FNB moves to protect its Namibian assets

FNB Namibia said it was unaware that suspects in the Fishrot graft case may have acquired properties through illegal schemes and it vowed to protect its rights. ‘The law protects those who are vigilant and not those who sleep on their rights,’ FNB said in court papers filed in the Windhoek High Court this week. Namibia's biggest commercial bank believes that it has a right to demand that its interests are protected if they are sold by the state. The Namibian reports that the case is set to be heard on 27 January. The battle between FNB and prosecutor-general Martha Imalwa revolves around assets worth N$5.3m (US$343 000) belonging to former Fishcor board chairperson James Hatuikulipi and former Investec manager Ricardo Gustavo. Those assets were bought through FNB. The bank said it did not want to obtain or release the confiscated assets. ‘FNB simply seeks a variation of the order to clarify its rights and interests,’ the bank said.

Legalbrief reports that several suspects have been charged with fraud, corruption and money laundering in connection with the Fishrot fishing quotas corruption scandal. They are accused of having been involved in a scheme in which Icelandic companies paid them at least N$103m to get access to Namibian fishing quotas between 2014 and 2019. The accused are former ministers Sacky Shanghala and Bernhard Esau, businessman James Hatuikulipi, Tamson Hatuikulipi, Phillipus Mwapopi, Otneel Shuudifonya, Pius Mwatelulo, Mike Nghipunya, Ricardo Gustavo and South African-based lawyer Marèn de Klerk.