50 Million Dollar Man

PRESIDENT Hage Geingob yesterday declared his personal wealth which he estimated to be at about N$51 million.

With the help of international auditors, Geingob’s declaration is by far more elaborate than his 2009 National Assembly declaration of his assets and interests.

In his report, Geingob declared that he has about N$14 million cash held in 12 bank accounts, five of which are foreign and hold a combined N$1,1 million.

The bulk of his money is in local bank accounts: five NedBank accounts, one First National Bank account with over N$1,6 million and one at SME Bank with N$1,4 million. The bulk of his money, N$7 million, is held in a NedBank 88 Day Notice account.

Geingob is a smart investor with over N$10 million invested with asset managers. He has N$2 million invested in a Unit Trust account held with Pointbreak Wealth Management. This investment earned him a dividend of N$12 000. Another N$8,7 million is held in a Unit Trust account with Allan Gray. He also holds a retirement fund with Sanlam worth N$766 000.

He also has a N$3,3 million life insurance cover which is of no cash value to him while he lives.

His villa (Casa Rosalia) on the outskirts of Windhoek is estimated to be worth between N$8 million and N$10 million. He also declared that the Dr Hage G Geingob Family Trust owns 20% shareholding in African Sunrise Investment Pty Ltd which is worth N$10 million.

African Sunrise Investment holds property in which Geingob and his ex-wife Loini owned, which is a portion of Farm Klein Windhoek Town and Townlands. 60% of that property has been sold, while Loini owns 20%. Geingob’s remaining 20% is divided. 15% is held by a blind trust for his descendants and 5% for a football academy that will benefit the youth of Namibia.

He is currently in the process of becoming the sole owner of Hada Loha Investments, the entity which owns his farm, estimated to be worth N$4 million.

Geingob also forfeited his share of two properties with an estimated combined value of N$7 million to his ex-wife Loini. The two properties are in Swakopmund.

The declaration stated that Geingob is in the process of deregistering his controversial H.G. Consultancy firm which he claims has been dormant. H.G Consultancy made headlines after being paid over N$2,5 million for Geingob’s role in facilitating a mining licence for a French uranium giant UraMin, in 2011. He claimed the money was paid after he did consultancy work for the firm. The nature of the consultancy was never clarified.

Geingob declared that he had three luxury vehicles with a combined value of N$1million and 150 cattle worth N$66 400, while his household goods are worth N$2 million.

His biggest liability is a revolving home loan of N$6,5 million, that his family trust has with NedBank while owes about N$39 000 in a personal loan and his credit card account.

In his 2009 declaration President Geingob declared that he held shares in firms called Aradis and Hada Loha, as well as his ownership of H.G Consultancy.

He had a Nedbank cheque account, an account in London from 1987 and an account in Washington which have more than N$20 000 in them. Yesterday he declared that he had instructed the London account to be closed this month.

In 2009 he also declared that he has owned a house in Windhoek since 1992 and co-owns houses in Swakopmund and Henties Bay. He had a mortgage with Nedbank and received a leather case worth N$1000, in August 2006, as a gift.

At the time he declared that he did not receive any discounts on his travels nor did he receive any sponsorships.

Source : The Namibian