Katti stashed N$100m in Swiss bank

BUSINESSMAN Knowledge Katti stashed more than N$100 million in a Switzerland bank from 2010 to 2013 – the period he was accused of cheating his business partners, doing favours for politicians, and speculating with oil and phosphate licences in Namibia.

It was also around the same time that the Bank of Namibia’s Financial Intelligence Centre (FIC) started questioning the flow of money from his bank accounts, some of which was allegedly paid to government officials to access exploration deals.

Katti is among more than 20 Namibians or people linked to Namibia named in the leak of secret bank accounts held by Credit Suisse in Switzerland.

Switzerland is a well-known destination for hiding money from all over the world, in part because of its tight banking secrecy laws and business culture.

Banks are increasingly under pressure to be extra careful when dealing with suspicious clients, widely known as ‘politically exposed’ individuals.

Politically exposed individuals are those who are or have been entrusted with a public function, such as that of president or minister.

The definition, according to the FIC, extends to their close associates.

Katti is considered politically exposed because of his close ties with politicians such as president Hage Geingob, ex-energy minister Obeth Kandjoze, who is currently the director of the National Planning Commission, former justice minister Pendukeni Iivula-Ithana, and former Public Service Commission member Teckla Lameck.

Katti has paid N$200 000 towards Geingob’s medical expenses at the same time he was executing his oil speculation deals.

Questions sent to Katti have not been responded to.

The businessman has in the past denied any wrongdoing relating to his role in oil deals.

It is not clear where Katti’s Switzerland millions originated from, but the cash flow coincided with his involvement in two natural resource-based deals between 2010 to 2013.

This includes speculating with oil exploration licences acquired from the National Petroleum Corporation of Namibia (Namcor) and buying into a phosphate mining company, which he co-owns with Oman’s richest businessman, Mohammed Al Barwani.

The speculator has over 18 years made exploration prospecting licences his turf, inviting criticism that he profited from getting the most promising spots of where it is believed Namibia had the best oil deposits.

Four years ago, The Namibian reported that Katti’s South African business partner, millionaire banker Mxolisi Mbetse, accused Katti of making off with more than N$60 million that Mbetse believed should have been split between them.

Now, a leak of documents known as ‘Suisse Secrets’ has revealed that Katti held more than N$100 million in a bank account of Switzerland’s Credit Suisse.

More than 163 journalists from 48 media outlets in 39 countries across the world – including The Namibian – spent months analysing bank account information leaked from Credit Suisse, Switzerland’s second-largest lender.

The leak included more than 18 000 accounts that held in excess of US$100 billion at their peaks.

Katti is not considered to have committed any crime.

THE DECEMBER BANKER

Bank records show Katti created three accounts at Credit Suisse.

He opened two accounts in December 2010. These accounts held Swiss franc 11 900 (N$99 000) and Swiss franc 15,6 million (N$112,9 million), respectively.

The third account was opened in December 2012 and held about Swiss franc 4,4 million (N$57 million).

By 2014, these three accounts held a total amount of around N$480 000.

Records show that the bank accounts were closed on separate dates – in 2012, 2014 and 2013.

The Swiss money was flowing around the time that Katti boasted to The Namibian that he pledged N$500 000 at a fundraising dinner aimed at funding the Swapo 2012 congress which saw the election of Geingob as the ruling party’s vice president and candidate to become the state president.

The dinner held at State House was dubbed an engagement with business people aimed at influencing government policies.

Geingob’s critics in Swapo said the gala dinner was nothing short of buying power.

Yet, Credit Suisse appears to have turned a blind eye to Katti’s proximity to powerful Namibians despite years of media coverage questioning how he operates, all easily verifiable from a simple Google search.

“Credit Suisse strongly rejects the allegations and inferences about the bank’s purported business practices,” the bank said in a statement.

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