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NewEraVol22No127

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Vol. 22 No. 127 Windhoek, Namibia Friday, February 3 2017 Huang granted bail of N million Maria Amakali Windhoek A 49-year-old Chinese businessman, Yuiqua Huang, was yesterday granted bail of N million by the Windhoek Magistrate’s Court after he was arrested at Hosea Kutako airport on Wednesday morning in connection with a high-profile case involving tax evasion, fraud and money laundering to the tune of N.5 billion. Three others people arrested in connection with the case posted bail in the amount of N.5 million each after they were arrested by the police following the lodging of a complaint by the Directorate of Inland Revenue at Finance. Yuiqua Huang, also known as Jack Huang, was arrested between 10am and 11am on Wednesday at Hosea Kutako International Airport while enroute to Angola, where he also has business interests. He yesterday made his first mandatory court appearance in Windhoek, where he was granted bail. Huang - who is said to be politically well-connected in Namibia - was added to the list of four other suspects linked to a long chain of business people (many of whom are yet to be arrested) that are suspected of defrauding the Ministry of Finance of N.5 billion. Huang first arrived in Namibia in 2001 to pursue various business interests. All the accused are being charged with tax evasion, fraud and money laundering. Loaded… Yuiqua ‘Jack’ Huang was released on bail of N million yesterday following his arrest on Wednesday. BAIL on page 2 Inside Today MUN calls for nationalisation of mines The Mineworkers Union of Namibia’s Namdeb branch at Oranjemund has called on Government to consider nationalising mines in light of intended retrenchments of workers at the Rosh Pinahbased Skorpion Zinc Mine. Page 17 Excitement ahead of Debmarine Namibia Cup Several football teams from the lower tier divisions are going to enter uncharted territory from the weekend of 10th of this month onwards as this year’s Debmarine Namibia Cup gets underway in earnest across the length and breadth of the country. Page 48 Liquidity crunch drives Namibian firms from Angola Edgar Brandt Windhoek Several Namibian businesses operating in Angola are experiencing challenges related to the shortage of cash in Angolan banks. The Angolan liquidity crunch is directly related to low oil prices that account for the majority of that country’s foreign-exchange earnings. Namib Mills this week confirmed the cash crisis in Namibia’s northern neighbour has indeed forced it to close shop in that country. “Namib Showing fortitude… Fortyfive-year-old Meme Hendrina who survives from donations from good Samaritans passes time reading the Bible in Braille. On an average day she collects up to N0 from passersby in downtown Windhoek. Photo: Emmency Nuukala Mills has ceased its operations in Angola as it is too difficult to set up an operation and the country has liquidity problems,” confirmed Namib Mills’ spokesperson, Ashante Manetti. When questioned on the level of success in repatriating funds from Angola, Manetti responded: “Not successful at all. Once funds are in an account in Angola, withdrawing funds becomes extremely difficult due to Angola’s (lack of) liquidity.” CRUNCH on page 2 Photo: Contributed Ripple effect… Namib Mills silos in Windhoek’s northern industrial area. Namib Mills confirmed they have ceased operations in neighbouring Angola due to the liquidity crisis in that country. Over N million invested in research Albertina Nakale Windhoek The National Commission on Research, Science, Technology and Innovation (NCRST) has invested over N million during the last three years in individual young innovators and various research institutions. The NCRST is responsible for promoting, coordinating and developing research, science, technology and innovation in Namibia. NCRST chief executive officer Dr Eino Mvula told New Era yesterday, on the sidelines of a signing ceremony for the memorandum of understanding (MoU) between the research body and the International University of Management (IUM), that grants were awarded to individuals and research institutions who submitted bankable projects. INVESTED on page 2 Price is king Affordable insurance that DECREASES monthly SMS ‘king’ to 44000 Standard SMS rates apply Licence no. 16/ST/31 | Terms and conditions apply New Era Newspaper @NewEraNewspaper #NewEraNewspaper app.newera.com.na • classifieds.newera.com.na • newera.com.na/discover

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