Forex trader-turned-activist-turned politician Michael Saddam Amushelelo, will appeal the judgment by Windhoek High Court Judge Thomas Masuku that stripped him of his belongings.
His lawyer, Joseph Andreas, confirmed this to New Era.
“We have 21 days in which to lodge our appeal to the Supreme Court, and we are busy preparing it,” Andreas said.
Amushelelo’s properties, including several luxury vehicles and positive balances in several bank accounts, were declared forfeited to the State for being fruits of criminal activities.
Judge Masuku found that the State, represented by Marius Boonzaaier on behalf of Prosecutor General Martha Imalwa, placed sufficient evidence before the court to entitle it to grant the order for forfeiture. He, however, said the positive balances in the bank accounts which total a little more than N$13 million is subject to the outcome of an appeal to the Supreme Court that deals with mingling – whether all the money in a disputed bank account is subject to forfeiture or only the part emanating from the criminal enterprise.
According to court records, investors paid about N$87 million into Amushelelo’s bank accounts, some of which was used to bankroll his lavish lifestyle.
At least 57 investors have approached the High Court to be part of the proceedings to claim refunds of their deposits. Deposits into Amushelelo’s bank account varied from N$1 million to
N$15 000 with promises of 50% returns. However, the PG asserts that he ran a Ponzi scheme with earlier investors being paid with funds from later investors.
The PG also contended that Amushelelo failed to pay taxes, or even submit tax returns for the years 2018 and 2019 when he allegedly ran the scheme. He owes the taxman at least N$15 million.
The prosecution has since charged Amushelelo and co-accused Gregory Cloete, four close corporations, a company and a trust controlled by Amushelelo.
Amushelelo faces 365 counts, while Cloete is charged with 360 of the counts. These charges range from fraud, alternatively theft by false pretences, conducting banking business without authorisation and conducting a Ponzi scheme, tax evasion, tax fraud, failure to pay tax, money laundering and racketeering.
Also charged are legal entities Amushe Hello Investment, Amushe Advertising & Design, Amushe International Holding, Van Der Walt Trailer Manufacturing, Amushelelo Family Trust T187/2019 and Global Growth Investment Namibia – all represented by Amushelelo as founder and sole member.