Dismissal of NDC bosses recommended

THE Namibia Development Corporation (NDC) board is expected to be advised to fire its Chief Executive Officer, Abdool Aboobakar, and its Finance Manager, Addis Faul, for their role in investing N$55 million with the Offshore Development Company (ODC).

The ODC has been unable to return the investment to the NDC since 2004. Aboobakar and Faul were both found guilty for recklessly investing the NDC’s money by an independent disciplinary committee nearly two weeks ago.Yesterday, NDC Board Chairperson John Nekwaya said the committee had not yet advised the company on what action to take against the two and only expected feedback from the lawyers involved at the end of the week.However, a source close to the disciplinary proceedings said following the managers’ refusal to testify in mitigation of the disciplinary ruling on Friday, it was decided that they should both be sacked.Reports have it that they intend to appeal against the ruling of the disciplinary committee.The disciplinary committee concluded that Aboobakar and Faul had acted in secret when they decided to invest NDC money with the ODC (of which Aboobakar is also the CEO) back in 2003.The NDC’s N$55 million forms part of N$100 million the ODC invested with a shady concern known as Great Triangle Investments.There is still no word whether any progress has been made in trying to recover the money.Aboobakar and Faul were found guilty of gross negligence, poor performance and exceeding their powers by the disciplinary panel.Aboobakar and Faul were both found guilty for recklessly investing the NDC’s money by an independent disciplinary committee nearly two weeks ago.Yesterday, NDC Board Chairperson John Nekwaya said the committee had not yet advised the company on what action to take against the two and only expected feedback from the lawyers involved at the end of the week.However, a source close to the disciplinary proceedings said following the managers’ refusal to testify in mitigation of the disciplinary ruling on Friday, it was decided that they should both be sacked.Reports have it that they intend to appeal against the ruling of the disciplinary committee.The disciplinary committee concluded that Aboobakar and Faul had acted in secret when they decided to invest NDC money with the ODC (of which Aboobakar is also the CEO) back in 2003.The NDC’s N$55 million forms part of N$100 million the ODC invested with a shady concern known as Great Triangle Investments.There is still no word whether any progress has been made in trying to recover the money.Aboobakar and Faul were found guilty of gross negligence, poor performance and exceeding their powers by the disciplinary panel.