SSC recovers N$9.8 million from Avid Investments (Pty) Ltd … coughs out N$4.6 million to recover missing N$30 million

01 Jul 2018 18:20pm

As the sentencing of the convicted persons in the Avid corruption saga has been set for this week, it has come out that the Social Security Commission (SSC) managed to recover about N$9.8 million in total from Avid after N$30 million got looted via a botched investment deal.

Avid got embroiled in the messy deal to handle SSC investments before being captured by the late Lazarus Kandara who misdirected the funds to line up his pockets.

The scandal claimed the scalp of Nico Josea who through his now liquidated Namangol asset management company pocketed N$29.5 million while other monies disappeared to South Africa. 

It also saw the heads of former Swapo National Assembly members Paulus Kapia and Ralph Blaauw together with wife Sharon Blaauw rolling, while lawyer Otniel Podewiltz and retired army brigadier Mathias Shiweda were acquitted of fraudulent conduct of business. 

Documents seen by The Villager shows that SSC received N$6.9 million that stemmed from the third liquidation and distribution account of Avid investments during August 2010. 

In January 2014, the SSC further received another N$2 996 622.41 on the fifth liquidation and distribution account of Avid with all amounts totaling N$9 896 622.41. 

In the meantime, SSC is yet to recover N$20 103 377.59 excluding any interest that may have accrued while a court session last week heard that N$4.6 million was coughed out for legal fees and a forensic audit to recover the said funds.

SSC was seeking to apply for the recovery of all missing funds but was unsuccessful.  

The convicted, save for Josea are still out on a N$10 000 bail each and have already pleaded for mercy in the Windhoek High Court. 

The court heard that from the start when the need to invest N$30 million arose, SSC never wanted to deal with Kandara whom the court found as to not having proper experience in investments. 

The court also established that those who did not directly benefit from this corruption had in fact implicated themselves by allowing to be remote-controlled by the Kandara while they hid his presence behind the Avid push to handle the N$30 million.

The sentencing for the accused has been slated for Thursday this week and the matter is in the hands of Judge Christie Liebenberg.