Eco Trading ‘had no fuel licence’ despite N$9m pay

Eco Trading, the company prosecutors allege received N$9 million from Enercon as part of a controversial N$53 million transaction with state-owned Namcor, did not have a licence to trade in fuel, the court heard yesterday.Enercon, owned by brothers Peter and Malakia Elindi, and partly owned by the state firm August 26, claims the N$9 million was payment for fuel delivered by Eco Trading. However, Eco Trading – owned by Victor Malima – was not licensed to trade in petroleum products, prosectors said yesterday. Malima remains on the run, with authorities believing he fled the country through the Wenela border post at Katima Mulilo. Nine others implicated in the same scandal have been arrested by the Anti-Corruption Commission (ACC).The court also heard that Namcor’s board of directors never approved the controversial N$53 million payment. Former Namcor managing director Immanuel Mulunga and former finance executive Jennifer Hamukwaya are among those arrested for their alleged roles in facilitating the payment. They also allegedly received kickbacks from the funds once paid to Enercon and other entities. Both are yet to testify in court.Elindi challenges fraud claimsTestifying yesterday, Malakia Elindi challenged the state’s claim that the transaction was fraudulent. He questioned why anyone involved in a supposed fraudulent scheme would repay a significant portion of the money back to the sender.“There is no way a reasonable person, allegedly conspiring with Namcor employees to fraudulently obtain N$53 million, would then choose to pay back N$35 million to Namcor,” Elindi said. “If someone wanted to make a fraudulent deal, why would they pay back amounts that do not benefit them personally?”He maintained that the transaction was a legitimate commercial arrangement. “This was a business deal intended to benefit all parties. There is evidence to support this. I personally did not conspire with any Namcor employee, nor did I act on anyone’s behalf. There was no need to.”Elindi, who faces money laundering charges under the Prevention of Organised Crime Act, questioned the state’s reasoning. “How can one be accused of laundering money simply for repaying Namcor?” he asked.According to court documents, the state alleges that between October 2021 and December 2022, Elindi received N$53 million from Namcor for the sale of nine fuel service stations. The state contends that Elindi knew, or should have known, he had no authority to sell the said stations, and thus the funds were proceeds of unlawful activity.Elindi also questioned the absence of Namcor’s bank statements in court, arguing that the full transaction history – including repayments – is being selectively used as evidence against him.Timing of arrangements questionedState prosecutor Menencia Hinda scrutinised the timing and legality of actions taken before the formal agreement between Namcor and Enercon was signed on 16 March 2022. Notably, she raised concerns about former Namcor CFO Jennifer Hamukwaya becoming a signatory to an Enercon-related account in October 2021 – several months prior to the agreement.“Why was [Hamukwaya] already a signatory to the account if the agreement was only signed months later?” Hinda asked, suggesting a pre-arranged scheme to facilitate illicit transactions.In response, Elindi argued that Enercon’s dealings with Namcor predated the written agreement. “Namcor had already been supplying Enercon. The March 2022 agreement merely formalised what was already in progress,” he said.nikanor@nmh-hub.com.na

Eco Trading ‘had no fuel licence’ despite N$9m pay

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Namibian Sun 2025-07-22

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Eco Trading ‘had no fuel licence’ despite N$9m pay

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Namibian Sun 2025-07-22

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