Aboobakar doubles as CEO of the Offshore Development Company (ODC), where he also played a role in signing off a further N$40 million for dubious investments.

The N$100 million remains missing.

The disciplinary hearing of Aboobakar and NDC Finance Manager Addis Faul ran for the whole of last week but could not be completed by last weekend.

NDC Board Chairperson John Nekwaya told The Namibian yesterday that Aboobakar's testimony would conclude the hearing.

It is hoped that the process would end by tomorrow.

"The committee will break to digest everything and then hopefully come up with a verdict soon," said Nekwaya.

Faul already gave testimony last week, as did a number of current and former employees of the NDC.

Aboobakar and Faul face charges of misconduct for transferring NDC funds without board approval for investment with the ODC, which in turn made a series of investments with a shadowy company, Great Triangle Investments.

They have pleaded not guilty to the charges.

Aboobakar has not yet faced any consequences for his role in the ODC's investments.

The NDC made a total of 17 transfers to the ODC between June 20, 2003 and January 26, 2004 at an interest rate of 19 per cent.

The investments were supposed to reach maturity nearly two years ago.

The NDC received interest on its investment from the ODC until the end of July 2004, two months after the capital was supposed to be returned.

Around N$ 40 million of the money the NDC transferred for investment with the ODC came from the Ministry of Trade and Industry to manage and use for industrial projects.

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