Avid accused pleads ignorance
Fiery cross-examination of Nico Josea is underway in the Windhoek High Court in the Avid saga of the missing N$30 million.
One of the alleged kingpins in the missing N$30 million invested inti Avid Investments by the Social Security Commission (SSC) denied any knowledge of the company, saying he knows nothing of Avid.
Nico Josea yesterday testified that he only came to know about the existence of Avid when he was arrested on 26 July 2005 and that he was all dealing directly with the late Lazarus Kandara regarding the N$30 million investment.
During cross-examination, when he was pressed by Sisa Namandje appearing on behalf of former Swapo parliamentarian Paulus Kapia, he maintained that he only came to know about Avid Investments in court.
“If I knew Avid Investments since 2004 I would have known all the accused charged along with me,” he testified.
Kapia, Inez /Gâses, Otniel Podewiltz, Sharon Blaauw, Ralph Blaauw, Matias Shiweda and Josea are all co-accused.
Some of them are charged with fraud, alternatively theft, in connection with the alleged embezzlement of the N$30 million that the SSC invested with Avid.
Kapia, /Gâses, Podewiltz and Sharon Blaauw were all directors of Avid at some stage, while Ralph Blaauw and Shiweda are alleged to have associated themselves with the company.
Josea however conceded that he was given the company’s address through a text message from Kandara.
Namandje further, to prove the contradictions in Josea’s evidence, also showed him a letter dated 29 January 2005 written by him to Kandara wherein he notified him about N$500 000 deposited into Avid’s bank account.
During both the bail application and liquidation hearing it was testified that after the SSC had transferred N$30million into Avid’s bank account in January, Kandara, who was Avid's CEO, on 28 January 2005 on behalf of the company transferred N$29.5 million to a bank account of Namangol Investments which is Josea's asset management company.
Josea yesterday testified that he paid the money into the trust account of Namangol.
He then transferred the Avid money to a Johannesburg financial trader, Alan Rosenberg, for further investment.
From the earlier proceedings it emerged that he sued Rosenberg in the South African high court for breach of contract as he was allegedly not provided by Rosenberg with a written investment agreement or guarantees for the investment.
They reached a settlement agreement wherein Rosenberg agreed to pay, and has paid, N$15 million back to Josea with a further N$15 million that was to follow.
Josea told the court that late Lazarus Kandara did not have a bank account and always requested him to give payment in cash.
Kandara allegedly committed suicide on 24 August 2005 shortly after his arrest in connection with the embezzlement of SSC N$30 million.
Josea, when pressed by Namandje, acknowledged though he had an interest in what happened to the N$30 million, that Kapia was not involved in his dealings with the money.
Josea did not agree with the allusion that he was working with the Avid money behind the scenes.
The court, due to lack of evidence to show misrepresentation to anyone which is essential in proving fraudulent conduct, withdrew the fraud charges against Josea and he is now facing theft charges.
The cross-examination of Josea continues before Judge Christie Liebenberg.
FRED GOEIEMAN
Nico Josea yesterday testified that he only came to know about the existence of Avid when he was arrested on 26 July 2005 and that he was all dealing directly with the late Lazarus Kandara regarding the N$30 million investment.
During cross-examination, when he was pressed by Sisa Namandje appearing on behalf of former Swapo parliamentarian Paulus Kapia, he maintained that he only came to know about Avid Investments in court.
“If I knew Avid Investments since 2004 I would have known all the accused charged along with me,” he testified.
Kapia, Inez /Gâses, Otniel Podewiltz, Sharon Blaauw, Ralph Blaauw, Matias Shiweda and Josea are all co-accused.
Some of them are charged with fraud, alternatively theft, in connection with the alleged embezzlement of the N$30 million that the SSC invested with Avid.
Kapia, /Gâses, Podewiltz and Sharon Blaauw were all directors of Avid at some stage, while Ralph Blaauw and Shiweda are alleged to have associated themselves with the company.
Josea however conceded that he was given the company’s address through a text message from Kandara.
Namandje further, to prove the contradictions in Josea’s evidence, also showed him a letter dated 29 January 2005 written by him to Kandara wherein he notified him about N$500 000 deposited into Avid’s bank account.
During both the bail application and liquidation hearing it was testified that after the SSC had transferred N$30million into Avid’s bank account in January, Kandara, who was Avid's CEO, on 28 January 2005 on behalf of the company transferred N$29.5 million to a bank account of Namangol Investments which is Josea's asset management company.
Josea yesterday testified that he paid the money into the trust account of Namangol.
He then transferred the Avid money to a Johannesburg financial trader, Alan Rosenberg, for further investment.
From the earlier proceedings it emerged that he sued Rosenberg in the South African high court for breach of contract as he was allegedly not provided by Rosenberg with a written investment agreement or guarantees for the investment.
They reached a settlement agreement wherein Rosenberg agreed to pay, and has paid, N$15 million back to Josea with a further N$15 million that was to follow.
Josea told the court that late Lazarus Kandara did not have a bank account and always requested him to give payment in cash.
Kandara allegedly committed suicide on 24 August 2005 shortly after his arrest in connection with the embezzlement of SSC N$30 million.
Josea, when pressed by Namandje, acknowledged though he had an interest in what happened to the N$30 million, that Kapia was not involved in his dealings with the money.
Josea did not agree with the allusion that he was working with the Avid money behind the scenes.
The court, due to lack of evidence to show misrepresentation to anyone which is essential in proving fraudulent conduct, withdrew the fraud charges against Josea and he is now facing theft charges.
The cross-examination of Josea continues before Judge Christie Liebenberg.
FRED GOEIEMAN
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