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GIPF Chairman under investigation

GIPF Chairman under investigation

THE fate of the Chairman of the Government Institutions Pension Fund (GIPF) Board of Trustees, Maru Tjihumino, is still in the balance after the trustees launched an investigation into allegations that he used his position to secure a shareholding for a new investment firm in the Swakopmund Waterfront Development.

A press release signed by GIPF Chief Executive Officer Primus Hango states that the Board of Trustees had convened all available trustees late on Monday afternoon to authorise an investigation into possible improper conduct by Tjihumino. “Given the item on the agenda, Mr Tjihumino did not attend the meeting,” the press release noted.Pending the outcome of the investigations, meetings of the Board of Trustees will be chaired by a Trustee to be elected in terms of the Fund Rules.On Monday, the local Afrikaans daily reported that Tjihumino had passed on information of an investment proposal submitted by an international property developer, Brett Jolly, to a local company, Circle Investments (Pty) Ltd.Jolly’s company, Global Vision Trust (GVT), had sought an investment from the GIPF for its Swakopmund Waterfront Development.According to the newspaper, soon afterwards GVT’s principals were alleged to have been approached by one Lucky Masabane and Vitura Kavari to obtain a 12,5 per cent interest in the venture, in return for which they would ensure that the GIPF loan would be made to GVT.Jolly has since been reported as saying that Circle Investments did not approach Global Vision to help fund the Waterfront project before it approached the GIPF.Masabane had also asked him for a personal loan while on business in London, and he, Kavari and Fritz Jacobs also wanted GVT to invest in a struggling transport company of theirs, the report suggested.Masabane and Kavari bought an off-the-shelf company, Circle Investments (Pty) Ltd, from legal firm Shikongo Law Chambers, which reportedly was to be the vehicle in which they would hold their 12,5 per cent interest in Jolly’s Swakopmund Waterfront Development.Reports also suggested that Tjihumino had used his position on the Board of Trustees to push for the GIPF investment in the Swakopmund Waterfront.The GIPF made it clear yesterday that it had halted all loans in its Development Capital Portfolio – a move prompted by the collapse of the previous Nando’s Chicken franchise – and that this moratorium on new loans continued.”Until further notice, this shall remain the position of the GIPF,” Hango wrote.No funds were committed to the Swakopmund Waterfront Development in any form, Hango insisted.Elia Shikongo, who is currently serving as an Acting Judge, yesterday said Masabane and Kavari on Monday had asked for Circle Investments to be renamed.His legal firm, Shikongo Law Chambers, sold Circle Investments to Masabane on 21 June this year, and had given all their pro-forma forms to register the changes of ownership with the Registrar of Companies, Shikongo said.”But this is not possible.Off-the-shelf companies, because of their nature, have to stick to the name they were founded under,” Acting Judge Shikongo said yesterday.Hango’s office yesterday stated that there were no new developments, and that they would inform the public in due course of its investigation.* John Grobler is a freelance journalist; 081 240 1587″Given the item on the agenda, Mr Tjihumino did not attend the meeting,” the press release noted.Pending the outcome of the investigations, meetings of the Board of Trustees will be chaired by a Trustee to be elected in terms of the Fund Rules.On Monday, the local Afrikaans daily reported that Tjihumino had passed on information of an investment proposal submitted by an international property developer, Brett Jolly, to a local company, Circle Investments (Pty) Ltd.Jolly’s company, Global Vision Trust (GVT), had sought an investment from the GIPF for its Swakopmund Waterfront Development. According to the newspaper, soon afterwards GVT’s principals were alleged to have been approached by one Lucky Masabane and Vitura Kavari to obtain a 12,5 per cent interest in the venture, in return for which they would ensure that the GIPF loan would be made to GVT.Jolly has since been reported as saying that Circle Investments did not approach Global Vision to help fund the Waterfront project before it approached the GIPF.Masabane had also asked him for a personal loan while on business in London, and he, Kavari and Fritz Jacobs also wanted GVT to invest in a struggling transport company of theirs, the report suggested.Masabane and Kavari bought an off-the-shelf company, Circle Investments (Pty) Ltd, from legal firm Shikongo Law Chambers, which reportedly was to be the vehicle in which they would hold their 12,5 per cent interest in Jolly’s Swakopmund Waterfront Development.Reports also suggested that Tjihumino had used his position on the Board of Trustees to push for the GIPF investment in the Swakopmund Waterfront.The GIPF made it clear yesterday that it had halted all loans in its Development Capital Portfolio – a move prompted by the collapse of the previous Nando’s Chicken franchise – and that this moratorium on new loans continued.”Until further notice, this shall remain the position of the GIPF,” Hango wrote.No funds were committed to the Swakopmund Waterfront Development in any form, Hango insisted.Elia Shikongo, who is currently serving as an Acting Judge, yesterday said Masabane and Kavari on Monday had asked for Circle Investments to be renamed.His legal firm, Shikongo Law Chambers, sold Circle Investments to Masabane on 21 June this year, and had given all their pro-forma forms to register the changes of ownership with the Registrar of Companies, Shikongo said.”But this is not possible.Off-the-shelf companies, because of their nature, have to stick to the name they were founded under,” Acting Judge Shikongo said yesterday.Hango’s office yesterday stated that there were no new developments, and that they would inform the public in due course of its investigation. * John Grobler is a freelance journalist; 081 240 1587

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