Recovering the N$30 million

AT the start of proceedings yesterday, the Social Security Commission’s (SSC) legal counsel Andrew Corbett informed the court that the liquidators had managed to lay claim to cash in a number of accounts in Namibia and South Africa.

With the aid of the South African special investigations unit, the Scorpions, accounts in that country have also been frozen. On January 28, Avid’s Chief Executive Officer, Lazarus Kandara, transferred N$29,5 million from Avid to Nico Josea’s Namangol Investments.That was two days after the SSC had transferred N$30 million to Avid.From there, the money went into various directions over the next two months.Corbett told the court that at present, liquidators could recover at least N$25 million of the defrauded money.N$37 000 Fask Trading – an account in South Africa to which Nico Josea of Namangol Investments transferred N$500 000.Corbett said unfortunately liquidators “didn’t get there in time”, and N$37 000 was all that remained in the account.N$7,5 mil Dean Africa CC – an account held in Bellville, Cape Town.N$6,3 mil had been transferred to this account from Namangol Investments.An interdict has been obtained against the bank, preventing any money from being withdrawn.The Director of Dean Africa has signed an affidavit to transfer the money to Avid’s liquidators.N$ 5,5 mil Kruger and van Vuuren Legal Practitioners – The money had been transferred from a Kandara family close corporation, Dey-Yar Investments, which had in turn received the money from Namangol Investments in early July.Corbett said auditors had encountered resistance in having this money returned, and the law firm, which is claiming this money was part of N$7 million that its client, Kalahari Holdings, had invested with Avid, had requested more time.”It is our belief that if some or part of the money was given from Avid, then part of it was the SSC’s,” Corbett told the court.N$ 4,9 mil Benedictus Josea – Money that he received from his brother, Nico Josea.N$6 mil Alan Rosenberg – A trader that received N$20 mil from Namangol Investments.Rosenberg’s bank account has been frozen and he has been subpoenaed to appear at an inquiry in terms of the Insolvency Act in South Africa on August 30.N$1,1 mil Peter Boonzaaier (N$500 000 mil), Heinrich Helm (N$500 000) and John Smith (N$100 000) – All three men (“brothers” from the same church as Nico Josea, the Voice of God Tabernacle) had received money from Josea: Boonzaaier and Smith to help pay their debts and Helm as a former CEO of Namangol Investments during which time he never received a salary, they told the court.Corbett informed the court that all three were expected to sign pledges to repay the amounts with a PriceWaterhouseCoopers forensic audit team yesterday.N$ 1 mil Through the attachment of vehicles belonging to Nico Josea.The forensic team are said to be looking into attaching other fixed assets.Corbett said the forensic team were still looking into taking steps against other parties who might be liable for the SSC’s money having gone astray.Acting Judge Raymond Heathcote said he was pleased to note the progress that had been made and that the amount that could be recovered was increasing.On January 28, Avid’s Chief Executive Officer, Lazarus Kandara, transferred N$29,5 million from Avid to Nico Josea’s Namangol Investments.That was two days after the SSC had transferred N$30 million to Avid.From there, the money went into various directions over the next two months.Corbett told the court that at present, liquidators could recover at least N$25 million of the defrauded money.N$37 000 Fask Trading – an account in South Africa to which Nico Josea of Namangol Investments transferred N$500 000.Corbett said unfortunately liquidators “didn’t get there in time”, and N$37 000 was all that remained in the account.N$7,5 mil Dean Africa CC – an account held in Bellville, Cape Town.N$6,3 mil had been transferred to this account from Namangol Investments.An interdict has been obtained against the bank, preventing any money from being withdrawn.The Director of Dean Africa has signed an affidavit to transfer the money to Avid’s liquidators.N$ 5,5 mil Kruger and van Vuuren Legal Practitioners – The money had been transferred from a Kandara family close corporation, Dey-Yar Investments, which had in turn received the money from Namangol Investments in early July.Corbett said auditors had encountered resistance in having this money returned, and the law firm, which is claiming this money was part of N$7 million that its client, Kalahari Holdings, had invested with Avid, had requested more time.”It is our belief that if some or part of the money was given from Avid, then part of it was the SSC’s,” Corbett told the court.N$ 4,9 mil Benedictus Josea – Money that he received from his brother, Nico Josea.N$6 mil Alan Rosenberg – A trader that received N$20 mil from Namangol Investments.Rosenberg’s bank account has been frozen and he has been subpoenaed to appear at an inquiry in terms of the Insolvency Act in South Africa on August 30.N$1,1 mil Peter Boonzaaier (N$500 000 mil), Heinrich Helm (N$500 000) and John Smith (N$100 000) – All three men (“brothers” from the same church as Nico Josea, the Voice of God Tabernacle) had received money from Josea: Boonzaaier and Smith to help pay their debts and Helm as a former CEO of Namangol Investments during which time he never received a salary, they told the court.Corbett informed the court that all three were expected to sign pledges to repay the amounts with a PriceWaterhouseCoopers forensic audit team yesterday.N$ 1 mil Through the attachment of vehicles belonging to Nico Josea.The forensic team are said to be looking into attaching other fixed assets.Corbett said the forensic team were still looking into taking steps against other parties who might be liable for the SSC’s money having gone astray.Acting Judge Raymond Heathcote said he was pleased to note the progress that had been made and that the amount that could be recovered was increasing.