Amushelelo calls forfeited millions ‘pocket change’

Social activist and former forex trader Michael Amushelelo says the millions of dollars forfeited to the state following a High Court order are “pocket change” to him, insisting that losing the money has not diminished his ability to rebuild his wealth.Amushelelo made the remarks during an interview on Behind The Wheel released on Friday, while discussing the loss of his assets, his inability to operate bank accounts and how he continues to finance legal and business activities.Asked whether there was any prospect of recovering the money taken by the state, Amushelelo said the funds had been forfeited, and he did not expect them back.“No, those monies have been forfeited to the state. So, there's no likelihood,” he said.He then played down the significance of the loss, describing the money as “pennies” and “pocket change”.Pressed on what he meant, Amushelelo said: “Like, fifteen million is pocket change to me. Twenty million is pocket change.”He argued that his ability to make money mattered more than the assets he had lost.“I mean, I tell people to say, it's only my assets that were frozen. My mind is still intact. It still functions. Now, the same mind that was able to produce those riches. I still have it intactAmushelelo said he was not dwelling on the wealth he had lost and did not blame anyone for what had happened.Amushelelo said this meant he believed he could create wealth again, despite forfeiting his previous assets.“So, what stops me from utilising it and from creating new riches again?” he asked.The interview does not establish that N$15 million or N$20 million was the precise amount forfeited. Amushelelo used those figures to explain why he regarded the money he had lost as insignificant. In August 2024, High Court judge Thomas Masuku ordered the forfeiture to the state of money held in multiple bank accounts and vehicles linked to Amushelelo and entities associated with him under the Prevention of Organised Crime Act. The Government Gazette later published the forfeiture order. Consolidation of chargesContemporary reports on the judgment put the money held in the affected accounts at approximately N$13.2 million when the accounts were frozen in July 2020. The forfeiture also covered eight vehicles, including Mercedes-Benz, BMW, Range Rover and Audi vehicles. The forfeiture followed an application by prosecutor general Martha Imalwa concerning an investment operation run by Amushelelo and business partner Gregory Cloete.According to the High Court judgment, as reported at the time, investors deposited about N$86.9 million into accounts belonging to Amushelelo and entities under his control between September 2018 and October 2019, while about N$64.8 million was paid out to investors. Masuku found on a balance of probabilities in the civil forfeiture proceedings that the assets involved were proceeds of fraud and that money laundering and tax evasion had been committed. Amushelelo said after the judgment that he intended to appeal. The criminal case arising from the investment operation remains separate from that civil forfeiture process. As recently as March this year, Amushelelo and Cloete were before the High Court on hundreds of fraud and money-laundering charges and sought consolidation of charges they argued were duplications. During the latest interview, Amushelelo also said he no longer trades forex because he does not have access to a bank account.Asked whether he was still involved in forex trading, he responded: “No, I don't do it because I don't have bank accounts.”He went further, saying: “In fact, I'm not even allowed to open a bank account.” The interview does not identify the legal or regulatory instrument currently preventing him from opening an account. Earlier court proceedings show that his bank accounts were frozen in connection with the asset proceedings, but that does not by itself establish a continuing general prohibition on opening a new bank account. He also said the police had not yet paid him N$300 000, which he said was due. When the interviewer suggested that was substantial money, Amushelelo again dismissed it as “pocket change”. The interview does not provide details of the judgment or claim underlying the N$300 000 amount.Amushelelo said he was not dwelling on the wealth he had lost and did not blame anyone for what had happened.“I've learned not to blame anyone or anything,” he said, adding that he had instead taken responsibility for rebuilding his life. The same mind that was able to produce those riches. I still have it intact,” he said.

Amushelelo calls forfeited millions ‘pocket change’

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Namibian Sun 2026-10-08

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Amushelelo calls forfeited millions ‘pocket change’

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Namibian Sun 2026-10-08

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