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Hatuikulipi makes U-turn in asset recovery application

Hatuikulipi makes U-turn in asset recovery application


THE legal practitioners of former chairperson of Fishcor and former Managing Director of Investec Namibia, James Hatuikulipi, today withdrew an application to have the financial intelligence center’s decision to freeze his personal and business accounts null and void.


James and his cousin, Tamson ‘Fitty’ Hatuikulipi, were listed as applicants together with various companies they own.


James initially argued that the freezing of his accounts not only had serious consequences for him, but for his employees, as well as service providers and suppliers who have not been paid their dues.


“There is no authority for a broad ranging power to stop a bank account except where it can be shown that each and every transaction through a bank account is affected by or tainted by an illegality. I have shown that my accounts are not tainted by any illegality. They in fact are accounts in which my salary is paid. No reasonable basis can be stated that my salary is of questionable origin,” James maintained in his affidavit.


APPLICATION ABANDONED: James Hatuikulipi. Photo: Contributed


The matter was scheduled for hearing today but could not continue as such.


“The applicants, after due consideration of the answering papers filed by the respondents, elected to withdraw the urgent application.  Pursuant to the said answering papers, the applicants had no knowledge of what kind of hold was on their respective accounts, as well as by which entity such a hold was occasioned. The last known hold was by the FIC, who never informed the applicants on what basis the account continued being frozen after 12 days. Only after the answering papers had been filed, did the applicants learn about the application and invocation of the Currency and Exchange Act, as well as the Customs and Excise Act, and the involvement of the Inland Revenue Department,”  the applicant’s lawyer, Appolus Shimakeleni, said.


The respondents subsequently requested for an order relating to legal costs.


Acting Judge Orben Sibeya as such remanded the matter on the resolution on cost to 19 February.