Over N$12.3b in public funds unaccounted for since 2015 - nbc

Описание: Since 2015, alleged corruption, theft and financial mismanagement in the public sector have left more than N$12.3 billion of public resources unaccounted for.

Some matters, including cases that involve state-linked institutions and state enterprises, remain under investigation or are before the courts.

Time and again, headlines of mismanagement and allegations of stolen money appear in the media.

The allegations are not those of a mere thousand dollars gone missing from petty cash, but rather shocking claims of millions of dollars mismanaged or allegedly corruptly used by those entrusted with public funds.

The largest share of the amount is linked to the Fishrot corruption case, where investigators and prosecutors have traced suspicious transactions and alleged proceeds of crime running into billions of Namibian dollars.

Court documents and investigative reports refer to at least N$103.6 million in alleged bribes to officials and associates in connection with fishing quota allocations.

Additional amounts, ranging from several million to more than N$130 million, have featured in charge sheets related to alleged fraud, tax evasion and money laundering in the Fishrot case, which remains before the courts, and the trial has not started yet.

The Government Institutions Pension Fund (GIPF) has disclosed losses on investments.

In its 2025 financial statements, the fund recorded an N$815 million impairment on a single offshore investment and N$922 million in total losses for the year.

Publicly reported figures indicate cumulative potential or realised losses tied to underperforming or impaired investments have reached about N$1.5 billion.

The collapse of the government-linked SME Bank involved alleged governance failures and mismanagement that resulted in losses of more than N$200 million, funds that became irrecoverable after transfers and investments placed them beyond the reach of liquidators.

NAMCOR also contributes to the list of those who cannot account for public funds.

The company is under the microscope, and its former director general is before court to answer allegations of improper credit extensions, procurement decisions and financial controls that exposed the company to losses of about N$327 million.

Audit reports also showed NAMCOR accumulated debt to levels that contributed to operational losses exceeding N$1 billion, prompting a government-mediated bailout of N$1.2 billion.

State-owned Namdia suffered an armed robbery in January last year in which 446 parcels of diamonds, valued at approximately N$314.9 million, were stolen.

To date, diamonds valued at about N$40.6 million have been recovered by police, leaving roughly N$274.3 million still unaccounted for as investigations continue and legal actions proceed.

When these figures are combined, the total amount of public money allegedly lost or misused stands at N$12.3 billion over the past decade.

Court cases linked to several of these matters remain unresolved, and some accused persons continue to contest the allegations against them.

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