• September 19th, 2018
Login / Register

Avid Investment Corporation Liquidated

By Emma Kakololo WINDHOEK Avid Investment Corporation, a company where the Social Security Commission (SSC) invested N$30 million that went "missing" was liquidated yesterday. Eric Knouwds, the liquidator of Avid confirmed yesterday's liquidation. Avid has been on provisional liquidation since July 12 last year, after it became clear that it was unable to repay the N$30 million to the SSC. The SSC in July last year had to file an urgent application with the High Court, which then ordered a Companies Act inquiry into Avid's affairs in an effort to find out what had happened to the millions. The High Court Inquiry into the dubious investment heard that Avid sent N$29,5 million of the SSC's money to Namangol Investments. The Chief Executive Officer of Namangol Investments, Nico Josea was taken into custody after court revelations that he splurged the SSC millions on himself, his friends and relatives, as well as his own business associates. He was finally granted bail with stiff bail conditions in November 2005. The reluctance of the Prosecutor General's office to lay charges against other people implicated in the Avid saga also gave leeway for Josea to be granted bail. His lawyer argued that since Prosecutor General Olyvia Imalwa was reported as saying that the State had no prima facie case against all the other people implicated in the Avid saga to formulate charges against them, the same should apply to his client.
2006-03-06 00:00:00 12 years ago
Share on social media

Be the first to post a comment...