Africa-Press – Namibia. THE High Court has granted First National Bank of Namibia the right to intervene in the prosecutor general’s application that seeks, in future, to sell assets deemed to have been acquired with Fishrot money.
The battle in the High Court was between FNB and the prosecutor general, Martha Imalwa, and revolved around assets valued at N$5,3 million belonging to former Investec manager Ricardo Gustavo and Tamson Hatuikulipi, who are charged in the Fishrot fishing quotas corruption and fraud case.
The assets – consisting of three immovable properties and three cars, including a Mercedes-Benz R231 roadster – were bought with financing given by FNB.
Imalwa obtained a Prevention of Organised Crime Act restraining order in November 2020 over a wide range of assets linked to six of the accused in the Fishrot case, their wives, and 15 companies and close corporations in which they have interests.
FNB then lodged a court application last year because it feared it might lose out if there is no court order to compel the state or the curators who have been put in charge of the restrained assets to include the bank in the sale of the assets if the suspects are found guilty.
High Court judge Orben Sibeya has now made a ruling that would see FNB added to the application and protect its interests. “The intervening application succeeds in part and First National Bank of Namibia Limited is granted leave to intervene as the sixth respondent,” said Sibeya in a judgement released on 25 March.
FNB’s application for a variation of the restraint order was, however, dismissed. “I find no merit in the bank’s complaint regarding the wording of the restraint order,” the judge stated.
He continued: “The restraint order does not create room for curator bonis to be at sea in the control or management of the property, neither does it clothe the curator bonis with absolute power and without restrictions and supervision, to do as he pleases with the property.”
Sibeya directed that FNB and the prosecutor general should each carry their own legal costs in the matter. FNB spokesperson Elzita Beukes told The Namibian last week that they are studying the judgement and would make a decision after consulting with their legal counsel. Imalwa could not be reached for a comment.
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