Judge withdraws from forex traders’ case
Windhoek High Court Judge Claudia Claasen saved Forex traders Michael Amushelelo and Gregory Cloete the trouble of bringing a recusal application when she withdrew from the matter herself.
When the matter was due to start before her yesterday, she informed the parties that she is recusing herself from the matter, as she is personally acquainted with some of the State witnesses.
Amushelelo and Cloete already indicated to the judge that they intend to bring a recusal application against her for perceived bias when they made a first appearance before her.
The matter, in which they face more than 330 counts of contravening the Banking Act, was referred back to the mentions roll for another judge to be assigned to the matter.
Also charged are legal entities Amushe Hello Investment, Amushe Advertising & Design, Amushe International Holding, Van Der Walt Trailer Manufacturing, Amushelelo Family Trust T187/2019 and Global Growth Investment Namibia – all represented by Amushelelo as founder and sole member.
The charges are 348 counts of fraud, alternatively theft by false pretences, conducting banking business without authorisation and conducting a Ponzi scheme, tax evasion, tax fraud, failure to pay tax, money laundering and racketeering.
All in all, the accused faces 365 counts.
According to the charge sheet, Amushelelo and Cloete worked in a partnership, collaboration and/or in collusion with one another in a fraudulent enterprise formulated and operated as a Ponzi scheme.
It is further alleged that they advertised two types of investment facilities, which they offered through a non-registered company in the name of Global Growth Investment Namibia to members of the public through face-to-face seminars, Facebook, Twitter, WhatsApp, Instagram and various other social media network platforms under the guise that the invested funds would be traded on foreign currency platforms on behalf of investors.
It is further alleged that the two accused aided each other in the execution and management of the “phoney” forex dealing business, which they conducted through the non-existent company Global Growth Investment Namibia (Pty) Ltd. To further their plan, it is alleged, they formulated and/or exploited the corporate personalities of Amushe Hello Investment, Amushe Advertising and Design, Amushe International Holding, Van Der Walt Trailer Manufacturing, Amushelelo Family Trust and Global Growth Investment Namibia.
They also facilitated the signing of investment agreements with members of the public, whereupon members would invest N$5 000 or more and in return get a 50% interest after a period of two to four months.
Alternatively, members of the public could invest N$2 500 for a period of eight months and receive N$12 654.25 at the end.
Court documents state the pair received N$17 million from members of the public intending to conduct banking services.
The matter was postponed to 26 April 2022 at 09h00 for the parties to indicate whether they intend to bring a recusal application or not.
- rrouth@nepc.com.na