Credit Union disputes N$60bn theft, blames police

Credit Union Namibia has denied losing N$60 billion in investor funding and has laid the blame at the door of the Namibian Police for releasing false information to the public.

Its managing director Louie Rupping Theron recently opened a case with the police, alleging that suspects unlawfully and intentionally stole money intended for Credit Union’s investors.

Speaking to Namibian Sun, Theron said there was a gross misrepresentation on the part of the police, adding that the full details will be revealed to the public in due course.

“That N$60 billion is the wrong information. I went to the police and gave the right information. I cannot disclose what I have told the police until we have sorted all of these things,” he said.

He further questioned why the police released the information.

According to him, the union was waiting for funding from its international partners, adding that there were attempts by an international criminal syndicate to rob it of its monies.

“There is funding that is coming to Africa, [and] people tried to squander our money,” he said.

Internal investigation

Theron promised to reveal all once an internal investigation into the funding had been completed, and remained tight-lipped about the real amount the union is alleged to have lost.

“There is a misrepresentation on the affidavits. It is not ready for the news,” he said.

According to a police report, the incident took place in December 2022.

“No arrest made thus far as police investigation into the matter continues,” it read.

The police did not provide any responses when questioned on the matter.