Avid shareholder confirms Kandara's involvement
The involvement of the late Lazarus Kandara in the Social Security Commission's missing N$30 million investment in the Avid Investment Corporation was confirmed by one of the shareholders this week.
Retired Namibia Defence Force (NDF) Brigadier Mathias Shiweda, during cross-examination by lawyer Pedrie Theron appearing on behalf of Inez /Gâses, stated that Kandara, the Avid CEO, had been present during two briefing meetings at the beginning of 2005.
The 19 January 2005 meeting took place before former SSC finance manager Gideon Mulder went to South Africa. Shiweda said he was requested to accompany /Gâses to a meeting with Mulder and former SSC general manager of finance Avril Green to make a formal presentation to the SSC about the investment. None of the other directors were available, Shiweda confirmed.
/Gâses was the chairperson of Avid and the contact person the SSC had with Avid.
The Swapo Party Youth League was allegedly the major shareholder in Avid, with 80% of the shares in the company.
The company allegedly promised that it could offer the SSC a better return on the N$30 million investment.
Shiweda could neither confirm nor deny that he was requested to attend the meeting with the SSC top brass in Kandara's place because Kandara was allegedly blacklisted by the commission.
Kandara committed suicide in front of the Windhoek Police Station in 2005, shortly after he had been arrested following his testimony before an Avid liquidation inquiry.
Shiweda was part of Avid when the company obtained the N$30 million from the SSC in January 2005. The company was liquidated after it was unable to repay the N$30 million and the promised interest of N$1.4 million to the SSC after the investment period had lapsed.
Shiweda is facing a charge of reckless or fraudulent conduct of business. He is charged together with /Gâses, former works deputy minister Paulus Kapia, Otniel Podewiltz, Sharon Blaauw and Ralph Blaauw.
Nico Josea of Namangol, which allegedly received some of the funds from Avid, faces charges of theft and reckless or fraudulent conduct of business.
The trial continues before Judge Christie Liebenberg.
Retired Namibia Defence Force (NDF) Brigadier Mathias Shiweda, during cross-examination by lawyer Pedrie Theron appearing on behalf of Inez /Gâses, stated that Kandara, the Avid CEO, had been present during two briefing meetings at the beginning of 2005.
The 19 January 2005 meeting took place before former SSC finance manager Gideon Mulder went to South Africa. Shiweda said he was requested to accompany /Gâses to a meeting with Mulder and former SSC general manager of finance Avril Green to make a formal presentation to the SSC about the investment. None of the other directors were available, Shiweda confirmed.
/Gâses was the chairperson of Avid and the contact person the SSC had with Avid.
The Swapo Party Youth League was allegedly the major shareholder in Avid, with 80% of the shares in the company.
The company allegedly promised that it could offer the SSC a better return on the N$30 million investment.
Shiweda could neither confirm nor deny that he was requested to attend the meeting with the SSC top brass in Kandara's place because Kandara was allegedly blacklisted by the commission.
Kandara committed suicide in front of the Windhoek Police Station in 2005, shortly after he had been arrested following his testimony before an Avid liquidation inquiry.
Shiweda was part of Avid when the company obtained the N$30 million from the SSC in January 2005. The company was liquidated after it was unable to repay the N$30 million and the promised interest of N$1.4 million to the SSC after the investment period had lapsed.
Shiweda is facing a charge of reckless or fraudulent conduct of business. He is charged together with /Gâses, former works deputy minister Paulus Kapia, Otniel Podewiltz, Sharon Blaauw and Ralph Blaauw.
Nico Josea of Namangol, which allegedly received some of the funds from Avid, faces charges of theft and reckless or fraudulent conduct of business.
The trial continues before Judge Christie Liebenberg.
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