Saturday 17 April 2021
  • :
  • :

“Don’t take us for fools”, Kavekotora tells PG

…as Nuyoma disagrees with Imalwa


By Staff Reporter

Following revelations by Government Institutions Pension Fund (GIPF) chief executive officer David Nuyoma that the fund gave the police all the evidence there is for prosecution purposes in the looting and disappearance into thin air of pensioners monies, Rally for Democracy and Progress (RDP) leader Mike Kavekotora has expressed dismay in the findings made public by Prosecutor General Martha Imalwa.
This is after Imalwa, about a fortnight ago lamented that it was regrettable that taxpayers lost over N$ 600 million through the GIPF.
This loss, the PG also lumped with the N$ 30 million that was looted via Avid Investment Asset Management Company and Social Security Commission.
The PG based her findings that the money is irretrievable on lack of documentary evidence.
Imalwa – whose 16-year stint at the PG’s has been marred by allegations of protecting elites and their cronies from law’s long arm – admitted that her office failed to prosecute as critical evidence has disappeared while some key witnesses are deceased and some simply have lost memory.
Shockingly, however, Nuyoma this week told the local media that the PG and the Namibian Police were provided with sufficient evidence to enable them to prosecute and bring those who stole from the public fund accountable.
“During September 2010, prior to the commencement of the Namibian Police Force (NamPol) investigation, GIPF published and distributed 100 000 copies of a 21-page circular, most of which were inserted in newspapers.
The publication gave details of the Development Capital Portfolio (DCP) project and requested the public to report any suspected criminal activity.
No single person came forth to make such a report.
Nevertheless, GIPF laid a criminal case with NamPol in 2009 for proper investigation on whether there was any criminal offense such as theft, fraud, reckless trading under the Companies Act,” Nuyoma said.
When asked about the PG’s findings that there is insufficient evidence to prosecute, seemingly casting doubt over the PG’s findings, he said: “I don’t know what evidence she is talking about.
I have not seen the PG in a very long time.
But we gave the police everything that we had.
I have no idea what she was referring to, but we have all the documents.
As I said, we engaged the police, and we gave them all the documents they needed.
They did not come back to us to request additional information.”
This angered Kavekotora, who believes that the Imalwa is undermining the intelligence and tolerance of Namibians.
“Whom is the Prosecutor General trying to fool?
The report by David Nuyoma the GIPF CEO in The Namibian newspaper of the 10th September confirmed that Imalwa did not tell the public the whole truth and nothing but the truth, despite having taken an oath to do so,” Kavekotora told The Patriot this week.
Kavekotora said the fact that there are missing documents as purported by the PG, is not reason enough to give up.
“Missing documentation under normal circumstances should lead to further interrogation as to how that happened, and who was responsible for those missing documentation.
Under normal circumstances someone should be held accountable if company documents in his/her custody just went missing,” he said.
He further questioned: “Why and how did she conclude that missing documentation should lead to closure?
Imalwa must explain her claims that documents went missing while the CEO is contradicting her statements by saying he does not understand what the PG is talking about,” a fuming Kavekotora said.
Out the 20 files that were brought before her office, the PG is only left with two files, while the remaining 18 have been discarded.
According to the politician who was a former parastatal boss, he knew from the genesis that there was “something fishy when she said one of the remaining two companies that she will prosecute was a liquidated company.
She must explain to pension owners how she could manage to prosecute a liquidated company but failed to prosecute going concerns?
Where did she manage to get the documentation from and how? Rumours have made the rounds long ago that some of these companies were fictitious and only existed in name but not in reality,” he demanded to know.
“How did she satisfy herself that in fact, these were real companies?
How did she satisfy herself that giving a loan in 2002 just to be written off the next year was a prudent business decision?
Is the PG not puzzled by the fact that some of the names associated with these so-called businesses are of people having high positions in government institutions and others are still running their own businesses but in the same vein, the institution deemed it fit to jump to total write-offs as bad debt?” he further charged.
The RDP will write to President Hage Geingob and formally request him to get rid of the PG from her position and explain why such a move is the right thing to do.
“The investigation in the missing GIPF money must continue so that culprits are brought to book. The reasons given by Imalwa to close this matter are not convincing at all,” he concluded.

Gone down the drain.
At the press conference, Nuyoma also announced that they wrote off N$22 million in loans to two companies during the, just a year after they had been given.
The loans formed part of the N$386 million capital that the GIPF failed to recover from 12 companies funded under the DCP.
Between 1995 and 2005, GIPF disbursed a total of N$661 million that was invested into 21 Portfolio Companies by way of equity and debt.
Some of the portfolio companies that these funds were pumped into experience difficulties either due to poor management, poor governance and negative changes in the business environment, the fund admitted.
To date, the majority of the portfolio investment have been disposed off, except three equity deals  – namely Etosha Fisheries (which owns Lucky Star and Glynrick) FNB Namibia Holdings and Capricorn Investment Group (Bank Windhoek).
“Although 12 of the 21 investment incurred losses to the tune of N$386 572 857.00, a total of N$1.1 billion was collected in the form of dividends, interest and capital repayments as at 31 March 2019,” Nuyoma said.
Given the three portfolio companies that GIPF still holds to this day, the total unrealized gain stands at N$988.6 million.
Nuyoma could not say how much the fund intended to make from the DCP project.
He, however, expressed satisfaction in the fact that they made a profit anyway, reckless reasoning from a fund that holds public money.
“Therefore, a total of profits realized from the DCP as at 31 March 2019 stood at N$458 066 226.00,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *