Namfisa hearing likely to drag on

THE disciplinary hearing of Namfisa CEO Rainer Ritter may take longer than expected.

This was conveyed to The Namibian by Namfisa’s instructing attorney, Profysen Muluti, who said although the hearing, which started on Monday, ‘is progressing according to plan’, there is a possibility that it will not end on Friday as expected.Asked whether this was because of the number of charges against Ritter, or the length of arguments being presented by either Namfisa or the CEO, Muluti responded: ‘The length of the hearing is not based on the charges, but is rather dependent on proceedings.’Muluti would not disclose the content or nature of the charges against Ritter.Reliable sources have, however, told The Namibian that Ritter is being charged with circumventing the board to commission a private investigator, Wayne Phillips, to investigate leaks from Namfisa to companies under the supervisory authority’s investigation, or who were having their licences withdrawn, in connection with the GIPF audit. According to the source, without board approval, Phillips was paid more than N$600 000 to carry out the investigation, though no report or substantial findings came of the investigation.The GIPF audit was an investigation by Namfisa into financial issues at the Fund in 2005, after losses of more than N$650 million were reported from its Development Capital Portfolio in 2004, due to bad investments that had to be written off. Asked whether this was indeed a charge that Ritter was facing, neither Ritter nor Muluti would comment.’The disciplinary hearing is a confidential staff matter, and information around it is privileged, so at this time, I can’t divulge any information on the charges or the enquiry,’ Muluti told The Namibian.He said once the hearing had reached an ‘appropriate’ stage, information would be made available.’We don’t want the public to misconstrue what is going on. I know it’s a matter of public interest, but at the moment, it’s also a matter of privacy and employee confidentiality.’When asked whether the charges he is facing are related to the Phillips investigation, which Namfisa earlier this year noted had been incorporated into the ongoing Ernst and Young investigation, Ritter simply responded: ‘As with yesterday, I can’t say anything.’Muluti did, however, confirm who the people on the hearing panel are.Advocate Sackey Akweenda is chairing the hearing, while Advocate Gerson Narib is acting as prosecutor under instruction from Muluti.Advocate Dave Smuts is defending Ritter.Muluti also said he would not comment on reports published in a local daily about the legitimacy of the Namfisa Board being an issue in the hearing. ‘The board and the proceedings are legitimate,’ was all he was prepared to say.nangula@namibian.com.na