NDC managers face music over missing N$100 million

THE first two people connected to the dubious investment of N$100 million in public money by the Offshore Development Company (ODC) are now facing the consequences of their actions.

The Chief Executive Officer of the Namibia Development Corporation, Abdool Sattar Aboobakar, and its Finance Manager, Addis Faul, have been called before a disciplinary hearing, which is scheduled to conclude by tomorrow. The two have pleaded not guilty to misconduct charges for signing the transfer of millions of a total of N$55 million to the ODC, which was invested with shady investment company Great Triangle Investments since 2003.Most of the N$55 million originated from the Ministry of Trade and Industry itself and only around N$15,7 million was actual NDC resources.Since Monday, former and present managers have been called to testify about the transfer and investment of money, none of which has been returned to date.Aboobakar also doubled as the head of the ODC and not only signed the transfer of money from the NDC to the ODC, but also from the ODC to Great Triangle.An investigation called by the NDC Board found him guilty of gross negligence for investing money without its consent or knowledge.The NDC made a total of 17 transfers to the ODC between June 20 2003 and January 26 2004 at an interest rate of 19 per cent.All the amounts were supposed to mature on May 31, 2004.Although the ODC never returned the NDC’s money, it paid all the interest due to it until the end of July 2004.The greatest chunk of the money the NDC invested was N$16,5 million transferred to the ODC in January 2004.The ODC continues to maintain a stony silence on the whereabouts of the N$100 million, saying that the matter is still under investigation.Two weeks ago, the ODC was forced to cough up N$7 million belonging to information technology company Silnam, which it had also invested with Great Triangle, despite claiming in the High Court that it never received nor invested the money.The two have pleaded not guilty to misconduct charges for signing the transfer of millions of a total of N$55 million to the ODC, which was invested with shady investment company Great Triangle Investments since 2003.Most of the N$55 million originated from the Ministry of Trade and Industry itself and only around N$15,7 million was actual NDC resources.Since Monday, former and present managers have been called to testify about the transfer and investment of money, none of which has been returned to date.Aboobakar also doubled as the head of the ODC and not only signed the transfer of money from the NDC to the ODC, but also from the ODC to Great Triangle.An investigation called by the NDC Board found him guilty of gross negligence for investing money without its consent or knowledge.The NDC made a total of 17 transfers to the ODC between June 20 2003 and January 26 2004 at an interest rate of 19 per cent.All the amounts were supposed to mature on May 31, 2004.Although the ODC never returned the NDC’s money, it paid all the interest due to it until the end of July 2004.The greatest chunk of the money the NDC invested was N$16,5 million transferred to the ODC in January 2004.The ODC continues to maintain a stony silence on the whereabouts of the N$100 million, saying that the matter is still under investigation.Two weeks ago, the ODC was forced to cough up N$7 million belonging to information technology company Silnam, which it had also invested with Great Triangle, despite claiming in the High Court that it never received nor invested the money.