PROPERTY businessman Paulo Shipoke is being accused by his business partner of squandering mass housing money from the company’s bank account.
His partner is now demanding N$8 million, an amount described by Shipoke as ridiculous.
Oyeno Properties is a Namibian company co-owned by Shipoke and Albert Antonius-Paulus.
Shipoke has 50%, while Antonius-Paulus owns the other 50%.
The company received a mass housing contract worth about N$800 million last year to build 2 034 houses at Swakopmund.
It has turned out that there is a fight over money and dissatisfaction over how the money was being used.
Documents show that Antonius-Paulus wrote to Shipoke through his lawyers Metcalfe Attorneys on 16 November 2015 asking why he was using money from the company’s account for his personal benefit.
He claims that Shipoke has used N$1,5 million from 2014 until this year.
In addition, Antonius-Paulus is alleging that his partner used company money to buy a Range Rover worth N$2,4 million.
Antonius-Paulus also claims that his partner transferred N$2,5 million from the company account to his personal account and branded those transactions as “theft”, “money laundering” and fraud.
He also wants Shipoke to be removed as the chairperson of Power-Oyeno, the company that received the tender.
Shipoke wrote back to his partner’s lawyers asking that they should meet to discuss the problems.
His lawyers, Angula Co Incorporated,also raised a red flag about the involvement of Metcalfe Attorneys, saying it was conflict of interest because Metcalfe lawyers has represented Shipoke in the past and they have personal information about him.
Antonius-Paulus responded in a letter dated 18 November 2015 insisting that Shipoke should pay him N$8 million by 16h00 on Wednesday.
“Antonius-Paulus has no intention to meet your client. The time for meetings is over. An amount of approximately N$8 million is due and owing to my client,” Metcalfe lawyers said.
With regards to the conflict of interest, Metcalfe said Metcalfe Attorneys Walvis Bay and Metcalfe Attorneys Windhoek are two separate firms that only work in association.
Shipoke told yesterday that Antonius-Paulus was a silent partner who did not invest a single cent or time into the company.
“He was just sitting at home as a middlemen. He did not contribute anything. All he does is sit in board meetings and not contribute at all,” Shipoke said.
In fact, Shipoke claims, Antonius-Paulus did not even visit mass housing sites.
Shipoke said they agreed that he will have full access to bank accounts since he was the one working on the project on a full-time basis.
Asked about the Range Rover, Shipoke said he traded in two of his vehicles for the new vehicle.
is possession of a 19-page statement that shows how money was transferred from Oyeno Properties.
Power-Oyeno has thus far received over N$150 million from the government as part of the suspended mass housing project.
Shipoke said the majority of that amount went into the project.
