Namcor fraud accused owns assets worth N$118 million

Businessman Peter Elindi, who is one of the accused charged with alleged fraud, corruption and other crimes involving the National Petroleum Corporation of Namibia (Namcor), owns assets valued at about N$118 million.

This is according to a list of Elindi’s assets that became part of the evidence in a bail hearing that started before magistrate Linus Samunzala in the Windhoek Magistrate’s Court yesterday.

Elindi (60) owns and has interests in fixed properties with a net value of N87 million and with liabilities totalling N$20.2 million, the court was informed.

These assets include a farm in the Omuthiya area that is valued at N$40 million, the company Ombili Health Clinic, in which he has 50% shareholding, valued at N$22.4 million, a nursery and recreational facility in the Olympia area of Windhoek valued at N$13 million, and two plots of land at Omuthiya that are valued at N$3 million.

Elindi’s interests in corporate entities are valued at N$18.7 million.

These interests include a claim of N$9.5 million for his shares in the company Enercon Namibia, which Elindi said were sold in February 2023, and a 45% member’s interest in the close corporation Zoya Minerals, which Elindi said has an exclusive prospecting licence for uranium, and 30% shareholding in the company DMPL Mining.

Elindi’s shareholding in DMPL Mining, which he said has an exclusive prospecting licence for copper, is valued at N$2.6 million.

Four motor vehicles and a tractor owned by Elindi have a total value of N$5.3 million. The listed vehicles include a Mercedes-Benz GLE AMG sport utility vehicle, valued at N$2.8 million.

The total value of Elindi’s assets is stated to be N$118.2 million. With liabilities totalling N$27.3 million, the net value of his assets is N$90.9 million.

Elindi told the magistrate he was a freedom fighter before Namibia’s independence, having gone into exile as a refugee, later studying in Cuba and returning to Namibia in 1990.

He has a master’s degree in law, he said.

Asked whether he should be considered to be a flight risk if released on bail, Elindi said: “I cannot run away. I live here, have businesses, employees, I’m a headman.”

He does not fear the case in which he has been charged, “because to me this is a commercial transaction”, Elindi said.

He added: “In fact, I would like to clear my name.”

Elindi and his brother and business partner Malakia Elindi are facing nine charges, including counts of fraud, corruptly giving gratification, conspiring to commit offences under the Anti-Corruption Act, racketeering and money laundering. Defence lawyer Sisa Namandje, who is representing both brothers and Lydia Elindi, the wife of Malakia Elindi, questioned Peter Elindi at length about the fraud charge he is facing.

In the charge, it is alleged that Elindi defrauded Namcor in July 2022 with the sale of nine service stations at Namibian Defence Force (NDF) bases throughout Namibia.

Elindi testified that the company, Enercon Namibia, of which he was a shareholder until February 2023, built new fuel stations at nine NDF bases at a cost of N$58 million.

The company also concluded an agreement with the Ministry of Defence and Veterans Affairs in 2016, to supply fuel and oil products to the NDF for a period of 15 years, until 2031, Elindi related.

In July 2022, Namcor offered to buy Enercon Namibia’s “right, title and interest in and to” the fuel stations at the military bases for N$53.2 million, after the state-owned company had carried out a valuation of the service stations, Elindi said.

With that deal, the right to use the pumps and tanks at Enercon Namibia’s service stations at NDF bases was sold to Namcor, but the fuel station assets remain Enercon Namibia’s until 2031, Elindi said.

He denied that he defrauded Namcor with the transaction.

Public prosecutor Basson Lilungwe informed the magistrate that the state is opposing the granting of bail because it is feared the accused would abscond or interfere with the investigation of their case if released from custody.

Lilungwe also said the state is opposing the granting of bail due to the seriousness of the charges the accused are facing and because releasing them on bail would not be in the public interest or the interest of the administration of justice.

In addition to those grounds for the state’s opposition to bail, there are additional suspects in the matter who are still to be arrested, Lilungwe said.

The bail hearing is scheduled to continue today.

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