ODC ‘barking up wrong tree’

EMBATTLED financial advisor and insurance broker Pieter Boonzaaier denies siphoning off at least N$12 million of the N$100 million that the Offshore Development Company (ODC) invested in shady schemes.

In an affidavit presented to the High Court in Windhoek challenging the ODC’s plans to sequestrate his personal estate, Boonzaaier alleges that the ODC’s claims against him are misdirected and not sufficiently grounded. Boonzaaier hits back by saying he cannot be blamed for the ODC’s bad investment decisions, adding that the ODC itself had been in direct contact with Great Triangle Investments and Comserve Investments.He says he never “introduced” these companies to them or advised that they should invest with them.Instead of targeting him, Boonzaaier says, the ODC should be chasing after these two companies to get their money back.Further, the company had failed to show how his sequestration would be to the advantage of creditors and to what extent, as claimed by the ODC.Boonzaaier maintains that the ODC’s Financial Manager, Mabos Ortmann, contacted him to enquire about investments with these companies, even after he had stopped being involved with the ODC in 2002.In documents filed with the court, Boonzaaier’s legal team question a number of technical issues contained in the ODC’s legal papers, which could threaten to derail the case against Boonzaaier.An August ODC board resolution gave ODC Chairman Gerhardus Burmeister and ODC Director and Permanent Secretary of Trade and Industry Andrew Ndishishi power of attorney to institute action and sign any legal documents against Philip Fourie’s Great Triangle Investments and Tertius Theart’s company, Comserve Investments.But the resolution makes no mention that they have the power to act against Boonzaaier or Credit and Development Limited (CD), a South African company the ODC alleges Boonzaaier acted as an agent for in Namibia Boonzaaier further maintains that he never received a letter of demand from the ODC for the N$12 million.Although acknowledging that N$12 million was deposited into the account of his company, Boonzaaier Financial Services in Windhoek, Boonzaaier says he never accepted liability for money transferred to him for the benefit of Credit Development and/or Mortgage Bond Financial Services (MBFS), both companies the ODC first invested with in 2002.Boonzaaier denies claims that he was either a representative or agent of Credit Development, a South African-registered company operating from Stellenbosch.”At all relevant times I acted as an independent broker or financial advisor and practised as such under the name and style of Boonzaaier Financial Services,” says Boonzaaier’s affidavit.”I merely introduced products in the market, whereafter I introduced the parties to each other.Based upon presentations from CD and MBFS, the parties agreed to do business together.”MBFS was liquidated in 2003, only months after the ODC invested with the company.N$12 MILLION MONEY TRAIL With bank records attached to his reply to the ODC claims, Boonzaaier concedes that N$12 million was deposited into his bank account: on November 1 2002 an amount of N$2 million, followed by another N$10 million on December 4 2002.But Boonzaaier denies being indebted to the ODC for N$12 million.Upon instructions from MBFS, Boonzaaier said he transferred just more than N$1,1 million of the money to a Standard Bank account in Windhoek on November 1 2002 and on the same day a further N$380 000 to First National Bank in Plettenberg Bay, South Africa.On December 5 2002, N$8 million was transferred to First National Bank in South Africa, also on instructions from MBFS, Boonzaaier claims.It is not clear from the affidavit to whom these bank accounts belonged.After the transfers, an amount of around N$3 million remained in Boonzaaier’s account.For having introduced the MBFS to the ODC, Boonzaaier maintains, it was orally agreed that he would receive a monthly commission of 2,5 per cent on respective investments and clients introduced.”I wish to reiterate that my involvement was limited to liaising between the parties in order to facilitate an introduction on which basis I receive a broker’s commission from MBFS,” says Boonzaaier.He goes on to say that the ODC’s inability to retrieve money it invested with investment companies cannot be pinned on him, as the money was not invested with Boonzaaier Financial Services.The ODC has no written contracts for any of the N$100 million it invested, starting in 2002.”I deny that I ever participated or involved myself in a scheme cemented in fraud as alleged by the applicant, alternatively that I was ever aware that the investment of the N$12 million which was deposited into my account was part of a fraudulent scheme,” said Boonzaaier.Boonzaaier said he had at Ortmann’s request and out of “mere courtesy” introduced him to Theart.Theart, who allegedly took over from Boonzaaier as the “agent” for Credit Development, set the ball rolling for money to be transferred from MBFS, to the company of his business associate, Fourie.In support of his beliefs that he had no reason to be suspicious of the companies introduced to the ODC, Boonzaaier has threatened to spill the beans on a N$30 million investment made by a Namibian client with Theart, and says he believed that the investment plus the interest had been returned in 2002.With regard to documentation sent from Great Triangle and Comserve Investments to Boonzaaier to hand to the ODC, Boonzaaier acknowledged their receipt, but said this was not because he was involved with the investments, but because the ODC’s fax machine was not always in operation.Referring to large chunks of the ODC’s founding affidavit, which details the intricate web of money movements from 2002 totalling N$100 million, Boonzaaier said he had no knowledge of the transactions or the investments.He said he was never party to any of the discussions or decisions between the ODC and Great Triangle Investments.Boonzaaier points out that although the ODC alleges that he acted as an agent of Credit Development, that company is not listed as a respondent against whom the ODC is taking action, although it