Former client director at Investec Management Namibia and one of the 10 people arrested has been denied bail

Ricardo Gustavo, the former client director at Investec Management Namibia and one of the 10 people arrested in connection with the Fishrot corruption scandal, has been denied bail.

The 43-year-old Gustavo was denied bail in a judgement handed down by Windhoek Magistrate Johannes Shuuveni at the end of his formal bail application yesterday afternoon.

The court refused bail on the grounds that the alleged Fishrot scandal accused may abscond from Namibia as he has relatives living in Angola.

Other reasons for the refusal of bail are that the allegations against accused Gustavo are of a very serious nature and warrants a long direct custodial punishment in case of conviction.

“The amount of missing money involved in this case is also significantly high and, therefore, accused Gustavo cannot be released on bail the present moment,” said Shuuveni while ordering the dismissal of the application.

Gustavo has been held in police custody at the Windhoek Central Correctional Facility since his arrest on 27 November 2019 with no option to post bail.

Source: Namibia Press Agency