Namfisa and Ritter on warpath to High Court

NAMFISA and its (former) CEO, Rainer Ritter, are well on their way to sorting out their differences in the High Court, following Namfisa’s announcement yesterday that it would defend a summons issued by Ritter a week and a half ago.

Namfisa lawyer, Shafimana Ueitele, yesterday confirmed to The Namibian that the Namibia Financial Institutions Supervisory Authority (Namfisa) ‘will defend the summons’.
Ritter issued a summons against the financial watchdog on Friday, July 3rd, to enforce a settlement agreement reached at the end of his hearing two months ago.
The hearing, which Namfisa said was based on the preliminary findings of an investigation by Ernst and Young into various alleged irregularities at the financial authority, took four days – from Monday, May 11, to Thursday, May 14.
It ended with the supposed reaching and confirmation of a settlement, the unexplained withdrawal of the settlement by Namfisa after briefing Finance Minister Saara Kungongelwa-Amadhila, and the subsequent withdrawal from the case by Namfisa’s lawyers at the time – Profysen Muluti of Muluti and Associates, instructing Advocate Gerson Narib.
In terms of the settlement reached, Namfisa was to withdraw all the charges against Ritter, who was to resign from his position as CEO along with a severance package reportedly in the vicinity of half a million dollars. The settlement figure reportedly covers a duration of six months salary payment and all benefits in terms of Ritter’s employment agreement.
The summons, presumably claimed for payment in terms of the settlement and for associated legal fees, followed Ritter and his legal team’s earlier refusal to honour Namfisa’s requests for a re-hearing.
Defending its own position, Namfisa has denied that any such settlement was reached, and argues that one would not have been in the public interest – a statement that Muluti recently demanded that Namfisa retract. The lawyer reportedly described the statements as defamatory.
It is unclear when exactly the Ritter vs. Namfisa matter will head to the High Court, but over the next 20 days, Namfisa will have to come up with its arguments defending itself against the summons.
Ritter has continuously preferred not to comment to the media on the issue.
In a statement issued at the end of the hearing on May 14, he maintained that ‘Namfisa would have no choice in this regard as a binding agreement has been reached’.