Allegations of embezzling haunt fiS
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.”