{"id":56163,"date":"2023-10-17T15:11:05","date_gmt":"2023-10-17T15:11:05","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/august-26-md-dismissed-cfo-jumps-ship-nathinge-handed-over-to-holding-company"},"modified":"2023-10-17T15:23:55","modified_gmt":"2023-10-17T15:23:55","slug":"august-26-md-dismissed-cfo-jumps-ship-nathinge-handed-over-to-holding-company","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/august-26-md-dismissed-cfo-jumps-ship-nathinge-handed-over-to-holding-company","title":{"rendered":"August 26 MD dismissed, CFO jumps ship \u2026Nathinge handed over to holding company"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>August 26 Logistics managing director Salatiel Ntinda has been dismissed. This is while chief financial officer (CFO) Karel Nel resigned after an internal investigation found the two men guilty of their roles in the disappearance of N$2.5 million from the military-owned entity.<\/p>\n

The funds are yet to be recovered. The investigation found Ntinda guilty of failure to \u201cact in good faith and the best interest of the employer, and guilty of the misappropriation of his employer\u2019s funds\u201d.<\/p>\n

Ntinda pleaded not guilty to all charges, it was reported. The company, New Era has been informed, was set to fire both executives \u2013 but before it could, Nel resigned, which was accepted by the August 26 Logistics board, chaired by Kelvin Thembikozi. Ntinda, who, according to sources, elected not to resign, was fired. He has appealed his termination, Thembikozi confirmed yesterday.<\/p>\n

\u201cThe CFO [Nel] has resigned, and the MD [Ntinda] was dismissed, but [he] has appealed the dismissal. Both were found to be guilty. The recommendation from the investigation was that the MD must be dismissed, and we have subsequently dismissed him. And [as for] the CFO, he was also found guilty of the charges against him. But before the sentencing, he resigned, which we accepted as the board,\u201d Thembikozi reiterated.<\/p>\n

No deal was brokered between the entity and the two executives. \u201cWe were at the tail-end of the process, where they were found guilty. So, it would have been unwise of us to go for a settlement,\u201d he stated. Asked if the two men would be held personally liable for the missing funds, Thembikozi said there was \u201canother process running\u201d.<\/p>\n

\u201cThere\u2019s another process, which is perpendicular to this one, which is pursuing to get our money from Penda Enterprises. We have an admission of debt, which we are going to use as our basis to collect our money from Penda. We have already issued the summons. We are busy pursuing Penda Enterprises,\u201d he added.<\/p>\n

The duo was suspended in June after information surfaced that the company lost around N$3 million through a questionable payment, allegedly done without the board\u2019s blessing or knowledge.<\/p>\n

The board further \u201chanded over\u201d deputy defence and veterans affairs ministry\u2019s executive director Petrus Nathinge to the holding company, August 26 Holdings, for further action after passing a vote of no confidence in Nathinge, who chaired the August 26 Logistics board when the questionable payment was made.<\/p>\n

\u201cThe board of August 26 Logistics is not responsible for Nathinge. The shareholder [August 26 Holdings] is responsible for him because he is a board member. So, we have handed him over to the board of August 26 Holdings,\u201d Thembikozi said.<\/p>\n

August 26 Holdings\u2019 board chairperson brigadier Fillemon Shafashike had little to say about the outcome of the full-blown probe into the incident or what action they would take against Nathinge, who is said to be a key player in the disappearance of the money.<\/p>\n

\u201cIt is premature to give you exactly what will happen, or what\u2019s going to happen because we want to allow this process to be finalised. Once the process is finalised, based on the outcome of this whole process, it is what will guide the board as to what steps to take,\u201d Shafashike said.<\/p>\n

General Nathinge Contacted for comment on the latest developments, Nathinge elected to remain quiet. \u201cI don\u2019t have any comment,\u201d he said, before pointing to an alleged witch-hunt against him.<\/p>\n

Nathinge claimed there was a deliberate crusade to discredit him. He then moved to cast aspersions over the objectivity of the investigation that found Ntinda and Nel guilty, saying: \u201cThe objectivity of those hearings, to me, is very questionable\u201d. The Genesis In June, New Era reported that August 26 Logistics suspended Ntinda and CFO Nel, pending a probe into the matter.<\/p>\n

The paper also reported that Nathinge was at the centre of allegations of funds defrayed from a defence company to purportedly procure weapons destined for another country. Although details remain highly classified in the army world, defence sources revealed at the time that Nathinge and his inner circle at August 26 Logistics concocted and executed a plan, which saw at least N$3 million sail out of the army company.<\/p>\n

The money, New Era is reliably informed, was used as bid security for a tender to supply arms to an army allegedly in Uganda. A bid security, also known as a bid bond, is a type of surety bond that is required to bid on certain types of contracts.<\/p>\n

It serves to protect the contracting entity from losses incurred if the winning bidder fails to fulfil their obligations under the contract. The proceeds from the said tender, however, were to be allegedly shared among Nathinge and his alleged co-conspirators.<\/p>\n

The said tender is worth over N$100 million. In June, he vehemently denied being associated with any arms deal. \u201cI am not involved in any arms deal,\u201d was Nathinge\u2019s brief response to a text message from New Era.<\/p>\n

The August 26 Logistics board is a subsidiary of August 26 Holdings, which is owned by the Namibian Defence Force (NDF). However, a letter later surfaced on social media through Affirmative Repositioning movement leader Job Amupanda, corroborating this version of events. Addressed to Nathinge, a letter from Penda Enterprises CC is dated 18 May 2023.<\/p>\n

\u201cI am writing on behalf of Penda Enterprises CC, a company that trades in military equipment and related merchandise. I have been given [a responsibility] to carry out a classified objective, the details which I will present to you upon request, and which must be kept confidential for security reasons,\u201d the company\u2019s managing director Penda Shikongo wrote to Nathinge. August 26 Logistics acted as a funder in the questionable transaction.<\/p>\n

Shikongo continued: \u201cPenda Enterprises is currently short of two-and-a-half million [N$2.5 million] to kick-start the project. The shortfall is required by the afternoon of 28 May 2023. As a reputable company that has conducted business with and for government over the years, I was directed to approach you in confidence to facilitate assistance from August 26 Logistics.\u201d<\/p>\n

Shikongo further requested that the funds be deposited into Penda Enterprises CC\u2019s bank account, held with First National Bank, before 26 May. \u201cI further promise to pay back the money into [the] August 26 Logistics\u2019 account with not less than 100% interest before 31 July 2023,\u201d Shikongo committed.<\/p>\n

Interest In another letter, Nathinge wrote to Ntinda on 24 May 2023. \u201cIn my capacity as chairperson of A26L [August 26 Logistics] board, [I am] authorising you to facilitate the transfer of N$2.5 million into the account of Penda Enterprises CC… the money will be paid back into the account of A26L account with interest by the 31st of July 2023,\u201d Nathinge wrote.<\/p>\n

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

Africa-Press – Namibia. August 26 Logistics managing director Salatiel Ntinda has been dismissed. This is while chief financial officer (CFO) Karel Nel resigned after an internal investigation found the two men guilty of their roles in the disappearance of N$2.5 million from the military-owned entity. The funds are yet to be recovered. The investigation found […]<\/p>\n","protected":false},"author":84,"featured_media":56162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,236,233],"class_list":["post-56163","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":"\nAugust 26 MD dismissed, CFO jumps ship \u2026Nathinge handed over to holding company - Namibia<\/title>\n<meta name=\"description\" content=\"August 26 Logistics managing director Salatiel Ntinda has been dismissed. 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