{"id":86565,"date":"2023-04-01T00:44:49","date_gmt":"2023-04-01T00:44:49","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2023\/04\/01\/acc-investigates-mulungas-n100m-payment-the-namibian\/"},"modified":"2023-04-01T00:44:56","modified_gmt":"2023-04-01T00:44:56","slug":"acc-investigates-mulungas-n100m-payment-the-namibian","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2023\/04\/01\/acc-investigates-mulungas-n100m-payment-the-namibian\/","title":{"rendered":"ACC investigates Mulunga’s N$100m payment – The Namibian"},"content":{"rendered":"
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.<\/b><\/p>\n
This transaction additionally includes two businessmen from Nigeria and The Netherlands.<\/p>\n
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.<\/p>\n
ACC director common Paulus Noa yesterday confirmed to The Namibian that his workforce is investigating the matter.<\/p>\n
\u201cI 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,\u201d he mentioned.<\/p>\n
\u201cA part of the knowledge we want to know is how the cash was paid, the beneficiaries or companions concerned, and so forth\u201d.<\/p>\n
He mentioned they’re following all procedures required whereas conducting the investigation. <\/p>\n
\u201cWe 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,\u201d Noa mentioned.<\/p>\n
Mulunga yesterday confirmed that the ACC has contacted the corporate.<\/p>\n
\u201cSure, we’ve got heard from the ACC. We are going to present them with the requested documentation,\u201d he mentioned.<\/p>\n
Minister of finance and public enterprises Iipumbu Shiimi in a textual content response yesterday mentioned the ACC is remitted to research the case. <\/p>\n
\u201cI did not request an investigation, however I consider the ACC is empowered by its act to research any matter that falls inside its ambit,\u201d he mentioned. <\/p>\n
The transaction pertains to oil blocks in Angola through which Namcor and two of its companions \u2013 British-registered Sequa Petroleum and Petrolog Group \u2013 fashioned a gaggle referred to as Sungara Energies in April final yr.<\/p>\n
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. <\/p>\n
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.<\/p>\n
Namcor agreed to pay US$10 million (N$170 million) towards the deposit. <\/p>\n
Nevertheless, the companions solely paid US$6 million (N$102 million), leaving a shortfall of US$6,7 million (N$100 million). <\/p>\n
It’s unknown which associate didn’t pay. <\/p>\n
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. <\/p>\n
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. <\/p>\n
Mulunga mentioned he believed Namcor would have misplaced the deal if it didn’t pay the extra N$100 million.<\/p>\n
Namcor’s administration claims the oil block is producing industrial oil and provides N$700 million to their steadiness sheet. <\/p>\n
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. <\/p>\n
Sources say Mulunga believes the board accredited the transaction in 2021.<\/p>\n
This transaction is likely one of the many points the board has clashed on. <\/p>\n
One of many board members who questioned the N$100 million transaction is Jennifer Comalie. <\/p>\n
WHO IS WHO?<\/p>\n
United Kingdom (UK) firm data present that Sungara Energies was registered within the UK on 6 December 2021. <\/p>\n
Sungara Energies’ administrators have been named as Vincent Osayande Ebuh, Jacob Broekhuij\u00adsen, and Mulunga.<\/p>\n
Ebuh is a Nigerian businessman, whereas Broekhuijsen is a Dutch citizen and founding father of Sequa Petroleum.<\/p>\n
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.<\/p>\n
The story was primarily about a number of lawsuits filed in opposition to him by aggrieved collectors within the UK.<\/p>\n
\u201cWindhorst’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.\u201d<\/p>\n
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. <\/p>\n
Namcor sources mentioned Windhorst has left Sequa Petroleum. <\/p>\n
The Namibian couldn’t confirm that declare.<\/p>\n
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. <\/p>\n
\u201cTraders’ cash remains to be trapped within the so-called ‘aspect pockets’ H2O set as much as isolate \u20ac1,6 billion (N$28 billion) of those hard-to-sell property\u201d.<\/p>\n
The Monetary Occasions mentioned: \u201cWindhorst 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.\u201d<\/p>\n<\/div>\n