Economics Reporter<\/p>\n
PRESSURE is mounting on NAMFISA to supply assurances to investors after court revelations and investigations into Fishrot millions that might have found their way to three prominent asset managers PointBreak, IJG Securities and Investec, renamed to Ninety One a few months after the Fishrot scandal broke.<\/p>\n
Questions are being raised about returns on investment and public confidence and financial oversight in place to protect the integrity of Namibian monetary systems, because of revelations in thousands of court documents presented in recent bail applications.<\/p>\n
According to court documents, beneficiaries from close to N$100-million that originated from Fishrot includes Point Break, IJG Securities and Investec, whose former CEO, James Hatuikulipi, is awaiting trial for his alleged involvement with the then Attorney-General Sacky Shangala and Minister of Fisheries, Bernahrdt Esau in the biggest fraud case and political scandal since Namibia\u2019s independence.<\/p>\n
The CEO of the Namibia Financial Institutions Supervisory Authority (NAMFISA), Mr Kenneth Matomola, confirmed that NAMFISA was requested to launch an investigation into the security of investments and public interest in Investec after the former Minister of Finance, Calle Schlettwein, requested a report because of Hatuikulipi’s proximity to an investment of N$10 million, according to court documents and police statements relating to Investec, who since 2020, in the midst of the scandal, changed their name to Ninety One.<\/p>\n
\u201cWe forwarded the answer and recommendations in the public interest to the Minister of Finance, Mr Ipumbu Shiimi, as minister Schlettwein was by then redeployed to agriculture.<\/p>\n
\u201cIt is up to minister Shiimi to take and recommend further action on the Investec matter. We were not asked to look into Point Break and IJG securities at that time, but as investigations progress and questions are being raised, we will surely do that as it is a supervisory duty to ensure the integrity of Namibia\u2019s financial systems and assure the public of the safety of their deposits,\u201d Mr Matomola said.<\/p>\n
IJG securities, on specific questions regarding Fishrot monies in a written reply from the Board, said they uphold the highest standards and ethics and strongly refute any wrongdoing insofar it is implied.<\/p>\n
A statement by the IJG Board said the asset managers merely act as an agent to provide clients with more competitive returns and services. \u201cWe are an accountable institution in terms of the Financial Intelligence Act to counter money-laundering activities,\u201d the statement read.<\/p>\n
On further questions pertaining to e-mail correspondence on the founding of NAMDIA and a specific request to IJG to assist with a business plan for NAMDIA with the then diamond commissioner, Kennedy Hamutenya, is now taking NAMDIA to court for terminating his CEO position.<\/p>\n
In the e-mails Shangala stressed that Mark (Spath) and Herbie (Meier) must be engaged and that time is of the essence to \u201cdrum\u201d out the numbers.<\/p>\n
IJG in its reply on questions on the Shangala-approach replied that they (IJG) were asked, but when they provided the engagement letter \u201cwe never heard from the parties again.\u201d<\/p>\n
Schlettwein confirmed that in this case he also asked for answers from Treasury and also did not get a report as he was moved. The former minister, Leon Jooste, said he handed over his report to the President, Dr Hage Geingob, and to the Minister of Mines and Energy, but never heard about it again.<\/p>\n
Mr. Matomola said NAMFISA is taking its duty of oversight extremely serious and will look into any new information and report it to the relevant authorities.<\/p>\n
The CEO of the GIPF, David Nuyoma, said the fund on its own does not launch investigations into asset managers, except if they stumble upon \u201csomething\u201d that is clearly not right.<\/p>\n
Although he did not divulge details, he said asset managers are vetted by NAMFISA and we then \u201cpresume they are above board”.<\/p>\n
\u201cHowever, we did withdraw a licence of an asset manager just last week,\u201d he said without divulging any additional information.<\/p>\n
In the meantime, bigger and small investors said it is crucial that the air is cleared as soon as possible, as trust into public and private investments should be unwavering and beyond suspicion, and in the absence of clarity, investors are getting nervous with more court revelations and the saga of NAMDIA and its former CEO, Kennedy Hamutenya, adding to the Fishrot allegations.<\/p>\n","protected":false},"excerpt":{"rendered":"
Economics Reporter PRESSURE is mounting on NAMFISA to supply assurances to investors after court revelations and investigations into Fishrot millions that might have found their way to three prominent asset managers PointBreak, IJG Securities and Investec, renamed to Ninety One a few months after the Fishrot scandal broke. Questions are being raised about returns on …<\/p>\n","protected":false},"author":10,"featured_media":323012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-323011","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n