Nico Josea granted bail

NICO Josea was granted bail of N$30 000 in the Windhoek Magistrate’s Court yesterday.The Magistrate who has been hearing five days of testimony and legal arguments on Josea’s application, has not been convinced that the State has a solid case to prove that Josea committed either fraud or theft through his involvement in a botched investment of N$30 million by the Social Security Commission, it appears from the ruling in which Josea was granted bail yesterday.

Josea (43) has been in custody for more than three months. He is the only person still facing criminal charges over the disappearance of N$30 million that the Social Security Commission invested with a young and untested asset management company, Avid Investment Corporation, in January.By late yesterday afternoon, Josea’s family was still making arrangements to raise the N$30 000 needed to post bail, Josea’s lawyer, André Louw, told The Namibian.He said he expected the bail money to be ready by today.In his ruling, Magistrate Sarel Jacobs said the evidence before him indicated that there was no great risk that Josea, who is a Namibian citizen with assets in Namibia, would abscond if he was released on bail.With Public Prosecutor Marilize Willemse having argued that it would not be in the public interest to release Josea on bail, the Magistrate noted that a constitutional presumption of innocence also existed in Namibia, and that it would likewise not be in the public interest to have a potentially innocent man sitting in prison while charges remain pending against him.In his ruling, Magistrate Jacobs analysed the evidence on the merits of the charges against Josea that had been placed before the court.He said it did not appear that the State had the evidence to prove a strong case against Josea at this stage.The court was told that after the SSC had transferred N$30 million to a bank account of Avid in January, Avid’s Chief Executive Officer, the late Lazarus Kandara, in turn had N$29,5 million of this money transferred to a bank account of Josea’s asset management company, Namangol Investments.There was no evidence before the court, except for what Josea himself had told the court, on what Josea and Kandara had agreed should be done with that N$29,5 million, Magistrate Jacobs noted.Kandara is alleged to have committed suicide shortly after he, too, was arrested on August 24 in connection with the SSC investment deal.The Magistrate added that on the charge of fraud against Josea, there was no evidence to show that Josea had made any misrepresentations to anyone – something that would be an essential element in proving a fraud charge – that would constitute an act of fraud.On the theft charge that Josea is also facing, the Magistrate noted that Josea had told the court that Kandara had instructed him to transfer N$20 million of the money that Namangol received from Avid to a Johannesburg financial trader, Alan Rosenberg, for further investment.After Josea had sued Rosenberg for breach of contract because Rosenberg did not provide him with a written investment agreement or guarantees for the investment, Rosenberg settled that litigation by agreeing to pay N$15 million back to Josea, with a further N$15 million that was to follow, the Magistrate also recounted the evidence.The N$15 million that Josea received from Rosenberg in March, was a payment for damages that Josea claimed he had suffered because of the alleged breach of contract, and this payment resulted from an order that was given by the High Court of South Africa, the Magistrate noted further.This version of the events was supported not only by Josea, but also by his Johannesburg-based lawyer, Derick Greyling, and by documents that were handed to him during the bail application, the Magistrate said.The prosecution produced no evidence to rebut that version, he commented.In terms of the bail conditions, Jose has to hand in his travel documents to the Police, may not apply for a new passport, and has to report to the Police in Windhoek twice a day.He may not leave the Windhoek district without the permission of Chief Inspector Willie Bampton, who is in charge of the Police investigation.Josea may not contact any former or present employees of either the SSC or Avid and may not in any way interfere with the Police’s investigation of his case, the Magistrate ordered.He is the only person still facing criminal charges over the disappearance of N$30 million that the Social Security Commission invested with a young and untested asset management company, Avid Investment Corporation, in January.By late yesterday afternoon, Josea’s family was still making arrangements to raise the N$30 000 needed to post bail, Josea’s lawyer, André Louw, told The Namibian.He said he expected the bail money to be ready by today.In his ruling, Magistrate Sarel Jacobs said the evidence before him indicated that there was no great risk that Josea, who is a Namibian citizen with assets in Namibia, would abscond if he was released on bail.With Public Prosecutor Marilize Willemse having argued that it would not be in the public interest to release Josea on bail, the Magistrate noted that a constitutional presumption of innocence also existed in Namibia, and that it would likewise not be in the public interest to have a potentially innocent man sitting in prison while charges remain pending against him.In his ruling, Magistrate Jacobs analysed the evidence on the merits of the charges against Josea that had been placed before the court. He said it did not appear that the State had the evidence to prove a strong case against Josea at this stage.The court was told that after the SSC had transferred N$30 million to a bank account of Avid in January, Avid’s Chief Executive Officer, the late Lazarus Kandara, in turn had N$29,5 million of this money transferred to a bank account of Josea’s asset management company, Namangol Investments.There was no evidence before the court, except for what Josea himself had told the court, on what Josea and Kandara had agreed should be done with that N$29,5 million, Magistrate Jacobs noted.Kandara is alleged to have committed suicide shortly after he, too, was arrested on August 24 in connection with the SSC investment deal.The Magistrate added that on the charge of fraud against Josea, there was no evidence to show that Josea had made any misrepresentations to anyone – something that would be an essential element in proving a fraud charge – that would constitute an act of fraud.On the theft charge that Josea is also facing, the Magistrate noted that Josea had told the court that Kandara had instructed him to transfer N$20 million of the money that Namangol received from Avid to a Johannesburg financial trader, Alan Rosenberg, for further investment.After Josea had sued Rosenberg for breach of contract because Rosenberg did not provide him with a written investment agreement or guarantees for the investment, Rosenberg settled that litigation by agreeing to pay N$15 million back to Josea, with a further N$15 million that was to follow, the Magistrate also recounted the evidence.The N$15 million that Josea received from Rosenberg in March, was a payment for damages that Josea claimed he had suffered because of the alleged breach of contract, and this payment resulted from an order that was given by the High Court of South Africa, the Magistrate noted further.This version of the events was supported not only by Josea, but also by his Johannesburg-based lawyer, Derick Greyling, and by documents that were handed to him during the bail application, the Magistrate said.The prosecution produced no evidence to rebut that version, he commented.In terms of the bail conditions, Jose has to hand in his travel documents to the Police, may not apply for a new passport, and has to report to the Police in Windhoek twice a day.He may not leave the Windhoek district without the permission of Chief Inspector Willie Bampton, who is in charge of the Police investigation.Josea may not contact any former or present employees of either the SSC or Avid and may not in any way interfere with the Police’s investigation of his case, the Magistrate ordered.