Amushelelo recounts costs of arrest, asset seizure
Amushelelo and Cloete were previously charged on four counts, and allegedly received more than N$17 million from members of the public between February 2015 and June 2019 without being authorised to do so.
OGONE TLHAGE
WINDHOEK
Forex trader Michael Amushelelo says he cannot quantify the losses he has suffered as a result of charges brought against him and his business partner, Gregory Cloete.
Amushelelo and Cloete tasted victory in the High Court last Friday when judge Eileen Rakow ruled that charges related to money laundering be set aside.
After the judgement was delivered, Amushelelo said he could have made great business progress but his arrest and the seizure of his assets delayed his desire to see his businesses grow.
The Bank of Namibia had opened a case against the duo, which resulted in the Namibian police conducting an investigation into their business conduct.
Rakow ruled that two warrants of seizure issued by the Windhoek Magistrate’s Court were invalid and that they be set aside.
She further ruled that Namibian police inspector-general Sebastian Ndeitunga’s decision to authorise an investigation and collection of information in terms of section 83 of the Prevention of Organised Crime Act was invalid, and dismissed the investigation.
‘Can’t even start to count losses’
Amushelelo and Cloete were previously charged in terms of the Banking Institutions Act and the Prevention of Organised Crime Act on four counts, including conducting unauthorised banking business and money laundering.
They allegedly received more than N$17 million from members of the public between February 2015 and June 2019 without being authorised to do so.
Reacting to the judgement, Amushelelo said he would have been in a position now to open bank and insurance company that he said could have changed the fortunes of many.
“I can’t even start to count the losses, you cannot even quantify certain things,” he said.
‘Keep fighting’
However, the Forex trader said the judgement was also a sign to not give up.
“You need to keep fighting no matter how much people want to suffocate you,” he said.
Amushelelo added that this was just one of many battles still to come.
Authorities also seized all his and Cloete’s properties and vehicles, and froze all bank accounts belonging to the duo.
Items seized included a BMW 1 Series, a Range Rover, two Mercedes Benz vehicles, a BMW 3 Series, an Audi A4, Lenovo laptops, four iPhones, an iPad, a Dell computer, two HP printers, five wristwatches as well as investment contracts and copies of identity documents of those who had invested in their operation.
WINDHOEK
Forex trader Michael Amushelelo says he cannot quantify the losses he has suffered as a result of charges brought against him and his business partner, Gregory Cloete.
Amushelelo and Cloete tasted victory in the High Court last Friday when judge Eileen Rakow ruled that charges related to money laundering be set aside.
After the judgement was delivered, Amushelelo said he could have made great business progress but his arrest and the seizure of his assets delayed his desire to see his businesses grow.
The Bank of Namibia had opened a case against the duo, which resulted in the Namibian police conducting an investigation into their business conduct.
Rakow ruled that two warrants of seizure issued by the Windhoek Magistrate’s Court were invalid and that they be set aside.
She further ruled that Namibian police inspector-general Sebastian Ndeitunga’s decision to authorise an investigation and collection of information in terms of section 83 of the Prevention of Organised Crime Act was invalid, and dismissed the investigation.
‘Can’t even start to count losses’
Amushelelo and Cloete were previously charged in terms of the Banking Institutions Act and the Prevention of Organised Crime Act on four counts, including conducting unauthorised banking business and money laundering.
They allegedly received more than N$17 million from members of the public between February 2015 and June 2019 without being authorised to do so.
Reacting to the judgement, Amushelelo said he would have been in a position now to open bank and insurance company that he said could have changed the fortunes of many.
“I can’t even start to count the losses, you cannot even quantify certain things,” he said.
‘Keep fighting’
However, the Forex trader said the judgement was also a sign to not give up.
“You need to keep fighting no matter how much people want to suffocate you,” he said.
Amushelelo added that this was just one of many battles still to come.
Authorities also seized all his and Cloete’s properties and vehicles, and froze all bank accounts belonging to the duo.
Items seized included a BMW 1 Series, a Range Rover, two Mercedes Benz vehicles, a BMW 3 Series, an Audi A4, Lenovo laptops, four iPhones, an iPad, a Dell computer, two HP printers, five wristwatches as well as investment contracts and copies of identity documents of those who had invested in their operation.
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