WINDHOEK: The National Petroleum Corporation of Namibia (Namcor) has announced the termination of Managing Director Immanuel Mulunga's contract of employment, effective immediately.This decision was taken during a board meeting on Thursday during which extensive deliberations took place regarding a case of misconduct involving the unauthorised acquisition of assets by Mulunga, who was suspended in April last year.In a media statement issued on Thursday, the Namcor board said the wrongdoing in question was substantial enough to warrant the termination of Mulunga's contract.'The board considers the misconduct by the managing director to be of a serious nature, warranting this decisive action,' it said.The statement said further updates to keep stakeholders informed will be provided as necessary.'The board is dedicated to ensuring a smooth leadership transition and upholding Namcor's commitment to governance and ethical standards,' it said.Source : The Namibia News Agency