Avid-SSC money hunt moves up a gear

EFFORTS to add a South African edge to the search for millions of Namibia dollars that the Social Security Commission invested through a barely six-month-old company, Avid Investment Corporation, moved into higher gear for the second time in less than a week in the High Court yesterday.

On the eve of the resumption of a Companies Act enquiry into the SSC’s disastrous investment of N$30 million through Avid, SSC legal team Patrick Kauta and Andrew Corbett returned to the High Court in Windhoek yesterday for a second set of urgent applications within six days. They left the court after securing two orders from Acting Judge John Manyarara.Both orders follow orders granted on Tuesday last week, when the court added to the powers of the provisional liquidator put in control of the financial affairs of three of the main actors in the SSC and Avid investment debacle to enable him to expand his search for the SSC money to South Africa.This time, Acting Judge Manyarara gave Eric Knouwds, the provisional liquidator in charge of the financial affairs of Avid and Namangol Investments, to which Avid transferred N$29,5 million of the SSC’s money, permission to institute legal proceedings in South Africa in respect of the provisional liquidation of Avid and Namangol Investments.As provisional trustee, Knouwds has also been put in control of the provisionally sequestrated estate of Namangol Investments’ Chief Executive Officer, Nico Josea.In that capacity, the court also granted him permission yesterday to institute legal proceedings in South Africa in respect of the provisional sequestration of Josea.In addition, the court directed the Registrar of the High Court to issue letters of request addressed to the Cape of Good Hope Provincial Division and the Witwatersrand Local Division of the High Court of South Africa, to ask those courts to act in aid of Namibia’s High Court.In terms of the letters to be issued by the Registrar, the South African courts are to be asked to recognise the liquidation of Avid and Namangol and the sequestration of Josea’s estate, as well as the appointment of Knouwds as provisional liquidator and trustee respectively, and to do “all such things as may be necessary or appropriate” to assist Knouwds or his agents and “to take all necessary steps” to secure and prevent the further distribution of any movable property of Avid, Namangol Investments or Josea in South Africa.Knouwds indicated at the end of last week that he and his agents will be applying in the South African courts this week to be given recognition orders that would give them the legal standing to pursue their search for the SSC’s money in South Africa as well.Josea remained in Police custody yesterday.He was arrested on a charge of fraud, alternatively theft, two weeks ago today.It is expected that he will return to the High Court today for a second round of evidence on his and his company’s involvement in the SSC-Avid investment transaction.They left the court after securing two orders from Acting Judge John Manyarara.Both orders follow orders granted on Tuesday last week, when the court added to the powers of the provisional liquidator put in control of the financial affairs of three of the main actors in the SSC and Avid investment debacle to enable him to expand his search for the SSC money to South Africa.This time, Acting Judge Manyarara gave Eric Knouwds, the provisional liquidator in charge of the financial affairs of Avid and Namangol Investments, to which Avid transferred N$29,5 million of the SSC’s money, permission to institute legal proceedings in South Africa in respect of the provisional liquidation of Avid and Namangol Investments. As provisional trustee, Knouwds has also been put in control of the provisionally sequestrated estate of Namangol Investments’ Chief Executive Officer, Nico Josea.In that capacity, the court also granted him permission yesterday to institute legal proceedings in South Africa in respect of the provisional sequestration of Josea.In addition, the court directed the Registrar of the High Court to issue letters of request addressed to the Cape of Good Hope Provincial Division and the Witwatersrand Local Division of the High Court of South Africa, to ask those courts to act in aid of Namibia’s High Court.In terms of the letters to be issued by the Registrar, the South African courts are to be asked to recognise the liquidation of Avid and Namangol and the sequestration of Josea’s estate, as well as the appointment of Knouwds as provisional liquidator and trustee respectively, and to do “all such things as may be necessary or appropriate” to assist Knouwds or his agents and “to take all necessary steps” to secure and prevent the further distribution of any movable property of Avid, Namangol Investments or Josea in South Africa.Knouwds indicated at the end of last week that he and his agents will be applying in the South African courts this week to be given recognition orders that would give them the legal standing to pursue their search for the SSC’s money in South Africa as well.Josea remained in Police custody yesterday.He was arrested on a charge of fraud, alternatively theft, two weeks ago today.It is expected that he will return to the High Court today for a second round of evidence on his and his company’s involvement in the SSC-Avid investment transaction.