Avid: If you want me to testify, subpoena me: Namfisa chief

THE Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority, Frans van Rensburg, has refused to assist the High Court’s inquiry into the Social Security Commission and Avid Investment Corporation investment scandal unless he is compelled, through a subpoena, to do so, the court was told yesterday.

Van Rensburg had initially been expected to be available to give evidence in the ongoing inquiry on Wednesday last week. Instead, the court was told that he was attending a conference on money laundering at Swakopmund, and would be available to give evidence only this week.The picture had however changed when the inquiry resumed before Acting Judge Raymond Heathcote in Windhoek yesterday.When the Acting Judge asked lawyer Andrew Corbett, who is representing both the SSC and the provisional liquidator now in charge of Avid’s affairs, what the position was on Van Rensburg’s expected testimony, Corbett told the court that he had since been advised that Van Rensburg would only come to court and give evidence if he was actually subpoenaed to do so.Van Rensburg runs an institution whose guiding motto is ‘Safeguarding the Nation’s Wealth’.On May 31 last year, this same institution issued Avid Investment Corporation with a licence to certify that in terms of the Stock Exchanges Act the company had been duly registered as an asset management company in Namibia.Avid might have been registered as an asset management company, but the young company was also an asset manager with no experience in its chosen line of business.Avid went on to present that registration with Namfisa to the SSC as one of the facts that were supposed to prove the company’s good credentials when it was still angling for the SSC to invest money with it.Avid’s presentation of its credentials to the SSC appears to have paid off handsomely.In late January, the SSC decided to entrust an investment of N$30 million to the inexperienced company – a decision that the SSC’s top management has since had grounds to regret bitterly.It had been expected that Van Rensburg would have been asked to tell the court conducting the inquiry how Avid had come to be registered with Namfisa, how its activities were supervised by Namfisa, and how large cross-border financial transactions, such as the transfer to a South African bank account of N$20 million of the money that the SSC had invested with Avid, were monitored – or not – by Namfisa.Acting Judge Heathcote did not let the information on Van Rensburg’s reported unwillingness to give evidence – unless he is compelled to do so – go without comment.Wrapping up the day’s proceedings in court, the Acting Judge remarked: “I’m quite disappointed that Mr Van Rensburg from Namfisa, who is safeguarding the wealth of the nation, doesn’t want to assist in this inquiry.”He directed that a subpoena should be issued for Van Rensburg to give evidence at the inquiry.Van Rensburg’s office was contacted for comment yesterday.He was said to be in a meeting at the time, and thereafter did not respond to a request to return the call.Instead, the court was told that he was attending a conference on money laundering at Swakopmund, and would be available to give evidence only this week.The picture had however changed when the inquiry resumed before Acting Judge Raymond Heathcote in Windhoek yesterday.When the Acting Judge asked lawyer Andrew Corbett, who is representing both the SSC and the provisional liquidator now in charge of Avid’s affairs, what the position was on Van Rensburg’s expected testimony, Corbett told the court that he had since been advised that Van Rensburg would only come to court and give evidence if he was actually subpoenaed to do so.Van Rensburg runs an institution whose guiding motto is ‘Safeguarding the Nation’s Wealth’.On May 31 last year, this same institution issued Avid Investment Corporation with a licence to certify that in terms of the Stock Exchanges Act the company had been duly registered as an asset management company in Namibia.Avid might have been registered as an asset management company, but the young company was also an asset manager with no experience in its chosen line of business.Avid went on to present that registration with Namfisa to the SSC as one of the facts that were supposed to prove the company’s good credentials when it was still angling for the SSC to invest money with it.Avid’s presentation of its credentials to the SSC appears to have paid off handsomely.In late January, the SSC decided to entrust an investment of N$30 million to the inexperienced company – a decision that the SSC’s top management has since had grounds to regret bitterly.It had been expected that Van Rensburg would have been asked to tell the court conducting the inquiry how Avid had come to be registered with Namfisa, how its activities were supervised by Namfisa, and how large cross-border financial transactions, such as the transfer to a South African bank account of N$20 million of the money that the SSC had invested with Avid, were monitored – or not – by Namfisa.Acting Judge Heathcote did not let the information on Van Rensburg’s reported unwillingness to give evidence – unless he is compelled to do so – go without comment.Wrapping up the day’s proceedings in court, the Acting Judge remarked: “I’m quite disappointed that Mr Van Rensburg from Namfisa, who is safeguarding the wealth of the nation, doesn’t want to assist in this inquiry.”He directed that a subpoena should be issued for Van Rensburg to give evidence at the inquiry.Van Rensburg’s office was contacted for comment yesterday.He was said to be in a meeting at the time, and thereafter did not respond to a request to return the call.