would have a direct and substantial interest in the matter.Boonzaaier also notes that he and his wife are married in community of property and a move to sequestrate would affect them both.His wife is not listed as a respondent.Boonzaaier hits back by saying he cannot be blamed for the ODC’s bad investment decisions, adding that the ODC itself had been in direct contact with Great Triangle Investments and Comserve Investments.He says he never “introduced” these companies to them or advised that they should invest with them.Instead of targeting him, Boonzaaier says, the ODC should be chasing after these two companies to get their money back. Further, the company had failed to show how his sequestration would be to the advantage of creditors and to what extent, as claimed by the ODC.Boonzaaier maintains that the ODC’s Financial Manager, Mabos Ortmann, contacted him to enquire about investments with these companies, even after he had stopped being involved with the ODC in 2002.In documents filed with the court, Boonzaaier’s legal team question a number of technical issues contained in the ODC’s legal papers, which could threaten to derail the case against Boonzaaier.An August ODC board resolution gave ODC Chairman Gerhardus Burmeister and ODC Director and Permanent Secretary of Trade and Industry Andrew Ndishishi power of attorney to institute action and sign any legal documents against Philip Fourie’s Great Triangle Investments and Tertius Theart’s company, Comserve Investments.But the resolution makes no mention that they have the power to act against Boonzaaier or Credit and Development Limited (CD), a South African company the ODC alleges Boonzaaier acted as an agent for in Namibia Boonzaaier further maintains that he never received a letter of demand from the ODC for the N$12 million.Although acknowledging that N$12 million was deposited into the account of his company, Boonzaaier Financial Services in Windhoek, Boonzaaier says he
never accepted liability for money transferred to him for the benefit of Credit Development and/or Mortgage Bond Financial Services (MBFS), both companies the ODC first invested with in 2002.Boonzaaier denies claims that he was either a representative or agent of Credit Development, a South African-registered company operating from Stellenbosch.”At all relevant times I acted as an independent broker or financial advisor and practised as such under the name and style of Boonzaaier Financial Services,” says Boonzaaier’s affidavit.”I merely introduced products in the market, whereafter I introduced the parties to each other.Based upon presentations from CD and MBFS, the parties agreed to do business together.”MBFS was liquidated in 2003, only months after the ODC invested with the company.N$12 MILLION MONEY TRAIL With bank records attached to his reply to the ODC claims, Boonzaaier concedes that N$12 million was deposited into his bank account: on November 1 2002 an amount of N$2 million, followed by another N$10 million on December 4 2002.But Boonzaaier denies being indebted to the ODC for N$12 million.Upon instructions from MBFS, Boonzaaier said he transferred just more than N$1,1 million of the money to a Standard Bank account in Windhoek on November 1 2002 and on the same day a further N$380 000 to First National Bank in Plettenberg Bay, South Africa.On December 5 2002, N$8 million was transferred to First National Bank in South Africa, also on instructions from MBFS, Boonzaaier claims.It is not clear from the affidavit to whom these bank accounts belonged.After the transfers, an amount of around N$3 million remained in Boonzaaier’s account.For having introduced the MBFS to the ODC, Boonzaaier maintains, it was orally agreed that he would receive a monthly commission of 2,5 per cent on respective investments and clients introduced.”I wish to reiterate that my involvement was limited to liaising between the parties in order to facilitate an introduction on which basis I receive a broker’s commission from MBFS,” says Boonzaaier.He goes on to say that the ODC’s inability to retrieve money it invested with investment companies cannot be pinned on him, as the money was not invested with Boonzaaier Financial Services.The ODC has no written contracts for any of the N$100 million it invested, starting in 2002.”I deny that I ever participated or involved myself in a scheme cemented in fraud as alleged by the applicant, alternatively that I was ever aware that the investment of the N$12 million which was deposited into my account was part of a fraudulent scheme,” said Boonzaaier.Boonzaaier said he had at Ortmann’s request and out of “mere courtesy” introduced him to Theart.Theart, who allegedly took over from Boonzaaier as the “agent” for Credit Development, set the ball rolling for money to be transferred from MBFS, to the company of his business associate, Fourie.In support of his beliefs that he had no reason to be suspicious of the companies introduced to the ODC, Boonzaaier has threatened to spill the beans on a N$30 million investment made by a Namibian client with Theart, and says he believed that the investment plus the interest had been returned in 2002.With regard to documentation sent from Great Triangle and Comserve Investments to Boonzaaier to hand to the ODC, Boonzaaier acknowledged their receipt, but said this was not because he was involved with the investments, but because the ODC’s fax machine was not always in operation.Referring to large chunks of the ODC’s founding affidavit, which details the intricate web of money movements from 2002 totalling N$100 million, Boonzaaier said he had no knowledge of the transactions or the investments.He said he was never party to any of the discussions or decisions between the ODC and Great Triangle Investments.Boonzaaier points out that although the ODC alleges that he acted as an agent of Credit Development, that company is not listed as a respondent against whom the ODC is taking action, although it would have a direct and substantial interest in the matter.Boonzaaier also notes that he and his wife are married in community of property and a move to sequestrate would affect them both.His wife is not listed as a respondent.