several trust accounts, including the Alcalu Trust and Alhoma Trust, were listed as the third to eighth claimants.
The settlement agreement was signed on 4 September 2026 by Horn and Lind on St Helena Island, roughly west of Namibia’s coastline.
Coffee-Lind, a chartered accountant, said she had been an unsuspecting victim of Bronkhorst’s insatiable thirst for money.
“I, too, ended up as an innocent victim of Bronkhorst’s fraudulent activities. In fact, I hasten to add that I believe that Momentum itself failed properly to exercise control and vigilance over Bronkhorst, and that it and its employees are to blame for the predicament in which a number of the policyholders ended up,” Coffee-Lind said.
She added that she and Horn had purchased a residential property in Windhoek. The purchase price was N$3 million.
“In the circumstances, I was going to obtain a guarantee issued against the policy funds for the sum of N$2 million, with Horn to pay the balance of N$1 million directly to Weder Kauta Hoveka. When, however, I raised it with Bronkhorst, he informed me that I should obtain a single guarantee for the entire amount. This is also reflected in a WhatsApp communication that emanated from him,” Coffee-Lind said.
She added that, in accordance with Bronkhorst’s suggestion, Horn paid the N$1 million directly. He made the payment into an account identified by Bronkhorst as the Momentum account and the payment was, therefore, made in the bona fide belief that it would go into a Momentum account.
“Unbeknown to us, the account given was, in fact, an account of Rosyntjiebos Trust,” Coffee-Lind said.
Rosyntjiebos is one of several entities belonging to Bronkhorst that were liquidated to recover the allegedly stolen funds.
In the Petrichor matter, it is alleged that Bronkhorst created fake loan agreements on behalf of clients who were policyholders. This resulted in policy payouts being ceded to Petrichor as security for the loans extended to the clients.
In total, the fake loan amounts diverted by Bronkhorst’s scheme for his own use amounted to N$103.6 million.
In June 2026, Farm Otjomasso, valued at some N$82 million, and around 320 head of cattle belonging to Bronkhorst were put up for auction to recover the ill-gotten wealth for policyholders through Petrichor Capital.
CORPORATE THEFT: Fraud-accused accountant Michael Hugh Bronkhorst. Photo: Contributed.
See less
