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PG kicks Amushelelo and Cloete in the teeth
PG kicks Amushelelo and Cloete in the teeth

PG kicks Amushelelo and Cloete in the teeth

After the court ruled that their assets be released back to them, the PG has succeeded in again freezing accounts belonging to Amushelelo and his business partner.
Ogone Tlhage
OGONE TLHAGE

WINDHOEK



The old adage of not counting your chickens before they hatch has rung true for forex trader Michael Amushelelo and his business partner Gregory Cloete after the prosecutor-general successfully applied for an order seizing the two men's assets.

Amushelelo and Cloete scored a technical victory in the High Court last Friday when Judge Eileen Rakow ruled that assets belonging to then – including N$17 million in investors' money - be returned to them. However, the prosecutor-general immediately applied for a preservation order barring the release of the assets to the two businessmen. Items seized included a BMW 1 Series, a Range Rover, two Mercedes-Benz cars, a BMW 3 Series, an Audi A4, Lenovo laptops, four iPhones, an iPad, a Dell computer, two HP printers, five wristwatches and investment contracts and copies of identity documents of those who had invested in their operation.



'Heart-breaking'

Commenting on the development, Cloete said it was a heart-breaking state of affairs.





Cloete added that they were only informed of the development on the Monday preceding the Friday judgment.

“It is heart-breaking and saddening that the State would want investors to continue suffering,” Cloete told Namibian Sun's 'The Evening Review' show yesterday.



Questions raised

Amushelelo found it odd that an appeal for the assets to be released had been filed ahead of the Friday court judgment, alleging this pointed to the capture of the judiciary.

“The PG filed their order at 09:00 and judgment came at 10:00 so [that] basically makes one [wonder], did the PG have foreknowledge that the court was going to rule in our favour?” asked Amushelelo.

Amushelelo drew comparisons with the Fishrot corruption case in which the PG sold a vessel linked to the scandal but chose to have goods belonging to the duo frozen.

“They want to keep a couple of vehicles that are not even worth N$10 million, but a fishing vessel, they are like 'that one can go',” said Amushelelo. According to him, it was a protracted process to regain their assets.

“Funny enough is our High Court case took almost a year in order for us to get a ruling in our favour. When it is not in your favour then it is very slow,” Amushelelo said.

Crux of the matter

The Bank of Namibia had opened a case against the two, which resulted in the police investigating their business conduct.

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. 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.

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Namibian Sun 2024-03-28

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 225.05/OZ UP +1.57% | Copper US$ 3.99/lb UP +0.09% | Zinc US$ 2 453.40/T DOWN -0.13% | Brent Crude Oil US$ 87.37/BBP UP +1.14% | Platinum US$ 908.10/OZ UP +1.48% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 23.87 | EUR to NAD 20.43 | CNY to NAD 2.62 | USD to NAD 18.92 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.27 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.93 | USD to ZMW 25.01 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 225.05/OZ UP +1.57% | Copper US$ 3.99/lb UP +0.09% | Zinc US$ 2 453.40/T DOWN -0.13% | Brent Crude Oil US$ 87.37/BBP UP +1.14% | Platinum US$ 908.10/OZ UP +1.48%