Namfisa to challenge Ritter ruling

THE Namibia Financial Institutions Supervisory Authority (Namfisa) is to oppose last month’s High Court order to pay its former Chief Executive Officer, Rainer Ritter, the sum of N$830 268.

On August 14, the High Court ordered Namfisa to pay Ritter, who had sued the institution for failing to honour an agreement in May this year.Ritter, who was suspended earlier this year for allegedly not adhering to regulations when appointing a consultant, faced an internal disciplinary hearing in May. An agreement was reached at that time that he would resign fromNamfisa with effect from the end of November and all charges against him would be dropped. It was also agreed that he would not have to report to work for those six months and the sum of N$830 268 would be paid out to him shortly afterwards. This did not happen, apparently because Finance Minister Saara Kuugongelwa-Amadhila, who was briefed about the settlement reached with Ritter, insisted the disciplinary hearings should continue and the settlement reached with Ritter to be ignored.Ritter sued Namfisa and his claim for payment remained unopposed by Namfisa’s lawyers, who had missed the deadline for opposing affidavits in August.The lawyers have now sent a notice of motion to the High Court, asking it to rescind its ruling of August 14. It is not clear when the matter will be heard in the High Court.