Former Development Bank of Namibia chief executive Martin Inkumbi has disinvested his shareholding from Mumi Investment Managers.
The firm’s chief executive, Michael Mukete, announced the exit in a statement yesterday, citing that the decision is due to Inkumbi’s appointment as the Government Institutions Pension Fund (GIPF) chief executive.
He disinvested his shareholding effective from 3 January.
“Mumi Investment Managers, an investment management firm, announces that Martin Inkumbi has divested his shareholding from the company and cut all ties therein effective 3 January 2023.
“This decision comes considering his recent appointment as chief executive officer at the Government Institutions Pension Fund, which presents a potential conflict of interest,” Mukete said.
Inkumbi has been appointed as the GIPF’s head from 15 January.
The Namibian in November reported that as Inkumbi emerged as the front-runner for the GIPF job, his detractors complained that he was conflicted.
It is alleged that his shareholding was used by his rivals as a tool to derail his ambition to land the GIPF chief executive position.
At the time, Inkumbi said his shareholding was known at the GIPF.
He said full details of the shareholders had to be disclosed for approval when his company bid for the investment management mandate five years ago.
Following his appointment as GIPF head, Inkumbi disinvested his shareholding in Mumi.
“We thank Martin Inkumbi for his immense contributions and dedication during his tenure as shareholder of Mumi Investment Managers, and wish him continued success in his new role at the GIPF,” Mumi Investment Managers said.
In November last year, The Namibian reported that Inkumbi’s interest in an entity that manages money on behalf of the GIPF was being used by his rivals as a tool to derail his ambition to land the GIPF chief executive position.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –