What exactly is being done to get back the money and who is responsible for the soured deals remains under wraps one month and one day since The Namibian first reported that auditors were questioning what happened to the investments.

In an attempt to address mounting public concern, the Ministry of Trade and Industry yesterday issued a statement.

NOW YOU SEE THEM, NOW YOU DON'T The unsigned statement said Government viewed the situation as "serious", appealed for "patience and co-operation" and promised that the general public and media would be continuously informed "of any developments".

However, most of the statement appeared to offer little more than a re-wording of a statement issued by the ODC board of directors four weeks ago.

That statement also promised to keep the public informed of progress.

Since then nothing has been heard from the ODC board.

From 2003, the ODC invested more than N$99 million in separate transactions with Great Triangle.

None of the money has been repaid, although some of the investments matured more than a year ago.

It is strongly believed that much of the millions originated from ODC sister company, the Namibia Development Corporation (NDC), and the Ministry of Trade and Industry itself.

Independent investigations by The Namibian have revealed that Great Triangle, although registered in Botswana, has no operational office there.

This also appears to be the case in South Africa, where the main contact person and director, Philip Fourie, was last known to be.

Fourie has a history of attempted fraud.

He resigned as the CEO of the Amatola Water Board nearly five years ago after it planned to question him about allegedly trying to cede public assets valued at N$1,6 billion for personal transactions.

When contacted by South African newspaper The Daily Dispatch, Fourie pinned the responsibility for the Namibian transaction on Tertius Theart.

When contacted by The Namibian, Theart refused to comment on the matter.

He could not be reached yesterday.

A company search in South Africa has revealed that Theart and Fourie serve as directors for 13 companies.

'NEGOTIATIONS ONGOING' Yesterday's statement continued to provoke more questions than provide answers.

The Ministry said the matter had been referred for "in-depth legal analysis and investigations" by "relevant authorities".

It further said that it had been informed about the "delayed repayment of the investments" and that "negotiations for the repayment are still in progress".

However, it appears that these "negotiations", if negotiations are underway, might not be going all that smoothly: South Africa's special crime unit, the Scorpions, were roped in two weeks ago to track down the money.

Further, like the Ministry statement, the July statement issued by the ODC board of directors - following revelations in The Namibian about the investment - also said the ODC was working on a "practical repayment schedule for the investment" and that it was "continually negotiating with the parties" entrusted with the money.

The ODC's July statement also said there had been a "delay" in paying back the money.

The Ministry said yesterday that it was in "close consultations" with the board and management of the ODC on the situation.

The ODC falls under the Ministry of Trade to promote and administer Government's Export Processing Zone programmes for industrialisation.

ACTION 'ASSURED' ODC Board Chairperson Gerdus Burmeister was said to be on holiday when The Namibian called his office yesterday.

The ODC CEO, Abdool Aboobakar, who is also a board member, is still on sick leave.

The other ODC director is Trade Permanent Secretary Andrew Ndishishi, who is travelling on business.

Although it did not say whether the ODC was conducting any internal investigations to determine who was responsible for placing public funds with Great Triangle Investments, the Ministry promised to take action against anyone who is found to have acted against the company or national laws in conducting this transaction.

The ODC's legal representative, Andrew Theunissen, was out of the country when The Namibian followed up on responses to questions faxed to his office a week ago.

Yesterday's statement said: "The Ministry, and the Government in general, views the current situation in the most serious light and will take any actions necessary to safeguard the interest of the State and public in this matter."

* Bermuda Triangle: a region in the Atlantic Ocean - between Bermuda, Miami, and San Juan, Puerto Rico, where the disappearances of ships and planes continue to defy explanation.

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