Nored withholds pension pay-outs over N$5m fraud

MOKUTI – The Northern Regional Electricity Distributor is currently withholding the pension pay-outs of four former employees accused of fraud of over N$5 million.

Speaking about litigation matters that Nored is dealing with, the company’s executive for legal services and compliance, Etagameno Indongo-Antindi, told their annual general meeting this week the four accused have since been dismissed and criminal and civil cases have been instituted against them.

She said their pension pay-outs are withheld in an effort for Nored to recoup the lost millions.

Indongo-Antindi said the stolen amount could be more but their investigation into the matter only focused on the years 2013 to 2015.

“Through a forensic investigation, we established that over N$5 million was diverted by the four suspects through manipulation of the system. However, we are hoping to recover some of the stolen funds. That is why we instituted criminal and civil cases, so that we stand a better chance of recovery. That’s why we still have their pension, so that if ruled in favour of us, we can get something,” she said.

It is alleged that the suspects were tempering with the system by deleting receipts and keeping certain portions of money.

“This was making it difficult for us to balance (the accounts) because the money and receipts are not found. However, this helped us to unearth weaknesses in the system, which have since been improved,” added Indongo-Antindi.