Last chance for State to wrap up Avid-SSC probe

THE State was given one last chance yesterday to get its investigation of the fraud charge against Avid Investment Corporation scandal kingpin Nico Josea wrapped up by the time the case against Josea returns to court.

Josea (45) is still the only person to face criminal charges in Namibia in connection with a botched investment deal in which the Social Security Commission handed over N$30 million to an inexperienced but politically well-connected asset management company, Avid Investment Corporation, in early 2005 to be invested for a four-month period. He was arrested and charged with a count of fraud, alternatively theft, on July 26 2005, while a Companies Act inquiry on Avid’s handling of the SSC’s N$30 million investment was going on in the High Court.He yesterday made his seventh appearance in the Windhoek Magistrate’s Court on those charges – and again the prosecution asked to be given more time for investigating the case.Public Prosecutor Eileen Rakow told Magistrate Suzette Walters that the investigation of the case, which she described as “very complex”, had been completed in Namibia, but that Police investigators still have more work to do in South Africa before their probe would be completed.She said investigators have already obtained statements in Johannesburg, and that they are scheduled to travel to South Africa again in December to obtain further statements.One of Josea’s lawyers, Jaco van Rooyen, strongly objected against another postponement being granted to the State after Rakow had asked that the case be postponed to March 2008.”My client’s rights – fundamental rights – are being affected here,” Van Rooyen told the Magistrate.He said Namibia’s Constitution enshrined rights like the right to a fair and speedy trial, the right to be presumed innocent, and the rule of law, and that with the continued dragging out of Josea’s case, these rights of Josea were being violated.”My client is entitled to experience the practical implementation of the rule of law and justice for him,” Van Rooysen said.He added that while society was also entitled to expect justice to be dispensed, society cannot be looking for justice contrary to the provisions of the Constitution.What would happen to those rights enshrined in the Constitution if one member of society was treated in the way that Josea has been, Van Rooyen asked.Josea has not experienced a trial within a reasonable time, and he has not experienced the right to be presumed innocent while the sword of these charges was hanging over him and has been “dragged in and out of court” for more than two years now, Van Rooyen charged.”My client is entitled to his day in court.Today is that day.No more postponements, we ask your Worship,” Van Rooyen said.The State got one last postponement for further investigations though.Magistrate Walters postponed the case to March 7 both for final further investigations to be done and for the Prosecutor General’s decision on the further course of the case.Josea remains free on bail of N$30 000, which was granted to him after he had spent just over three months in Police custody following his arrest.Having received N$30 million from the SSC to be invested on the parastatal’s behalf, Avid paid over N$29,5 million of this money to an asset management firm run by Josea, Namangol Investments.From Namangol’s bank account, the money started flowing in various directions, including N$20 million that was entrusted to a South African alleged investment broker, Alan Rosenberg, who later paid back N$15 million to Josea himself.He was arrested and charged with a count of fraud, alternatively theft, on July 26 2005, while a Companies Act inquiry on Avid’s handling of the SSC’s N$30 million investment was going on in the High Court.He yesterday made his seventh appearance in the Windhoek Magistrate’s Court on those charges – and again the prosecution asked to be given more time for investigating the case.Public Prosecutor Eileen Rakow told Magistrate Suzette Walters that the investigation of the case, which she described as “very complex”, had been completed in Namibia, but that Police investigators still have more work to do in South Africa before their probe would be completed. She said investigators have already obtained statements in Johannesburg, and that they are scheduled to travel to South Africa again in December to obtain further statements.One of Josea’s lawyers, Jaco van Rooyen, strongly objected against another postponement being granted to the State after Rakow had asked that the case be postponed to March 2008.”My client’s rights – fundamental rights – are being affected here,” Van Rooyen told the Magistrate.He said Namibia’s Constitution enshrined rights like the right to a fair and speedy trial, the right to be presumed innocent, and the rule of law, and that with the continued dragging out of Josea’s case, these rights of Josea were being violated.”My client is entitled to experience the practical implementation of the rule of law and justice for him,” Van Rooysen said.He added that while society was also entitled to expect justice to be dispensed, society cannot be looking for justice contrary to the provisions of the Constitution.What would happen to those rights enshrined in the Constitution if one member of society was treated in the way that Josea has been, Van Rooyen asked.Josea has not experienced a trial within a reasonable time, and he has not experienced the right to be presumed innocent while the sword of these charges was hanging over him and has been “dragged in and out of court” for more than two years now, Van Rooyen charged.”My client is entitled to his day in court.Today is that day.No more postponements, we ask your Worship,” Van Rooyen said.The State got one last postponement for further investigations though.Magistrate Walters postponed the case to March 7 both for final further investigations to be done and for the Prosecutor General’s decision on the further course of the case.Josea remains free on bail of N$30 000, which was granted to him after he had spent just over three months in Police custody following his arrest.Having received N$30 million from the SSC to be invested on the parastatal’s behalf, Avid paid over N$29,5 million of this money to an asset management firm run by Josea, Namangol Investments.From Namangol’s bank account, the money started flowing in various directions, including N$20 million that was entrusted to a South African alleged investment broker, Alan Rosenberg, who later paid back N$15 million to Josea himself.