SPYL takes aim at PG

The Swapo Party Youth League (SPYL) says it will not rest until justice is served in the Government Institutions Pension Fund (GIPF) saga, in which millions were lost.It has also called for a commission of inquiry to be established. The youth wing has condemned Prosecutor-General Martha Imalwa's recent revelation that there is no hope of recovering the lost N$600 million and that she had declined to prosecute 18 of the 20 firms linked to the GIPF saga.The SPYL has called for Imalwa's decision not to prosecute to be reviewed by a court or by the Judicial Service Commission (JSC).They further want a judge to be appointed to hold an inquiry into the matter.“We cannot tolerate the choreographed utterances that there is no evidence or that the kingpins implicated in the GIPF dossier are dead. Some may be dead, but some are around, (and are) alive and kicking.“We are calling for the appointment of a judge for an inquiry into the matter, it will be a betrayal of our consciousness to let bygones be bygones,” as statement issued by SPYL secretary for information, Gerson Dumeni, said.“We need to stand up for our country. In the absence of any checks and balances, the youth assumes that role. It appears that the PG is properly compromised, but not at the expense of our generation; we will not betray Namibia, neither this generation,” Dumeni said.The statement further said Imalwa's decision is “very sloppy” and contradicts President Hage Geingob's call that 2019 would be the year of accountability.The youth wing also took aim at the PG's term of office, saying it should be limited to 10 years.Imalwa was first appointed as PG in 2003 for of 10 years, before her mandate was renewed in 2013, this time for seven years.“The term of the office of the PG indeed has to be controlled. We will therefore be justified to go to parliament and ask for a change to the PG's term, as it must be limited to 10 years. The office is competent, but individuals must be given a timeframe to address issues of public interest,” the statement added.Meanwhile, CEO and principal officer of the GIPF, David Nuyoma, said on Monday the pension fund had given the police and forensic investigations nearly 200 ledger files dealing with the Development Capital Portfolio (DCP) loans. “We want this matter to be closed and we are still willing to provide information on whatever file,” Nuyoma said.He said the GIPF has learnt hard and valuable lessons from the DCP loan scheme and has since “strengthened on the weak investment governance that prevailed at the time”.Not a single director, board of trustee or defaulting DCP lender has so far been brought to book. Nuyoma said from these lessons, subsequent unlisted investment programmes are now ring-fenced and managed by professional managers. The DCP loans were taken out during 1995 to 2005 when the GIPF disbursed a total of N$661.2 million to 21 companies by way of equity and debt.Nuyoma said some of the companies experienced difficulties, either through poor management, poor governance and negative changes in the business environment. In 2005 the GIPF put a moratorium on the loan scheme, to ensure proper divestiture of the 21 companies, which was followed by a number of investigations into the DCP.To date, most of the DCP investments have been disposed of or written off, with the exception of three performing loans.KENYA KAMBOWE

SPYL takes aim at PG

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Namibian Sun 2025-07-04

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SPYL takes aim at PG

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Namibian Sun 2025-07-04

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