Finance Manager suspended in connection with N$100m deal

THE financial controller of the Offshore Development Company (ODC), Mabos Ortmann, has been suspended.

Six months since revelations hit the headlines that the ODC squandered N$100 million in public money in a dubious investment, action is only now being taken by the ODC against anyone allegedly connected to the transaction. Ortmann has not denied involvement in the investment.The ODC’s Acting Chief Executive Officer, Nghidinua Daniel, confirmed to The Namibian yesterday that Ortmann had been suspended “pending the finalisation of the investigation”.Daniel said he was not at liberty to disclose what led to Ortmann’s suspension, but said he was the only one on suspension “for now”.A source indicated that the suspension was allegedly related to maladministration linked to the botched investment.Contacted for comment, Ortmann declined to respond and referred The Namibian to Daniel.In November last year, the board of the Namibia Development Corporation (NDC) suspended its CEO Abdool Aboobakar, who also doubles as the ODC head, for agreeing to transferring N$55 million in NDC funds to the ODC for investment.In papers filed in a liquidation application for the ODC by information technology company Silnam, Ortmann admits to having been in “discussions” with Silnam Managing Director Dasa Padachi about “investing” money with Great Triangle Investments (GTI).But he said no investment agreement was concluded and no board approval for such a deal was obtained.Ortmann did, however, attempt to get the board to sign the agreement retroactively in August, which it refused to do.Information technology company Silnam said it gave the ODC N$5 million in 2003 to invest for it with Great Triangle and transferred a further N$5 million directly to Great Triangle as part of an oral investment agreement with ODC Managers Ortmann, Daniel and Philip Namundjebo.Daniel has denied being party to an investment agreement between the ODC and Silnam.As a Silnam director, Daniel however acknowledged transferring N$5 million in Silnam funds to the account of the ODC at Ortmann’s request.He has claimed that Ortmann informed him that he planned to “manage” the money for Silnam.The ODC is a 26 per cent shareholder in Silnam.As far as the rest of the millions invested with Great Triangle, Ortmann appears to have had a hand in the transactions from as far back as 2001 and, along with Aboobakar, signed off on many of the money transfers and other related investment transactions.In court papers, Permanent Secretary of Trade and Industry Andrew Ndishishi has said that from consultations with Ortmann, Daniel and Namundjebo, it appeared that they had acted “fraudulently” with regard to the investment.Ortmann has not denied involvement in the investment.The ODC’s Acting Chief Executive Officer, Nghidinua Daniel, confirmed to The Namibian yesterday that Ortmann had been suspended “pending the finalisation of the investigation”.Daniel said he was not at liberty to disclose what led to Ortmann’s suspension, but said he was the only one on suspension “for now”.A source indicated that the suspension was allegedly related to maladministration linked to the botched investment.Contacted for comment, Ortmann declined to respond and referred The Namibian to Daniel.In November last year, the board of the Namibia Development Corporation (NDC) suspended its CEO Abdool Aboobakar, who also doubles as the ODC head, for agreeing to transferring N$55 million in NDC funds to the ODC for investment.In papers filed in a liquidation application for the ODC by information technology company Silnam, Ortmann admits to having been in “discussions” with Silnam Managing Director Dasa Padachi about “investing” money with Great Triangle Investments (GTI).But he said no investment agreement was concluded and no board approval for such a deal was obtained.Ortmann did, however, attempt to get the board to sign the agreement retroactively in August, which it refused to do.Information technology company Silnam said it gave the ODC N$5 million in 2003 to invest for it with Great Triangle and transferred a further N$5 million directly to Great Triangle as part of an oral investment agreement with ODC Managers Ortmann, Daniel and Philip Namundjebo.Daniel has denied being party to an investment agreement between the ODC and Silnam.As a Silnam director, Daniel however acknowledged transferring N$5 million in Silnam funds to the account of the ODC at Ortmann’s request.He has claimed that Ortmann informed him that he planned to “manage” the money for Silnam.The ODC is a 26 per cent shareholder in Silnam.As far as the rest of the millions invested with Great Triangle, Ortmann appears to have had a hand in the transactions from as far back as 2001 and, along with Aboobakar, signed off on many of the money transfers and other related investment transactions.In court papers, Permanent Secretary of Trade and Industry Andrew Ndishishi has said that from consultations with Ortmann, Daniel and Namundjebo, it appeared that they had acted “fraudulently” with regard to the investment.