{"id":42328,"date":"2023-04-02T14:41:39","date_gmt":"2023-04-02T14:41:39","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment"},"modified":"2023-04-02T14:46:11","modified_gmt":"2023-04-02T14:46:11","slug":"acc-investigates-mulungas-n100m-payment","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment","title":{"rendered":"ACC investigates Mulunga’s N$100m payment"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE Anti-Corruption Commission (ACC) is investigating a payment of N$100 million made by Namcor chief Immanuel Mulunga to a joint venture that involved a fast-living German businessman, Lars Windhorst, who is facing several lawsuits from creditors in Europe.<\/p>\n

This transaction also involves two businessmen from Nigeria and The Netherlands.<\/p>\n

The ACC has given Namcor until today to answer their questions regarding the transaction that was made without the board’s approval.<\/p>\n

ACC director general Paulus Noa yesterday confirmed to The Namibian that his team is investigating the matter.<\/p>\n

\u201cI can confirm that we are investigating the transaction. In actual fact, we have already opened a docket and have summoned management to provide us with an explanation,\u201d he said.<\/p>\n

\u201cPart of the information we would like to know is how the money was paid, the beneficiaries or partners involved, and so on\u201d.<\/p>\n

He said they are following all procedures required while conducting the investigation.<\/p>\n

\u201cWe have asked for all documentation from management, and we have given them until Friday, 31 March 2023, to provide what we have asked,\u201d Noa said.<\/p>\n

Mulunga yesterday confirmed that the ACC has contacted the company.<\/p>\n

\u201cYes, we have heard from the ACC. We will provide them with the requested documentation,\u201d he said.<\/p>\n

Minister of finance and public enterprises Iipumbu Shiimi in a text response yesterday said the ACC is mandated to investigate the case.<\/p>\n

\u201cI didn’t request an investigation, but I believe the ACC is empowered by its act to investigate any matter that falls within its ambit,\u201d he said.<\/p>\n

The transaction relates to oil blocks in Angola in which Namcor and two of its partners \u2013 British-registered Sequa Petroleum and Petrolog Group \u2013 formed a group called Sungara Energies in April last year.<\/p>\n

This joint venture agreed to pay N$8 billion (US$451 million) to Sonangol P&P for a 10% interest in block 15\/06, 40% working interest in block 23, and 35% working interest in block 27.<\/p>\n

The consortium was supposed to pay N$400 million (US$22,6 million) as a deposit fee to Sonangol Petroleum within five business days after receiving the conditions.<\/p>\n

Namcor agreed to pay US$10 million (N$170 million) toward the deposit.<\/p>\n

However, the partners only paid US$6 million (N$102 million), leaving a shortfall of US$6,7 million (N$100 million).<\/p>\n

It is unknown which partner failed to pay.<\/p>\n

Mulunga then took the transaction to Namcor’s board on 19 August 2022, but the board allegedly rejected the proposal to pay the N$100 million.<\/p>\n

It appears Mulunga went ahead to finalise the transaction without the board’s blessing. The money was allegedly paid to an account in Mauritius, adding more question marks to the transactions.<\/p>\n

Mulunga said he believed Namcor would have lost the deal if it failed to pay the additional N$100 million.<\/p>\n

Namcor’s management claims the oil block is producing commercial oil and adds N$700 million to their balance sheet.<\/p>\n

Namcor’s 2022 annual report says Namibia’s national oil company and their partners will pay an additional US$20 million (N$350 million) as an investment into Angolan oil blocks.<\/p>\n

Sources say Mulunga believes the board approved the transaction in 2021.<\/p>\n

This transaction is one of the many issues the board has clashed on.<\/p>\n

One of the board members who questioned the N$100 million transaction is Jennifer Comalie.<\/p>\n

WHO IS WHO?<\/p>\n

United Kingdom (UK) company records show that Sungara Energies was registered in the UK on 6 December 2021.<\/p>\n

Sungara Energies’ directors were named as Vincent Osayande Ebuh, Jacob Broekhuij\u00adsen, and Mulunga.<\/p>\n

Ebuh is a Nigerian businessman, while Broekhuijsen is a Dutch citizen and founder of Sequa Petroleum.<\/p>\n

International news organisation Financial Times last year reported on a court case involving a fast-living German financier, Lars Windhorst, who partnered with Namcor in the Angolan oil block.<\/p>\n

The story was mainly about several lawsuits filed against him by aggrieved creditors in the UK.<\/p>\n

\u201cWindhorst’s long-struggling Sequa Petroleum acquired an interest in some Angolan offshore oil fields through a new joint venture with Namibia’s national oil company (Namcor) and Nigerian entrepreneur Vincent Ebuh’s Petrolog Group.\u201d<\/p>\n

It’s unclear if Namcor carried out due diligence on their potential partners before they invested over N$200 million of public funds into the deal.<\/p>\n

Namcor sources said Windhorst has left Sequa Petroleum.<\/p>\n

The Namibian could not verify that claim.<\/p>\n

The news report said the businessman oversaw a billion-dollar empire, but his company H20 has now slid into a crisis after the Financial Times exposed the scale of its outsized bet on Windhorst.<\/p>\n

\u201cInvestors’ money is still trapped in the so-called ‘side pockets’ H2O set up to isolate \u20ac1,6 billion (N$28 billion) of these hard-to-sell assets\u201d.<\/p>\n

The Financial Times said: \u201cWindhorst does have a habit of escaping precarious situations. In his 30s, he avoided prison after receiving a suspended sentence in a high-profile criminal case, and also survived a plane crash that claimed the life of one of the pilots.\u201d<\/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 Anti-Corruption Commission (ACC) is investigating a payment of N$100 million made by Namcor chief Immanuel Mulunga to a joint venture that involved a fast-living German businessman, Lars Windhorst, who is facing several lawsuits from creditors in Europe. This transaction also involves two businessmen from Nigeria and The Netherlands. The ACC has […]<\/p>\n","protected":false},"author":84,"featured_media":42326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,236,233],"class_list":["post-42328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nACC investigates Mulunga's N$100m payment - Namibia<\/title>\n<meta name=\"description\" content=\"THE Anti-Corruption Commission (ACC) is investigating a payment of N$100 million made by Namcor chief Immanuel Mulunga t ...\" \/>\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\/acc-investigates-mulungas-n100m-payment\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACC investigates Mulunga's N$100m payment\" \/>\n<meta property=\"og:description\" content=\"THE Anti-Corruption Commission (ACC) is investigating a payment of N$100 million made by Namcor chief Immanuel Mulunga t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-02T14:41:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-02T14:46:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/04\/postQueueImg_1680430307.64.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ACC investigates Mulunga’s N$100m payment\",\"datePublished\":\"2023-04-02T14:41:39+00:00\",\"dateModified\":\"2023-04-02T14:46:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment\"},\"wordCount\":818,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/04\/postQueueImg_1680430307.64.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/acc-investigates-mulungas-n100m-payment\",\"name\":\"ACC investigates Mulunga's N$100m payment - 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