Al­le­ga­tions of em­bez­zling haunt fiS

RISKAFRICA Magazine - - NEWS -

The gloves are off be­tween share­hold­ers within the Fi­nan­cial In­sur­ance Ser­vices (FIS), a com­pany that was ac­cused by the Namibia Fi­nan­cial In­sti­tu­tions Su­per­vi­sory Au­thor­ity (NAMFISA) of not pay­ing out ben­e­fi­cia­ries’ claims, news site al­lafrica.com re­ported.

Rob Men­zel, the com­pany’s chair­per­son and ma­jor­ity share­holder, has come un­der fire af­ter al­legedly em­bez­zling mil­lions of Namib­ian Dollars. How­ever, Men­zel has de­nied any wrong­do­ing. His lawyer, Dave Nezar, says that Men­zel is pre­pared to co-op­er­ate with the Anti-Cor­rup­tion Com­mis­sion (ACC) should an in­ves­ti­ga­tion be launched. Nezar wrote to Richard Met­calfe, the lawyer of for­mer FIS man­ag­ing di­rec­tor Indila Ed­ward, say­ing that he may ac­cept his client re­jects th­ese al­le­ga­tions with the con­tempt which they de­serve.

Ac­cord­ing to al­le­ga­tions, Men­zel with­drew N$3.25 mil­lion from the com­pany’s ac­count be­tween 1 Fe­bru­ary and 15 Au­gust this year. Ed­ward’s lawyer, Met­calfe, ac­cused Men­zel of con­tin­u­ing to strip the com­pany and its life re­serve fund for his own ben­e­fit and/or the Men­zel fam­ily trust.

Erna van der Merwe, the deputy di­rec­tor of the Anti-Cor­rup­tion Com­mis­sion (ACC), says, “It was agreed that Met­calfe would fur­nish us with cer­tain doc­u­men­ta­tion. Once we are in pos­ses­sion of such doc­u­men­ta­tion, the mat­ter will be sub­mit­ted to the di­rec­tor [Paulus Noa] for a de­ci­sion on whether a for­mal in­ves­ti­ga­tion should be con­ducted.”

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