More money, more problems

MATHIAS HAUFIKU Annual salary packages:James Hatuikulipi: N$33 millionTamson Hatuikulipi: N$1.4 millionRicardo Gustavo: N$1.25 millionSacky Shanghala: N$1.1 millionBernhardt Esau: N$1.1 million WINDHOEKSome of the six accused persons in the Fishrot matter were employed full-time in the public and private sectors when they allegedly orchestrated a multimillion-dollar fishing bribery syndicate through which N$150 million is said to have been paid in bribes.Bernhardt Esau, Sacky Shanghala, Tamson and James Hatuikulipi and Ricardo Gustavo are currently trial-awaiting prisoners facing fraud, money laundering and tax evasion charges.Before their arrest in November 2019, Shanghala and Esau served as the country’s justice and fisheries ministers respectively.Publicly available documents show that Shanghala and Esau earned around N$1.1 million per annum in their public roles as members of the executive.Both quit when the scandal came to the fore in late 2019.James was the head of Investec Asset Management Namibia - now renamed Ninety One Assets Management Namibia - while Gustavo was his subordinate as the client manager of the world-renowned finance and investment firm.James reportedly earned over N$33 million yearly. According to a report published in The Namibian last year, the income included bonuses and other incentives such as shares and the purchase of houses abroad as the managing director.In court papers, James described his Investec remuneration as “a decent salary and benefits”. He told the court last year that 15 of his bank accounts were frozen in November 2019.Gustavo, according to an official employment letter issued by Investec dated 8 August 2018, earned N$1.25 million per year. The letter is part of a bundle of court documents filed by First National Bank (FNB) Namibia in its quest to block the prosecutor general from disposing assets he owns that are financed by the bank.The letter shows he got a N$250 000 salary increment between April 2016 and April 2018.James resigned from his Investec position while Gustavo was suspended pending the outcome of an ongoing independent investigation.Fighting tooth and nailUnlike the others who were full-time employees while moonlighting on the side, Tamson was a self-styled businessman with various business interests in the tourism, retail, property and goods trading sectors.Documents filed by FNB last week indicate that Tamson earned a gross monthly salary of N$111 395 from his companies Fitty Entertainment and JTH Trading. He is the sole owner of these companies.The figures are contained in a N$780 000 home loan application, dated 8 November 2016, by Hatuikulipi when he purchased a N$1.3 million property in Ongwediva.The five currently do not have any access to their banking accounts since they were frozen in November 2019.FNB is currently fighting tooth and nail to stop prosecutor general Martha Imalwa from selling FNB-financed properties - including houses and cars - owned by Tamson and Gustavo.FNB legal advisor Taswald July has lashed out at Imalwa, accusing her of attaching bonded properties of the Fishrot accused.FNB claimed Gustavo and Tamson, through his company JTH Trading, owe the bank at least N$5.3 million combined for home and car loans.Tamson has assets valued at N$2.6 million still tied to the bank while Gustavo owes N$2.7 million.Nothing to fearThe bank fears it might lose out if the PG goes ahead and sells the properties of the accused persons and maintains that it has a preferent right over the mortgages registered over each of the immovable properties and also holds ownership of the vehicles until payment is concluded in full.The PG, however, maintains that FNB has nothing to fear because the Prevention of Organised Crime Act (POCA) provides sufficient mechanisms to protect the bank’s interests.Imalwa also questioned the bank’s “checks and balances” after learning that Tamson’s FNB-financed vehicles are registered in his name and not in that of JTH Trading which was paying for the vehicles.She also said FNB should have picked up that Tamson was a politically exposed person.This after the bank said in its founding affidavit that “these assets did not appear to have anything to do with unlawful activities”.

More money, more problems

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Namibian Sun 2025-06-25

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More money, more problems

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Namibian Sun 2025-06-25

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