Minister spikes Ritter deal

NAMFISA has made a U-turn on a settlement with its CEO, Rainer Ritter.
The Namibian has reliably learnt that the Minister of Finance threw a spanner in the works after being informed by Namfisa lawyers that they had struck a deal with Ritter.

The deal was that Namfisa would withdraw all charges against the CEO and that he would tender resignation. In a statement last night, Ritter said a settlement had been reached on Tuesday, and confirmed on Wednesday.The settlement also contained a severance package for Ritter. However, Ritter would not divulge either the settlement package or the charges he had faced.Ritter’s defence lawyer, Dave Smuts, confirmed that a settlement had indeed been reached and that the charges were withdrawn after his client ‘denied everything’.However, after the agreement had been confirmed, Namfisa’s lawyers said they would brief the Minister of Finance, Saara Kuugongelwa-Amadhila on the settlement.’NO COMMENT’Following the briefing, however, ‘Namfisa’s lawyers withdrew without providing an explanation’, except to say that it would advise Ritter by yesterday morning at 09h00 ‘on its attitude concerning the agreement’.The Namibian understands that the settlement that was reached did not meet with the Minister’s approval, though efforts to establish the reason for her rejection proved futile.Permanent Secretary, Calle Schlettwein, told The Namibian last night that he had not been briefed on the outcome of the hearing, but promised to come back with information.After failing to contact Kuugongelwa-Amadhila himself, he told The Namibian that ‘in any case, this is a matter between the Namfisa board and Ritter, so the Ministry wouldn’t be able to comment on it’.Efforts to reach Namfisa board chairperson, Rick Kukuri, also proved futile, while the financial watchdog’s instructing attorney, Profysen Muluti, refused to comment on the settlement, directing The Namibian’s questions to the board’s chairperson.But while Namfisa continues to dilly-dally with the settlement, having not come back to Ritter and Smuts by yesterday morning as indicated, Ritter is adamant that the agreement is binding.’I wish to make it clear that Namfisa would have no choice in this regard as a binding agreement has been reached. I can furthermore state that Namfisa has not reverted to my lawyers or to myself by its own deadline.’He also noted that ‘I shall be acting in terms of that agreement (confirmed on Wednesdaty) and Namfisa will be held to its terms.’The specific charges that had been placed against Ritter continue to remain a mystery, though Namfisa confirmed that they were based on the preliminary findings of an Ernst and Young report into irregularities at the authority.Before the start of his hearing, Ritter was suspended for exactly two months. His suspension on March 10 followed a one-month leave of absence granted by Namfisa’s board of directors ‘for health reasons’.His leave was preceded by reports that he and his family had been provided with 24-hour Police protection following threats to their lives after he had got wind of alleged irregularities at Namfisa from 2006 onwards.nangula@namibian.com.na