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NewEraVol22No150

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Vol. 22 No. 150 Windhoek, Namibia Wednesday, March 8 2017 Inside Today Call for accurate documentation of history Speaker of the National Assembly Professor Peter Katjavivi this week reiterated the call to accurately document Namibia’s history for preservation for current and future generations. Page 3 CIF calls on govt to support local companies The Construction Industries Federation of Namibia (CIF) fears that the country’s national budget for the year 2017/2018, which is expected to be tabled today, will see a drastic reduction in capital expenditure. Page 9 My hands are clean, I have nothing to hide – Fredericks Despite screaming headlines and all the hullabaloo by the international media, Namibia’s sprint legend Frank Fredericks remains calm and unfazed, saying as far as his success and wealth are concerned he has nothing to hide as his hands are clean. Page 24 Desie Heita Windhoek In troubled waters... The SME Bank headquarters in WIndhoek. Photo: Nampa Piet Kohler The nearly N0 million that the SME Bank Namibia invested with two littleknown South African entities was emptied out of these companies’ bank accounts less than two months after the deposits were made from Namibia, New Era has established. SME Bank funds flowed into a troubled bank, called Venda Building Society (VBS) Mutual Bank, as well as into a cash management firm, called Mamepe Capital – both South African entities. There were major disinvestments (withdrawals in layman’s terms) immediately after the money was deposited with the two institutions. Furthermore, very little interest was earned on the amounts deposited. According to confidential reports seen by New Era, SME Bank Simon Endjala Windhoek Peter Tyran Kohler, a 45-year-old accountant who last month confessed to committing fraud involving N.8 million that he stole from his former employer over a period of five years has been sent to jail for an effective 10 years. The South African national Photo: Informanté Details emerge in SME Bank scandal deposited N million with VBS Mutual Bank between August 12 and October 14, 2016. A further N1 million was placed in the hands of Mamepe Capital between August 22 and November 8, 2016. Within two months, withdrawals amounting to some N,8 million were made in the period between October 13 and November 8, 2016. SME BANK on page 2 committed the offence when he was employed as an accountant at the Windhoek branch of Pennypinchers Timbercity, and later as store manager at the company's Ongwediva branch during the period March 2009 to September 2015. Kohler was on February 21 convicted of 218 fraud charges and these were on Tuesday put together Swapo at the crossroads Toivo Ndjebela Windhoek Sensing the risk of destruction from within, the ruling Swapo Party this week convened a special Politburo meeting to - some say chiefly - deliberate on what is perceived as growing anarchy within its ranks and the trampling of the party’s constitution by some members. The Politburo, a body of 26 members, including former heads of state Sam Nujoma and Hifikepunye Pohamba - who are honorary members for life - spent Monday night hammering out a resolution in response to the alleged abuse of the party constitution. SWAPO on page 2 Swapo SG Nangolo Mbumba Accountant jailed for N,8 million fraud for the purposes of sentencing when High Court Judge Christie Liebenberg sentenced Kohler to 15 years in prison. Five years were then suspended for a period of five years on condition he is not convicted of the same offence of fraud during the period of his suspended sentence. FRAUD on page 2 Trevor Nikanor Deck Officer Deck Officers on board seagoing craft are responsible for the smooth running of all matters above deck, including communications between ship and shore, cargo handling and the operation of lifesaving devices. Meet Trevor Nikanor, employed as a Deck Officer by Hangana Seafood on one of its vessels. Read his story in today’s Youth Corner. New Era Newspaper @NewEraNewspaper #NewEraNewspaper app.newera.com.na • classifieds.newera.com.na • newera.com.na/discover

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New Era Newspaper Vol 22 No 167

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