Namcor commences with audit

18 Dec 2017 17:10pm
WINDHOEK, 18 DEC (NAMPA) – The National Petroleum Corporation of Namibia (Namcor) Board will commence with an investigation into alleged corrupt practices on Monday, while Managing Director (MD) Immanuel Mulunga takes voluntary leave.
The forensic investigation, which will be carried out by Deloitte, will reportedly look into allegations of conflict of interest and potentially, nepotism in the awarding of tenders at the company by Mulunga and IT executive Bonifatius Konjore.
Board Chairperson, Patrick Kauta during a media conference held at the company headquarters here on Monday said Mulunga’s one-month long leave is not a suspension, but he also does not need to interfere with the investigations.
“Investigations however do not mean allegations against the MD and the other suspect (Konjore) are true, and we are not saying anything with respect to whether the merits are true or not,” Kauta noted.
He added that even though the Board has not decided to suspend Mulunga, they deemed it fit to carry out the investigations during this period, as they do not want to compromise the integrity of the audit.
The allegations around Mulunga are that he tampered with and awarded a N.dollars 2.2 million contract to Malaysian company, Hyrax Oil, to supply oil products to the company, without the Board’s approval.
“Deloitte will therefore carry out a thorough forensic investigation with respect to the allegations in order to determine their veracity,” Kauta said.
He also announced that the Board has decided to revoke the suspension of Commercial and Marketing Manager, Kosmos Damaseb, while the investigations are ongoing.
“We are revoking his suspension as he is a victim in all this and he was suspended without the Board’s concurrence.”
Damaseb was suspended by Mulunga last week, over allegations that he failed to execute the Tsandi Service Station project, in which Namcor has interests.
Kauta noted that Mulunga and Konjore, who is also already on leave, are fully aware of the investigations and that these are not being conducted behind their backs.
Namcor’s Corporate Governance Executive, Damoline Muruko has been appointed as acting MD.
The preliminary results of the investigations are expected by 12 January 2018.