‘Where’s the SSC millions?’

“I’M looking for the thirty million,” Acting Judge Raymond Heathcote said at one stage yesterday during his High Court enquiry into a N$30-million investment that the Social Security Commission made six months ago.

This is the money trail that emerged from the first day of the enquiry: * N$30 million is transferred from the SSC to Avid Investment Corporation on January 26, with Avid supposed to invest it in South Africa for a four-month period. * On January 28, Avid’s supposed Chief Executive Officer, Lazarus Kandara, has N$29,5 million transferred to a Namibian asset management company, Namangol Investments.* Kandara asks to have N$3,2 million of that money returned to himself, in cash.He instructs Namangol’s Nico Josea to transfer a further N$20 million to the South African bank account of a financial trader named Alan Rosenberg, and to invest the remaining N$6,3 million in London.Josea claims not to know that the money actually belongs to the SSC.* Rosenberg was to invest the N$20 million for a one-year period, Josea says.* May 24, or 28: SSC’s investment through Avid is supposed to mature.Avid fails to return any of the money.* On January 28, Avid’s supposed Chief Executive Officer, Lazarus Kandara, has N$29,5 million transferred to a Namibian asset management company, Namangol Investments.* Kandara asks to have N$3,2 million of that money returned to himself, in cash.He instructs Namangol’s Nico Josea to transfer a further N$20 million to the South African bank account of a financial trader named Alan Rosenberg, and to invest the remaining N$6,3 million in London.Josea claims not to know that the money actually belongs to the SSC.* Rosenberg was to invest the N$20 million for a one-year period, Josea says.* May 24, or 28: SSC’s investment through Avid is supposed to mature.Avid fails to return any of the money.