Observer – Page 811 – Windhoek Observer

18 Sep

Capricorn Group records N$1 billion profit …as Covid-19 drives up total non-performing loans to N$1.9 billion

ObserverUncategorised

Staff Writer Namibian Stock Exchange listed Capricorn Group Limited released its annual financial results for the period ending 30 June 2020, where the Group’s profit after tax from continuing operations, excluding our Zambian banking operation, amounts to N$1,01 billion, which is 2.2 percent lower than the prior year. “Capricorn Group started the 2020 financial year with confidence and delivered positive half year results, despite continuing difficult economic conditions in Namibia and Zambia. Capricorn Group’s operating profits were significantly impacted by the Covid-19 pandemic during the last quarter of the financial year, with full-year profit after tax contracting by 15.6 percent…

18 Sep

Shivute officially appointed NamRa boss

ObserverObserver MoneyNamibia Revenue Agency (NamRA), president Hage Geingob, Sam Shivute

Staff Writer Sam Shivute has officially been appointed as the inaugural Commissioner of the Namibia Revenue Agency (NamRA) with effect from the 28th of September after cabinet chaired by President Hage Geingob approved his appointment. The development has resulted in Shivute resigning from the Bank of Namibia, where has held various positions since he joined in 2003 and with a farewell event was held in his honor on Wednesday. As head of NamRa, Shivute reports directly to Finance Minister Iipumbu Shiimi and the NamRA board of directors. Shuvute and Shiimi are former collogues at the central bank where the Finance…

18 Sep

Fishcor resolves to change ‘tainted’ name

ObserverObserver MoneyFishcor

Andrew Kathindi The newly appointed Fishcor Board has resolved to change the company’s name as it continues to be used at the forefront of the Fishrot scandal. Fishcor was allegedly used to illegally funnel millions out of the fishing industry. These actions were done by its accused former board chairman and CEO, James Hatuikulipi and Mike Nghipunya in a web that is believed to be wide-reaching. Hatuikulipi, Nghipunya along with several others known as the Fishrot seven, including former Fisheries Minister Bernard Esau and former Justice Minister, Sackey Shanghala, are currently in prison while awaiting trial on various related charges.…

18 Sep

Finance ministry struggles with ITAS registration

ObserverObserver MoneyMinistry of Finance

Helena Johannes The Ministry of Finance has only managed to register 24 percent out of its 90 percent target of registered tax payers for its Integrated Tax Administrative System (ITAS), Windhoek Observer can reveal. According to the Ministry only 98,959 out of 369,509 taxpayers have registered through ITAS. Demographically the registrations are: Windhoek (27 percent), Walvis Bay 23,490 out of 103,998 (23 percent), Oshakati 17,199 out of 102,524 (17 percent), Otjiwarongo 12,031 out of 55,794 (22 percent), Keetmanshoop 11,319 out of 49,870 (23 percent), Katima Mulilo 4,037 out of 12,971 (31 percent) and Rundu 3,980 out of 28,491 (14 percent).…

18 Sep

Avoid suspicion, be transparent and face the music

ObserverNational NewsNamibian, Transfrontier Conservation Area

The stories capturing headlines about an ‘oil exploration deal’ involving Recon Africa, a Canadian gas and oil company, are disturbing. The area targeted for drilling is one of the most environmentally sensitive conservation and wildlife areas in the country. More must be revealed about this story; there are many unanswered questions. Decision-makers seem to be caught up yet again in their unattainable obsession for secrecy. When will they learn to face the public with their plans and tackle issues directly? Namibia is reeling from COVID-19 and financial hardship. Fishrot and other corruption scandals have made the public distrust politicians and…

18 Sep

Corruption and mathematical witchcraft

ObserverUncategorisedcorruption, Dr Rukee Tjingaete, witchcraft

Dr Rukee Tjingaete You don’t need to consult Figaro the earth while mathematical genius to ask why 32,000 laptops would cost N$180 million at an average laptop market-related price of N$6 500 per laptop. (I have surveyed the market). He would mock at you in his grave. The true estimate price would be in the range of N$208million or more. In Namibia, they normally fool you by giving you a low estimate cost price at first to convince you that such project is financially viable. But once approved they slowly start to inflate figures with new calculations which in this…

18 Sep

!Gawaxab commemorates 100 days in office

ObserverUncategorisedBank of Namibia (BoN), BoN Governor, Johannes Gawaxab

Staff Writer Bank of Namibia (BoN) Governor, Johannes !Gawaxab on Thursday commemorated his 100 days in office, while outlining his vision for the apex Bank. !Gawaxab took over the reins at the Bank at a time when the country was grappling with the negative impacts of COVID-19 on the economy. He was appointed as the third BoN Governor by President Hage Geingob in April, 2020. “I experience first-hand the resilience of the Namibian people who must face this situation daily, while the pandemic dominates without a clear ending, and who selflessly strive to save lives and the livelihoods of their…

18 Sep

Baobab investments safe – GIPF …as NAMFISA de-registers fund manager

ObserverUncategorisedBaobab Capital (Pty), Baobab Growth Fund (Pty), David Nuyoma, GIPF

Staff Writer The Government Institutions Pension Fund (GIPF) says N$87 million invested by its now-deregistered fund manager Baobab Capital (Pty) through Special Purpose Vehicle (SPV), Baobab Growth Fund (Pty), remain secure. The GIPF had committed N$140 million in October 2016 to the Special Purpose Vehicle (SPV), which has a venture capital mandate to invest in start-up companies. This comes as the Namibia Financial Institutions Supervisory Authority (NAMFISA) on Wednesday announced that it had de-registered the fund manager. The de-registration comes after NAMFISA conducted its own investigations into the affairs of Baobab Capital (Pty) and Baobab Growth Fund (Pty). “The Fund…

18 Sep

69 apply for NSFAF tender

ObserverObserver Money

Helena Johannes Nearly 70 companies have applied for a tender to provide students with laptops valued at N$6,000 per unit, Namibia Students Financial Aid Fund (NSFAF) acting CEO Kennedy Kandume announced on Thursday. The Ministry of Higher Education according to fund, will pay 50 percent of the total amount for each laptop while students will be required to pay the other 50 percent which is equivalent to N$3000. “NSFAF received 69 applications to carry on the tender of student laptops. The laptop will come with a 10GB connectivity device which costs N$690,” Kandume said. He added that students will also…

18 Sep

Venaani hits back at SWAPO over Zim motion

ObserverObserver MoneyMcHenry Venaani, Popular Democratic Movement (PDM), SWAPO, Zimbabwe

Clifton Movirongo Popular Democratic Movement (PDM) president McHenry Venaani has hit back at the ruling party’s decision to vote down a parliamentary motion tabled by his party on the current “crisis” in Zimbabwe, even before the motion was motivated. “To us, it is a greatest act of cowardice and in a gross disregard of the plight of the people of Zimbabwe. While I do respect and abide to the majoritarian rule tenet that applies to constitutional democracies such as ours, we also do not condone majoritarian rule that defies logic,” Venaani said. The PDM leader hints that instability in Zimbabwe…