GIPF, Government Idols Payola Fraud.
By: Chris Smith
Chris Smith
The Namibian 25 Year bash was great. Lots of people from those halcyon days of promise and optimism, some who have now trashed their values and dirtied their hands in the trough of self-enrichment and hypocrisy, some who retained their values but been pushed into the cold and a few who have transcended the change from apartheid and to the new battlefield of uncertainty, nation-building, with their businesses, social standing and personal credibility intact.
This uncertainty is manifesting itself in many ways as those competing for control over money and power corrupt the founding ideals of the ruling party for individual benefit. A real case of “some pigs are more equal than others”!
Thus it is refreshing The Namibian, once hated by the old regime, is also unpopular with the Swapo regime that it supported, despite the perils! “Telling it like it is” is never going to be popular but as Theo-Ben Gurirab said on the night, (liberally paraphrased) “that uneasy and often abrasive relationship between the media and those with economic, political and social power, especially those in the public spotlight, is an essential and important component of an evolving democracy – a free media provides “checks and balances” to reign in abuse of power and a path for civil society to express itself freely”.
The Namibian has staunchly retained its value system in doing just this and I am proud to be associated with it. So on with evolving our democracy – looting continua! Saturday afternoons, a time to absorb the English papers, especially fellow columnists and editorials, which needs time. So what are the “bad guys” up to now?
We have Namdeb, our once mighty iconic source of wealth, headlined as “profits up” (true) but their accounts (same paper) show that their “cash” liability/asset ratio is 10:1, so they are technically insolvent. But this is not mentioned. The accounts show the profits/sales result from, not strengthening demand, but from restocking inventories, and the prime driver, consumer demand, is fragile. So “caution and measured optimism” is advised; code for “we are in the poep guys”. Add typos in the highlights and tax bleating, the headline of “profits up” is true but misleading, as are the Namdeb highlights!
So on to NWR! Another N$200 million handout headline, well actually only N$50 million now but .. and transferring state assets to the balance sheet is contrary to finance regulations and their own act regarding alienation. So on default NWR will hand over Etosha to some external private equity fund? Ouch, double ouch. But then, with the greatest respect to fellow columnist and Chairman of NWR, I think her observations on SME loan defaulters are also valid for NWR. Yes, let’s put the directors and managers in jail for one year for each N$1 million lost. I like it!
Now the big one, “the GIPF Reality Show” and the coming trustee evictions! A trustee is held to a “prudent person” standard and can be personally liable for losses if deemed “grossly negligent”. And despite protestations a trustee is responsible for the “going concern” and “legally compliance” responsibilities. If they have ignored collateral rules, known conflicts of interest, (trustees and “investment advisors”) and other transgressions, Namfisa, do your worst!
And no, they cannot “outsource” their duties and responsibilities. And no, they cannot hide the losses under the N$40 billion umbrella; multiple million losses matter! And CSIB? Some serious public accountability is needed now. Trust blatantly breached, theft revealed, public executions needed.
Keep telling it like it is! Pain is part of democracy.
csmith@mweb.com.na