Net widens in ODC case

THE ring of alleged fraudsters involved in the so-called N$100 million investment of the Offshore Development Company widened yesterday, with the name of notorious South African conman Vloog Theron entering the fray.

Well-placed sour­ces indicated to The Namibian that Philip Fourie, whom the ODC has named as the main player behind its investment with Great Triangle Investments, has claimed that the money was given to a certain Vloog Theron. If it is the same man, Theron was well-known in the eighties for conning South Africans through a variety of imaginative investment and get-rich schemes.His fraudulent activities have reportedly even extended to the United States, where he lived for some time, and where he allegedly bought himself a doctorate degree.Theron, described alternatively as legendary or notorious, provides the latest twist in an investigation by The Namibian spanning Namibia, Botswana and South Africa.Despite the ODC announcing more than two weeks ago that they have been “and are continually negotiating with the parties entrusted with the investment, working out a practical repayment schedule for the investment”, just who was entrusted with the money is becoming curiouser and curiouser.While sources yesterday pointed to Fourie passing the buck to Vloog Theron, the same Fourie on Sunday told a reporter that a certain TT Theart, who he named as a Great Triangle director, had handled the ODC transaction.The repayment of the ODC’s N$100 million investment and return(s) is believed to be way overdue, some say by as much as a year.Two weeks ago, Government said it had been assured by the ODC that the “money was safe”.PRIVATE PROBE The case is now believed to have been handed to South Africa’s special investigation unit, the Scorpions, to trace Fourie.Prosecutor General Martha Imalwa said yesterday that her office had not been approached on the ODC matter at all, and she has had no involvement in getting the South African prosecution authorities involved in tracking the missing millions.Imalwa said their private investigators might be dealing directly with South African authorities.Namfisa CEO Frans van Rensburg could not be reached at his office yesterday to discuss the financial services watchdog’s role in aiding the ODC investigation.ODC head Abdool Aboobakar was still not in office yesterday when The Namibian tried to contact him.His secretary said she was unable to contact him on his cellphone number.Aboobakar is believed to have returned to Namibia more than a week ago after having been on sick leave, but has reportedly not been to his office.TRACING THERON The Namibian’s attempts to track Theron ended in Durbanville, Cape Town, yesterday, at a medical supplies company owned by his nephews.The Mouldmed company, listed on the Johannesburg Stock Exchange, has made headlines in the Western Cape for being one of a few small companies that have managed to cling on to the securities exchange, despite its meagre turnover and ongoing struggle to find investment partners to market its products.Commentators on the company’s performance have also noted the familial link between the Therons.The company said yesterday that Vloog Theron was not directly connected to their business.A manager, Henry Kruger, said Theron was “only related in a far way” to some of the partners.He said he saw Theron from time to time, and promised to pass on the message that The Namibian had tried to contact him.FOURIE CONNECTION Yesterday, The Namibian reported that Fourie, whom the ODC says it has been trying to trace, appears to be the same Fourie that the Amatola Water Board in South Africa suspended in 2000 for being involved in an alleged scam bid to secure private transactions by issuing promissory notes for water board assets valued at N$1,6 billion.He resigned before he could be brought before a disciplinary hearing.The Namibian also learned over the weekend that a retired Botswana politician who headed the Botswana People’s Party many years ago, Knight Maripe, is listed as a director of Great Triangle Investments.Botswana sources believe that he may only have been a front for the company in that country, but probably did not benefit from the ODC deal.On Sunday, the East London-based Daily Dispatch, working with The Namibian, managed to contact Fourie, who feigned surprise that Namibian authorities had been looking for him in connection with the ODC investment.He maintained that another director, TT Theart from Stellenbosch, was the man who handled the transaction.The Namibian has not yet been able to trace Theart.In the meantime, the ODC and its legal representative have maintained a stony silence on any details related to the investment or its progress in having the money returned, other than to provide the name of the company it made the investment with over a two-year period.If it is the same man, Theron was well-known in the eighties for conning South Africans through a variety of imaginative investment and get-rich schemes.His fraudulent activities have reportedly even extended to the United States, where he lived for some time, and where he allegedly bought himself a doctorate degree.Theron, described alternatively as legendary or notorious, provides the latest twist in an investigation by The Namibian spanning Namibia, Botswana and South Africa.Despite the ODC announcing more than two weeks ago that they have been “and are continually negotiating with the parties entrusted with the investment, working out a practical repayment schedule for the investment”, just who was entrusted with the money is becoming curiouser and curiouser. While sources yesterday pointed to Fourie passing the buck to Vloog Theron, the same Fourie on Sunday told a reporter that a certain TT Theart, who he named as a Great Triangle director, had handled the ODC transaction.The repayment of the ODC’s N$100 million investment and return(s) is believed to be way overdue, some say by as much as a year.Two weeks ago, Government said it had been assured by the ODC that the “money was safe”.PRIVATE PROBE The case is now believed to have been handed to South Africa’s special investigation unit, the Scorpions, to trace Fourie.Prosecutor General Martha Imalwa said yesterday that her office had not been approached on the ODC matter at all, and she has had no involvement in getting the South African prosecution authorities involved in tracking the missing millions.Imalwa said their private investigators might be dealing directly with South African authorities.Namfisa CEO Frans van Rensburg could not be reached at his office yesterday to discuss the financial services watchdog’s role in aiding the ODC investigation.ODC head Abdool Aboobakar was still not in office yesterday when The Namibian tried to contact him.His secretary said she was unable to contact him on his cellphone number.Aboobakar is believed to have returned to Namibia more than a week ago after having been on sick leave, but has reportedly not been to his office.TRACING THERON The Namibian’s attempts to track Theron ended in Durbanville, Cape Town, yesterday, at a medical supplies company owned by his nephews.The Mouldmed company, listed on the Johannesburg Stock Exchange, has made headlines in the Western Cape for being one of a few small companies that have managed to cling on to the securities exchange, despite its meagre turnover and ongoing struggle to find investment partners to market its products.Commentators on the company’s performance have also noted the familial link between the Therons.The company said yesterday that Vloog Theron was not directly connected to their business.A manager, Henry Kruger, said Theron was “only related in a far way” to some of the partners.He said he saw Theron from time to time, and promised to pass on the message that The Namibian had tried to contact him.FOURIE CONNECTION Yesterday, The Namibian reported that Fourie, whom the ODC says it has been trying to trace, appears to be the same Fourie that the Amatola Water Board in South Africa suspended in 2000 for being involved in an alleged scam bid to secure private transactions by issuing promissory notes for water board assets valued at N$1,6 billion.He resigned before he could be brought before a disciplinary hearing.The Namibian also learned over the weekend that a retired Botswana politician who headed the Botswana People’s Party many years ago, Knight Maripe, is listed as a director of Great Triangle Investments.Botswana sources believe that he may only have been a front for the company in that country, but probably did not benefit from the ODC deal.On Sunday, the East London-based Daily Dispatch, working with The Namibian, managed to contact Fourie, who feigned surprise that Namibian authorities had been looking for him in connection with the ODC investment.He maintained that another director, TT Theart from Stellenbosch, was the man who handled the transaction.The Namibian has not yet been able to trace Theart.In the meantime, the ODC and its legal representative have maintained a stony silence on any details related to the investment or its progress in having the money returned, other than to provide the name of the company it made the investment with over a two-year period.