{"id":39010,"date":"2023-02-10T12:25:42","date_gmt":"2023-02-10T12:25:42","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/cental-bank-ministry-in-dark-over-n60b-stolen-from-credit-scheme"},"modified":"2023-02-10T12:25:42","modified_gmt":"2023-02-10T12:25:42","slug":"cental-bank-ministry-in-dark-over-n60b-stolen-from-credit-scheme","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/cental-bank-ministry-in-dark-over-n60b-stolen-from-credit-scheme","title":{"rendered":"Cental bank, ministry in dark over N$60b ‘stolen’ from credit scheme"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE Ministry of Finance and the Bank of Namibia (BoN) yesterday declined to comment on a police investigation involving the alleged theft of N$60 billion \u2013 just N$10 billion shy of government’s 2022\/23 budget \u2013 from an entity called Credit Union Namibia.<\/p>\n

Finance minister Ipumbu Shiimi on 24 February last year announced a N$70,7 billion national budget in the National Assembly.<\/p>\n

The police yesterday announced they are on the hunt for the alleged thieves of N$60 billion belonging to investors in a credit scheme.<\/p>\n

Finance ministry spokesperson Wilson Ashikoto yesterday said: \u201cOn this matter, we are not privy to the information. Therefore, we referred you to the regulator of credit bureaus in the country, which is the Bank of Namibia.\u201d<\/p>\n

BoN spokesperson Kazembire Zemburuka yesterday said the matter is \u201cin the domain of law enforcement\u201d.<\/p>\n

\u201cAll enquiries should be directed to the Namibian Police,\u201d he said.<\/p>\n

The police, in a brief crime report, yesterday announced they are looking for a suspect(s) who allegedly got away with investors’ N$60 billion.<\/p>\n

This comes after chief executive officer of Credit Union Namibia, Theron Rupping Louie (56), opened a case of fraud in December last year.<\/p>\n

\u201cIt’s alleged that the suspects unlawfully and intentionally took money intended for the investors,\u201d the report read.<\/p>\n

Police spokesperson warrant officer Silas Shipandeni yesterday said the case was opened at the Klein Windhoek Police Station.<\/p>\n

No further details were provided on how the theft took place, and no arrest has been made yet.<\/p>\n

The Namibian contacted a man by the name of ‘Theron’, who confirmed he was connected to Credit Union Namibia.<\/p>\n

\u201cYou must get your facts in order, the facts are not in order,\u201d he said and hung up.<\/p>\n

After further investigation, The Namibian discovered that Credit Union Namibia operates under a Facebook company page called ‘Fur Group Pty Ltd’, which is an online trading scheme.<\/p>\n

One of the posts on the page reads: \u201cDeposit R1 000 and qualify for a loan of R10 000. Open a bank account with Credit Union of Namibia (CUN) today and benefit from all CUN outstanding banking services.<\/p>\n

\u201cOpen an account today with the largest e-banking Credit Union and receive N$200 to use on purchases.\u201d<\/p>\n

The account also encourages people to invest and bank with credit unions online.<\/p>\n

\u201cThe credit union online banking makes it super easy to bank on the go 24\/7, manage your everyday banking needs everywhere any time, directly from your mobile device.<\/p>\n

\u201cOwn the bank that you bank with CUN,\u201d one of the company’s Facebook posts reads.<\/p>\n

Twilight Capital managing director Mally Likukela says if it’s true that such an amount has gone missing, there is a serious weakness in the supervision of the commercial entity’s operations.<\/p>\n

\u201cWe need to establish whether it was stolen once off or over a period of time. If it was, then there is a serious weakness with the internal control of the company.<\/p>\n

\u201cThere is a serious weakness in the supervision of the banking of the commercial entity and the BoN as it supervises credit businesses . . . if the story is true,\u201d he says.<\/p>\n

Likukela says it would have an effect on investors and the image of Namibia at large.<\/p>\n

\u201cThis simply means investors in Namibia are panicking right now. If it’s online trading, the BoN, which is supposed to prevent this kind of business, is not doing its job,\u201d he said.<\/p>\n

According to Bipa, a company by the name of Credit Union Namibia (incorporated association not for gain) was registered in August 2020.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Ministry of Finance and the Bank of Namibia (BoN) yesterday declined to comment on a police investigation involving the alleged theft of N$60 billion \u2013 just N$10 billion shy of government’s 2022\/23 budget \u2013 from an entity called Credit Union Namibia. Finance minister Ipumbu Shiimi on 24 February last year announced […]<\/p>\n","protected":false},"author":84,"featured_media":39009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-39010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nCental bank, ministry in dark over N$60b 'stolen' from credit scheme - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/cental-bank-ministry-in-dark-over-n60b-stolen-from-credit-scheme\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cental bank, ministry in dark over N$60b 'stolen' from credit scheme\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. THE Ministry of Finance and the Bank of Namibia (BoN) yesterday declined to comment on a police investigation involving the alleged theft of N$60 billion \u2013 just N$10 billion shy of government’s 2022\/23 budget \u2013 from an entity called Credit Union Namibia. 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