GIPF’s ‘fall guy’ appears … Shivute sole accused in N$660m saga
OSHAKATI - A 69-year-old man, charged under the Insolvency Act and also with fraud into the missing millions of the Government Institutions Pension Fund (GIPF), appeared in the Oshakati Regional Court yesterday. Dominikus Shivute is the only person charged so far in the controversial saga, which has seen over N$6oo million swindled from the GIPF via loans granted through the defunct Development Capital Portfolio (DCP) to several local companies.
It is believed that loans were given to companies that had little or no business track record. The DCP operated from 1996 to 2006. The GIPF, however, maintains it was able to make a profit of N$146 million from the portfolio despite writing off over N$600 million.
Following prosecutor-general Martha Imalwa’s admission that the money was unrecoverable and has been lost to the country for good, there has been widespread criticism and condemnation over the fact that numerous culprits have been let off the hook, with many describing Shivute as a possible “fall guy”.
According to Imalwa, the GIPF investigation focused on 20 entities. However, she declined to prosecute on 18 of the dockets due to a number of reasons, including insufficient evidence to establish a prima facie case against individuals representing those entities.
One docket is still under consideration and a decision to prosecute or not will be made in due course.
During his appearance yesterday, Shivute, a northern businessman, maintained he was going to represent himself despite advice to get a lawyer, given the seriousness of the charges.
The case was postponed to 14 January next year to determine a trial date.
Shivute, who owns an Ongwediva-based company BSAE, was also a beneficiary of the DCP, having reportedly received N$6 million from the GIPF in the form of a loan. Part of the money, according to court documents, was allegedly used to purchase three vehicles, among others.
At the time his company was being liquidated, Shivute allegedly failed to disclose the three vehicles.
It is further alleged that Shivute unlawfully, with the intention to defraud, misrepresented to the deputy sheriff the true ownership of the three vehicles.
The cars in question include an Isuzu KBE 250 LE with registration N 129 SH which he bought in August 2002 at a cost of N$123 334.20.
The other vehicles are an Opel Corsa Bakkie 170D with registration N 1517 SH which he also acquired in the same year and month at a cost of N$73 657.10.
The other vehicle which was acquired a year later is a Mercedes-Benz 6 Ton truck which he bought from African Auctioneers at a cost of N$64 000.
Apart from not disclosing the real ownership of the vehicles, Shivute is further alleged to have moved the said vehicles from the BSAE premises to BSAG to be used by them, whilst he had no right to do so.
The state is arguing that the accused gave misinformation about the vehicles whilst knowing that they were acquired with GIPF money.
The state was represented by prosecutor Nelao ya France, with magistrate Leopoldt Hangalo on the bench.
2019-10-04 07:49:09 | 13 days ago