Namcor, Mulunga in secret payout talks

Embattled oil parastatal Namcor, which finds itself in a dire financial situation, is said to be in secret discussions to terminate the employment of its suspended managing director, Immanuel Mulunga.This is according to company insiders, who claim parties are close to reaching an agreement, with discussions now fixed on the amount Mulunga would receive to vacate his position.Namcor has been making headlines for all the wrong reasons over the past few months, mainly due to Mulunga’s suspension, following allegations that he authorised the payment of N$100 million for an oil block in neighbouring Angola, an action he carried out without the approval of his principals. Way forward Mulunga has been on suspension since April 2023.The company is also heavily indebted, a situation that threatens its existence.Company insiders indicated that lawyers representing both parties are currently mapping a way forward to conclude an exit package for Mulunga."Lawyers are talking to each other. [The] board is waiting on Namcor lawyers for a briefing from those negotiations," insiders said.Both Mulunga and Namcor board chair Jennifer Comalie pleaded ignorance about the separation negotiations.‘Unaware’Comalie would, however, not deny nor confirm the news of Mulunga’s planned payout, saying it was an internal process.“The company respects privacy and confidentiality in such matters, and, unfortunately, I am not able to disclose any details of the process at this time,” Comalie said.Mulunga, for his part, said he is unaware of any plans by the company to offer him an exit package.“I am not aware of such a thing. I am not privy. Maybe they want to offer me something,” Mulunga said.Finance and public enterprises minister Ipumbu Shiimi said he was not aware of attempts by Namcor to settle with Mulunga.Suspension challenged Mulunga in May made a demand for his reinstatement as Namcor MD through his lawyer, Jermaine Muchali.“Before any suspension can be undertaken by the board of a public enterprise (PE), the board must consult the minister responsible for public enterprises and the portfolio minister. If there are valid grounds for suspension of a CEO, MD, or senior manager of a PE, the minister responsible for public enterprises and the portfolio minister must, in writing, notify the board of the PE of the outcome,” Mulunga said in legal correspondences.Mulunga also challenged his suspension from Namcor for not being grounded in principle.“The purported grounds of suspension are not major offences as they have no elements of dishonesty, no elements of prejudice to Namcor, no elements of risk to the lives of employees, and no elements of defeating or obstructing the internal investigations at Namcor – issues that warrant suspension according to Namcor’s employment policy,” he said.Cabinet in August 2015 endorsed the appointment of Mulunga as Namcor MD. Prior to that, he was petroleum commissioner.

Namcor, Mulunga in secret payout talks

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Namibian Sun 2025-05-02

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Namcor, Mulunga in secret payout talks

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Namibian Sun 2025-05-02

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