Hundreds of people have gathered at the Windhoek Magistrates Court in anticipation for the first court appearance of Michael Amushelelo and his co-accused Gregory Cloete.
Heavy police presence and body searches are the order of the day at the court room.
The duo face charges of fraud and money laundering. A source close to the case says more charges will possibly be added to the charge sheet.
Before the arrest of the two suspects last week, the Bank of Namibia on 3 October 2019 sent an official notice to all commercial banks in Namibia to freeze all bank accounts of Michael Ndali Saddam Amushelelo and his business entities.
Besides Amushelelo’s personal bank accounts the BoN also requested commercial banks to freeze the accounts of Amushe Hello Investment CC, Pink Petals Floral Designs, Global Growth Investments Namibia CC, Amushe Advertising and Design CC, Amushelelo Family Trust, Van der Walt Trailer Manufacturing and Wealth Organisation Namibia.
Along with the known business entities the BoN order also included other business entities in which Amushelelo might be partner or shareholder. The commercial banks were also ordered to inform the BoN of such bank accounts.
An investigation by the Bank Of Namibia revealed the Amushelelo and his business entities has been conducting illegal banking business in contravention of section 5 of the Banking Institutions Act, 1998 (Act No. 2 of 1998).