The Boonzaaier connection

EVIDENCE is growing that embattled local insurance broker Pieter Boonzaaier played a pivotal role in introducing Great Triangle Investments to Namibian companies.

Not only is Boonzaaier believed to have introduced the shady investment company to the Offshore Development Company (ODC), which led to Great Triangle making off with N$100 million in public funds, documents placed before the High Court in Windhoek indicate that he was also behind a deal that cost a 70-year-old Windhoek woman N$7 million. Attempts to contact Boonzaaier for comment yesterday were unsuccessful.His daughter answered his cellphone and promised to convey a message that The Namibian sought his comment.When The Namibian approached Boonzaaier for comment during the Avid-SSC High Court hearing in August, he denied any involvement in the ODC’s N$100 million investment deal.DRAWING THE TRIANGLE Boonzaaier first drew public attention in 2003, when he was implicated in a number of dubious insurance deals with the Social Security Commission (SSC).A presidential inquiry revealed that he had received commission of around N$3,5 million for brokering investments with the SSC involving more than N$20 million.In an affidavit now before court, a former Old Mutual investment broker, Johan Deysel, maintains that Boonzaaier put Great Triangle’s principal director, Philip Fourie, in contact with Deysel in 2003.Boonzaaier also allegedly received N$100 000 as “commission” after Deysel advised Helene Naudé to cash in unit trusts and a life-insurance policy she held with Old Mutual and instead invest the money with Great Triangle for better returns.Deysel said from a first commission payment of N$350 000 Fourie deposited into his personal bank account, he had been instructed to pay over N$100 000 to Boonzaaier.The Namibian has also seen a letter from Great Triangle Investments signed by Fourie in August 2003, in which he maintained that Boonzaaier had not clinched any deals with either the Namibian Development Corporation (NDC) or NamPower to invest with Great Triangle.The letter from Fourie was in reaction to claims from two other insurance agents, who were demanding their share of commission from Boonzaaier, that he had brokered such deals.In the end, the NDC did invest at least N$55 million with the ODC, which then in turn invested the money with Great Triangle.Boonzaaier was also called to testify during the liquidation hearing of Avid Investment Corporation in August, after Namangol CEO Nico Josea told the court that he had “given” half a million to his church “brother” (Boonzaaier) who was going through financial hardship.Boonzaaier told the hearing that he had suffered tremendously to obtain work in the aftermath of the SSC inquiry and that it had not only ruined him financially, but also “messed up” his business.The money Boonzaaier received from Josea was believed to be money originating from the SSC’s N$30 million investment with Avid, of which N$29,5 million was transferred to Namangol.He pledged to repay the money, but also told the court that he had a lot of debt he had to pay off because he had been unable to make a living since the SSC inquiry.Ironically, Deysel was also called before the SSC inquiry two years ago – to explain a five-year, N$10-million-a-year investment placed with Old Mutual.The inquiry learned that Deysel received N$1,5 million in commission from this deal, and a further N$350 000 was expected to come his way for five years.Naudé has now approached the courts to have Deysel’s pension of N$3,2 million paid over to her in compensation for her losses.Attempts to contact Boonzaaier for comment yesterday were unsuccessful.His daughter answered his cellphone and promised to convey a message that The Namibian sought his comment.When The Namibian approached Boonzaaier for comment during the Avid-SSC High Court hearing in August, he denied any involvement in the ODC’s N$100 million investment deal.DRAWING THE TRIANGLE Boonzaaier first drew public attention in 2003, when he was implicated in a number of dubious insurance deals with the Social Security Commission (SSC).A presidential inquiry revealed that he had received commission of around N$3,5 million for brokering investments with the SSC involving more than N$20 million.In an affidavit now before court, a former Old Mutual investment broker, Johan Deysel, maintains that Boonzaaier put Great Triangle’s principal director, Philip Fourie, in contact with Deysel in 2003. Boonzaaier also allegedly received N$100 000 as “commission” after Deysel advised Helene Naudé to cash in unit trusts and a life-insurance policy she held with Old Mutual and instead invest the money with Great Triangle for better returns.Deysel said from a first commission payment of N$350 000 Fourie deposited into his personal bank account, he had been instructed to pay over N$100 000 to Boonzaaier.The Namibian has also seen a letter from Great Triangle Investments signed by Fourie in August 2003, in which he maintained that Boonzaaier had not clinched any deals with either the Namibian Development Corporation (NDC) or NamPower to invest with Great Triangle.The letter from Fourie was in reaction to claims from two other insurance agents, who were demanding their share of commission from Boonzaaier, that he had brokered such deals.In the end, the NDC did invest at least N$55 million with the ODC, which then in turn invested the money with Great Triangle.Boonzaaier was also called to testify during the liquidation hearing of Avid Investment Corporation in August, after Namangol CEO Nico Josea told the court that he had “given” half a million to his church “brother” (Boonzaaier) who was going through financial hardship.Boonzaaier told the hearing that he had suffered tremendously to obtain work in the aftermath of the SSC inquiry and that it had not only ruined him financially, but also “messed up” his business.The money Boonzaaier received from Josea was believed to be money originating from the SSC’s N$30 million investment with Avid, of which N$29,5 million was transferred to Namangol.He pledged to repay the money, but also told the court that he had a lot of debt he had to pay off because he had been unable to make a living since the SSC inquiry.Ironically, Deysel was also called before the SSC inquiry two years ago – to explain a five-year, N$10-million-a-year investment placed with Old Mutual.The inquiry learned that Deysel received N$1,5 million in commission from this deal, and a further N$350 000 was expected to come his way for five years.Naudé has now approached the courts to have Deysel’s pension of N$3,2 million paid over to her in compensation for her losses.