• September 24th, 2020

GIPF now worth N$81 billion… but still no word on missing N$660m


WINDHOEK - The Government Institutions Pension Fund (GIPF) yesterday informed Prime Minister Hage Geingob that the fund’s market value has hit the N$81 billion mark.

The fund’s principals however remained tight-lipped on the ongoing investigations into the missing N$660 million that GIPF disbursed to investors some years ago.

Led by board chairperson Mihe Gaomab, the GIPF leadership met with Geingob yesterday to keep him abreast on the operational and strategic activities of the fund in a closed-door meeting.

Gaomab informed Geingob that at the end of August, the fund’s market value stood at N$81 billion.

Some of the issues that were under discourse yesterday include GIPF’s developmental investment policy and its housing loan scheme, said the fund’s General Manager of Marketing and Corporate Communications, Elvis Nashilongo.

When asked about the progress regarding the much-talked about missing money after the closed-door meeting, Nashilongo said he was not inclined to say much on the matter because police investigations were still underway.

"We do not want to make a mockery of the investigations by commenting while investigations are underway, but I can say that the GIPF will fully cooperate with the police so that the matter can be brought to a reasonable end," Nashilongo said.

The National Union of Namibian Workers (NUNW) last month expressed concern about the slow pace at which investigations into the missing N$660 million belonging to the GIPF were being conducted.

The NUNW, which was given a mandate by workers during its last congress to see that the GIPF money is recovered, urged investigators to expedite the process so that it can be finalised.

The investigations into how GIPF allegedly dished out money as investments in companies in the late 1990s and early 2000s – estimated to be over N$660 million – continue with no definite end in sight.

A South African company, Nexus Forensic Services, was roped in nearly four years ago to conduct the investigations.

Inspector General of the Namibian Police, Lieutenant General Sebastian Ndeitunga at the time told New Era that the police investigations into the matter were continuing.

"There is nothing new on that issue apart from what we presented last time. The dockets have not been completed yet," Ndeitunga said at the time.

New Era Reporter
2014-10-02 09:05:18 | 5 years ago

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