THE Anti-Corruption Fee (ACC) is investigating a fee of N$100 million made by Namcor chief Immanuel Mulunga to a three way partnership that concerned a fast-living German businessman, Lars Windhorst, who’s going through a number of lawsuits from collectors in Europe.
This transaction additionally includes two businessmen from Nigeria and The Netherlands.
The ACC has given Namcor till at present to reply their questions relating to the transaction that was made with out the board’s approval.
ACC director common Paulus Noa yesterday confirmed to The Namibian that his workforce is investigating the matter.
“I can verify that we’re investigating the transaction. In precise truth, we’ve got already opened a docket and have summoned administration to offer us with an evidence,” he mentioned.
“A part of the knowledge we want to know is how the cash was paid, the beneficiaries or companions concerned, and so forth”.
He mentioned they’re following all procedures required whereas conducting the investigation.
“We have now requested for all documentation from administration, and we’ve got given them till Friday, 31 March 2023, to offer what we’ve got requested,” Noa mentioned.
Mulunga yesterday confirmed that the ACC has contacted the corporate.
“Sure, we’ve got heard from the ACC. We are going to present them with the requested documentation,” he mentioned.
Minister of finance and public enterprises Iipumbu Shiimi in a textual content response yesterday mentioned the ACC is remitted to research the case.
“I did not request an investigation, however I consider the ACC is empowered by its act to research any matter that falls inside its ambit,” he mentioned.
The transaction pertains to oil blocks in Angola through which Namcor and two of its companions – British-registered Sequa Petroleum and Petrolog Group – fashioned a gaggle referred to as Sungara Energies in April final yr.
This three way partnership agreed to pay N$8 billion (US$451 million) to Sonangol P&P for a ten% curiosity in block 15/06, 40% working curiosity in block 23, and 35% working curiosity in block 27.
The consortium was speculated to pay N$400 million (US$22,6 million) as a deposit price to Sonangol Petroleum inside 5 enterprise days after receiving the situations.
Namcor agreed to pay US$10 million (N$170 million) towards the deposit.
Nevertheless, the companions solely paid US$6 million (N$102 million), leaving a shortfall of US$6,7 million (N$100 million).
It’s unknown which associate didn’t pay.
Mulunga then took the transaction to Namcor’s board on 19 August 2022, however the board allegedly rejected the proposal to pay the N$100 million.
It seems Mulunga went forward to finalise the transaction with out the board’s blessing. The cash was allegedly paid to an account in Mauritius, including extra query marks to the transactions.
Mulunga mentioned he believed Namcor would have misplaced the deal if it didn’t pay the extra N$100 million.
Namcor’s administration claims the oil block is producing industrial oil and provides N$700 million to their steadiness sheet.
Namcor’s 2022 annual report says Namibia’s nationwide oil firm and their companions pays a further US$20 million (N$350 million) as an funding into Angolan oil blocks.
Sources say Mulunga believes the board accredited the transaction in 2021.
This transaction is likely one of the many points the board has clashed on.
One of many board members who questioned the N$100 million transaction is Jennifer Comalie.
WHO IS WHO?
United Kingdom (UK) firm data present that Sungara Energies was registered within the UK on 6 December 2021.
Sungara Energies’ administrators have been named as Vincent Osayande Ebuh, Jacob Broekhuijsen, and Mulunga.
Ebuh is a Nigerian businessman, whereas Broekhuijsen is a Dutch citizen and founding father of Sequa Petroleum.
Worldwide information organisation Monetary Occasions final yr reported on a court docket case involving a fast-living German financier, Lars Windhorst, who partnered with Namcor within the Angolan oil block.
The story was primarily about a number of lawsuits filed in opposition to him by aggrieved collectors within the UK.
“Windhorst’s long-struggling Sequa Petroleum acquired an curiosity in some Angolan offshore oil fields via a brand new three way partnership with Namibia’s nationwide oil firm (Namcor) and Nigerian entrepreneur Vincent Ebuh’s Petrolog Group.”
It is unclear if Namcor carried out due diligence on their potential companions earlier than they invested over N$200 million of public funds into the deal.
Namcor sources mentioned Windhorst has left Sequa Petroleum.
The Namibian couldn’t confirm that declare.
The information report mentioned the businessman oversaw a billion-dollar empire, however his firm H20 has now slid right into a disaster after the Monetary Occasions uncovered the dimensions of its outsized wager on Windhorst.
“Traders’ cash remains to be trapped within the so-called ‘aspect pockets’ H2O set as much as isolate €1,6 billion (N$28 billion) of those hard-to-sell property”.
The Monetary Occasions mentioned: “Windhorst does have a behavior of escaping precarious conditions. In his 30s, he prevented jail after receiving a suspended sentence in a high-profile legal case, and in addition survived a aircraft crash that claimed the lifetime of one of many pilots.”
Supply: namibian
