NDC winding down gets messy

THE winding down of the defunct Namibia Development Corporation (NDC), which is expected to be finalised by the middle of next month, was more complicated than envisaged, a Parliamentary committee heard on Thursday.

NDC board chairman John Nekwaya noted that several subsidiaries were clustered under the NDC company Amcom, which was also dormant. “According to the Companies Act, several steps have to be taken to close down a company, which all have to be followed,” Nekwaya said.”We have a done a lot of work in this regard already, also together with the auditors,” he said.A list of assets has to be drawn up for each business entity.The NDC is still seeking the repayment of debt totalling N$20 million from dozens of individuals who set up enterprises.Permanent Secretary of Finance Calle Schlettwein said that in terms of a Cabinet decision of 2003, all assets and the loan book of the NDC would soon fall under the Development Bank of Namibia.”A Cabinet committee will make a submission to Cabinet in the case of some farms, a date palm project and grape farms, which are to be put under the wing of the Agriculture Ministry,” Schlettwein told the hearing.”According to the Companies Act, several steps have to be taken to close down a company, which all have to be followed,” Nekwaya said.”We have a done a lot of work in this regard already, also together with the auditors,” he said.A list of assets has to be drawn up for each business entity.The NDC is still seeking the repayment of debt totalling N$20 million from dozens of individuals who set up enterprises.Permanent Secretary of Finance Calle Schlettwein said that in terms of a Cabinet decision of 2003, all assets and the loan book of the NDC would soon fall under the Development Bank of Namibia.”A Cabinet committee will make a submission to Cabinet in the case of some farms, a date palm project and grape farms, which are to be put under the wing of the Agriculture Ministry,” Schlettwein told the hearing.