By Catherine Sasman WINDHOEK Judgment was reserved to Friday in the High Court application for approval for the transfer of South African-based Momentum Group Limited’s long-term insurance business to Swabou Life Assurance Company Ltd. Judge Kato van Niekerk last Friday made the ruling after hearing arguments and counter-arguments for the transfer. In terms of the application, the Momentum Group expressed its intention to transfer its insurance business to Swabou Life in relation to Namibian policyholders underwritten by Momentum. In a founding affidavit, Swabou CEO Etienne Brits said the transfer would result in improved services to Namibian policyholders by Swabou’s extensive branch network in the country. Moreover, he said, the transfer would benefit policyholders for tax purposes. Namibian policyholders have been adversely affected since they were liable to pay tax in South Africa in respect of the investment reserve of their policies, which was in excess of the tax they would have had to pay if a Namibian insurer underwrote their policies. In the affidavit he also bemoaned “adverse media reports” which have “incorrectly” accused Momentum of “expatriating” funds from Namibia in an “underhanded manner”. Both Momentum and Swabou Life are insurers under the FirstRand group of companies. Acting on behalf of Momentum and Swabou, advocate Ben Swart from South Africa, assisted by advocate Essie Schimming-Chase, argued that the application was only for the transfer of the long-term insurance business of the Momentum Group. This, he said, was contrary to opposition by Hendrik Christian of Hope Financial Services, in that the transfer allegedly also involves the Self-Financed Retirement Annuity Fund (SRAF). He said fund policies issued to SRAF have since May 6, 2005 already been repatriated to SRAF in Namibia with the approval of the South African Registrar of Pension Funds, although still underwritten by Momentum. Christian is disputing this matter, saying that despite claims of repatriation of the SRAF, these pension funds are in fact still in the possession of the Momentum Group. Swart said three actuaries scrutinized the transfer – one appointed by Namfisa – and the two registrars of long- and short-term insurances. Both the High Court in South Africa and Namfisa have given their approval for the transfer. He said Christian’s objections to the transfer were based on “scurrilous” allegations “unsupported by any evidence”. Addressing the court in the Nama language with the assistance of an interpreter, Christian, who is engaged in a long drawn-out legal battle over the transfer of the Self-Financed Retirement Annuity Fund, said the same subject matter is in dispute with the Supreme Court, arguing therefore that the High Court does not have the necessary jurisdiction to grant approval of the transfer. The gravity of the matter, said Christian, is an attack on the sovereignty of Namibia, an “undermining of the economy” and “an attack on the legal institutions” of Namibia. After the adjournment of the court hearing, Erica Beukes of the Workers’ Advice Centre, snarled at the Momentum/Swabou legal team with a “Viva South Africa, Viva!” shout. “You are still deciding for us in crucial matters relating to our money; everybody decides what ought to happen with the money except Namibians.” She also described Namfisa as a “puppet that does not have the capacity to protect Namibian interests”, saying that the regulator should be investigated.