WIS board says school still viable despite theft
03 Jun 2019 16:30pm
WINDHOEK, 03 JUN (NAMPA) The Windhoek International School (WIS) on Monday said its academic operations as well as financial position remain viable and sound, despite the theft of over N.dollars 2.6 million at the school last year.
A statement issued by the school said the WIS Board of Directors has deliberated with the school administration to address all issues related to the theft to ensure it does not happen again.
Notably, the loss of N.dollars 2 613 518.34 from our reserves is a serious matter, but the board wishes to reiterate that the financial position of the school remains viable and the theft will not have a devastating impact on the schools ongoing operations, reads the statement.
It was discovered in October 2018 that a WIS employee had allegedly embezzled the funds. She was arrested in January and spent two months in custody before being released on bail while the case continues.
We wish to inform the community that the circumstances of the theft are now fully understood and appropriate safeguards have been put in place to ensure that such a theft may not occur again, the school said.
It added that as its current academic year draws to a close, the school is entering the next year with a more robust financial management system overseen by a new and well-motivated treasury team.