Namibian financial manager held after N$40 million fraud charge, luxury purchases revealed

A woman accused of defrauding her former employers of N$40 million by transferring money from company bank accounts to her personal accounts and later purchasing luxury goods like Gucci and Louis Vuitton is being held in custody after making a first appearance in the Windhoek Magistrate’s Court.

The woman, Marlien Conradie (36), made a first court appearance on charges of fraud and money laundering on Monday, following her arrest on Friday last week.

During her court appearance, public prosecutor Rowan van Wyk informed magistrate Monica Andjaba the state is objecting to bail being granted to Conradie, because of a fear that she would flee if released and due to the seriousness of the case in which she is charged.

Defence lawyer Johan van Vuuren informed the magistrate the defence and the state will arrange a date for a formal bail application by Conradie.

In the meantime, her case has been postponed to 26 January for further investigations to be carried out, with Andjaba ordering that Conradie should remain in custody.

In the charges against Conradie, the state is alleging that she defrauded the company Western Investments Namibia of N$40 million from 2016 to 2025 by pretending that she had been paid money by the companies Onguma Safari Camps, Onguma Nature Reserve, UWM Mineral Processing, Namib Mineral Development Company, Vordu Logistics and Investment Services and Fishers Pan Nature Reserve, and by paying N$40 million into her personal bank accounts.

UWM Mineral Processing obtained a provisional High Court order in terms of which Conradie’s estate was declared bankrupt in June. The provisional order was confirmed and Conradie’s estate was placed under a final order of sequestration on 15 July.

In a sworn statement filed at the Windhoek High Court, the chief financial officer of Western Investments Namibia, Abraham Collard, informed the court that Western Investments Namibia is a holding company of a group of companies of which Conradie was employed as financial manager.

Collard said alleged theft from companies in the Western Investments Namibia group was discovered at the end of April during an audit of the financial accounts of companies in the group. During the audit, it was noticed that two payments made by Vordu Logistics and Investment Services in January this year and selected by auditors for spot checks had been paid into a bank account belonging to Conradie, Collard related.

During subsequent investigations, it was discovered that Conradie had been unlawfully transferring money from the accounts of companies in the Western Investments Namibia group to three bank accounts in her own name since January 2016, and that those payments totalled about N$41.3 million, Collard alleged.

Collard related that payments identified as money stolen from the group totalled:

N$3.6 million from January 2016 to February 2018;

N$3.1 million from March 2018 to February 2019;

N$3.6 million from March 2019 to February 2020;

N$3.9 million from March 2020 to February 2021;

N$6.2 million from March 2021 to February 2022;

N$5.1 million from March 2022 to February 2023;

N$7.5 million from March 2023 to February 2024;

N$7.5 million from March 2024 to February 2025; and

N$393 000 from March to April 2025.

The method used by Conradie was to substitute bank account details of vendors or suppliers of companies in the Western Investments Namibia group with her own bank account numbers before payments were made, Collard claimed.

An investigation of Conradie’s bank account records showed she spent lavishly, making numerous payments for what appeared to be luxury goods, the court was informed.

Collard recounted that Conradie’s account records show she spent money on several luxury brands, such as Harrods (about N$373 000), Jimmy Choo (about N$200 800), Louis Vuitton (about N$198 000), Dolce & Gabbana (about N$47 800), Lacoste (about N$44 800), Chanel (about N$18 800), Gucci (N$17 500) and Le Creuset (about N$148 000).

Conradie was receiving a monthly salary of about N$77 000 before her employment was terminated in May, Collard said.

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