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Hoarding cash at home not illegal

2022-08-18  Loide Jason

Hoarding cash at home not illegal

The Bank of Namibia is adamant no law prohibits keeping large amounts of cash at home or on business premises. This came to light after a Chinese national was robbed of N$1.4 million in cash six days ago in Windhoek.

 The police said six suspects came to the complainant’s house, grabbed the security guard, rang the doorbell and one opened the door after which they took three laptops, four cellphones and a CCTV memory box.

Khomas Police chief Ismael Basson said the N$1.4 million in cash and goods worth N$1.9 million were stolen.

Sun Gong reportedly has some construction work going on at his residence and allegedly told the police that he kept a large amount of money at home for buying materials.

The police recovered about N$120 000 in cash and US$1 200 (over N$19 000).

Basson also said the only investigation the police are carrying out now is of a crime commissioned which is robbery but nothing linked to keeping a large amount of money at home.

“We are only busy with robbery. All the investigations are in pursuance of unarrested suspects and the recovery of stolen goods. Maybe you can approach the Bank of Namibia to enlighten more on your questions,” he said.

“It is required from a traveller, importer/exporter, or a person mailing conveying by post or courier, to declare cash of N$100 000 or equivalent thereof in foreign currency upon entering or leaving Namibia,” Kazembire Zemburuka, BoN spokesperson has said after media queries were directed to his office, regarding the surge in robberies targeting foreign nationals with unusually large amounts of cash at their residences. 

Zemburuka said the current law only deals with the prohibition of holding foreign currency in large numbers and the requirement to sell it back to the bank within 30 days. 

So far, three suspects were arrested, including Joseph Namupala Tangeni, who was arrested in Ondangwa on Monday afternoon, five days after a Chinese national was robbed in Windhoek. He allegedly bought a brand new Toyota Hilux bakkie in cash in the Oshana region. 

An amount of N$14 000 was also recovered from his room in Windhoek.  

Tangeni joins Frans Andreas and Haimbondi Salom Sheehama, who were arrested on their way to the north while aboard an Intercape bus last Friday. Three other suspects in the case are still being pursued.


2022-08-18  Loide Jason

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