The Avid-SSC money trail

IF the jam-packed public galleries in the High Court that have marked the Companies Act enquiry into a N$30 million Social Security Commission investment this week are any indication, this has probably been Namibia’s most talked-about business transaction in many years.

Since Monday, Acting Judge Raymond Heathcote has driven the enquiry forward with steely determination, but also with frequent displays of a keen sense of humour.His mission: to try to help the liquidators appointed to take over Avid Investment find out what happened to the N$30 million the SSC invested through the company. These are the key points on the movement of the N$30 million that have emerged so far: * January 26 2005: N$30 million is transferred by the SSC to Avid.The SSC claims its understanding was that the money would be invested, safely, in a South African bank for four months.* In the next two days: Avid, whose bank balance stood at N$2 661 before the SSC money poured in, spends some N$350 000 to pay its bills.* January 28: Avid’s de facto Chief Executive Officer, Lazarus Kandara, orders the transfer of only N$29,5 million to an asset investment company, Namangol Investments, which had N$10 004,79 in its bank account at that stage.* January 28: Namangol transfers N$20 million to the South African bank account of Alan Rosenberg Investment Services * February 1: Namangol transfers N$6,3 million to the South African Bank account of “Dean Africa CC” * February 1: Namangol’s Chief Executive Officer, Nico Josea, instructs the company’s bank to transfer N$700 000 to his personal bank account * February 3: On Josea’s instruction, a further N$500 000 is transferred from Namangol to Josea’s personal account * February 4: Josea instructs that N$1,615 million be transferred from Namangol’s investment account to its business account.* February 4: N$385 000 is paid to one CM Kandara from Namangol’s business account.* February 8: N$700 000 is transferred from Namangol’s business account to Josea’s personal account * March 14: A Johannesburg law firm transfers N$14,899 million into Josea’s personal account.Josea tells the court this was money due to Namangol in terms of a court case that was settled with Rosenberg.The SSC suspects it is part of the SSC’s original N$30 million.* March 15: N$4,15 million is paid out of Josea’s account into the account of his brother, Benedictus Josea * March 16: A cash cheque for N$350 000 is drawn out of Nico Josea’s account * March 15: Benedictus Josea draws cash of N$125 000 out of his account by cheque * March 15: N$600 000 is paid from Benedictus Josea’s account to the account of Micro Supplies, which is claimed to belong to him * March 16: Benedictus Josea draws cash of N$300 000 out of his account by cheque * March 17: Benedictus Josea draws cash of N$300 000 from his account by cheque * March 30: Benedictus Josea draws cash of N$500 000 out of his account by cheque * March 16 to April 11: Nico Josea spends N$646 000 to buy three vehicles, Judge Mavis Gibson is informed in the High Court yesterday when she is asked to provisionally liquidate Namangol and sequestrate Josea’s estate * May 24, or 28: The SSC’s investment with Avid matures.No money is returned, and none has been returned to date.These are the key points on the movement of the N$30 million that have emerged so far: * January 26 2005: N$30 million is transferred by the SSC to Avid.The SSC claims its understanding was that the money would be invested, safely, in a South African bank for four months.* In the next two days: Avid, whose bank balance stood at N$2 661 before the SSC money poured in, spends some N$350 000 to pay its bills.* January 28: Avid’s de facto Chief Executive Officer, Lazarus Kandara, orders the transfer of only N$29,5 million to an asset investment company, Namangol Investments, which had N$10 004,79 in its bank account at that stage.* January 28: Namangol transfers N$20 million to the South African bank account of Alan Rosenberg Investment Services * February 1: Namangol transfers N$6,3 million to the South African Bank account of “Dean Africa CC” * February 1: Namangol’s Chief Executive Officer, Nico Josea, instructs the company’s bank to transfer N$700 000 to his personal bank account * February 3: On Josea’s instruction, a further N$500 000 is transferred from Namangol to Josea’s personal account * February 4: Josea instructs that N$1,615 million be transferred from Namangol’s investment account to its business account.* February 4: N$385 000 is paid to one CM Kandara from Namangol’s business account.* February 8: N$700 000 is transferred from Namangol’s business account to Josea’s personal account * March 14: A Johannesburg law firm transfers N$14,899 million into Josea’s personal account.Josea tells the court this was money due to Namangol in terms of a court case that was settled with Rosenberg.The SSC suspects it is part of the SSC’s original N$30 million.* March 15: N$4,15 million is paid out of Josea’s account into the account of his brother, Benedictus Josea * March 16: A cash cheque for N$350 000 is drawn out of Nico Josea’s account * March 15: Benedictus Josea draws cash of N$125 000 out of his account by cheque * March 15: N$600 000 is paid from Benedictus Josea’s account to the account of Micro Supplies, which is claimed to belong to him * March 16: Benedictus Josea draws cash of N$300 000 out of his account by cheque * March 17: Benedictus Josea draws cash of N$300 000 from his account by cheque * March 30: Benedictus Josea draws cash of N$500 000 out of his account by cheque * March 16 to April 11: Nico Josea spends N$646 000 to buy three vehicles, Judge Mavis Gibson is informed in the High Court yesterday when she is asked to provisionally liquidate Namangol and sequestrate Josea’s estate * May 24, or 28: The SSC’s investment with Avid matures.No money is returned, and none has been returned to date.