Attack on Avid Charges Fails

THE attack on most of the charges faced by the seven people accused of defrauding the Social Security Commission through an investment deal involving N$30 million failed in the Windhoek High Court today (23 May).

The seven accused are now expected to plead on Tuesday next week to the charges they are facing, after Judge Christie Liebenberg’s dismissal of the objections against eight of the charges faced by the accused.

Defence lawyer Sisa Namandje, representing Swapo Member of Parliament Paulus Kapia, attacked the eight charges, all of which are in terms of the Companies Act of 1973, this week with an argument that the accused cannot be prosecuted in terms of that law any more, since it was repealed and replaced with a new Companies Act in November 2010.

Except for facing the eight charges under the Companies Act, Kapia and the former directors of an asset management company, Avid Investment Corporation, are also charged with a count of fraud, alternatively theft, in connection with the alleged embezzlement of an investment of N$30 million that the Social Security Commission placed with Avid Investment Corporation in January 2005.

Kapia, Inez Gacircses and lawyers Otniel Podewiltz and Sharon Blaauw were the directors of Avid Investment Corporation.

They are charged together with Mrs Blaauw’s husband, Ralph Blaauw, Nico Josea, and retired Namibian Defence Force Brigadier Mathias Shiweda.

The seven accused are jointly charged with fraud, alternatively theft, and also face counts of reckless or fraudulent conduct of business and giving false evidence at a High Court enquiry into the financial collapse of Avid. Both of those charges are under the 1973 Companies Act.

* Get a full report on the ruling in The Namibian on 27 May.

Source : The Namibian