![]() |
![]() |
|||||||||||||||
|
280 % Returns for AVID Investment Friday 26th of August 2005 It was dangerously full in the C-Court of the Windhoek High Court on Tuesday as around 400 people crammed into the room, sitting on the floor and in double rows in the top gallery. Everybody wanted to hear what the long awaited witness, Lazarus Kandara, de facto CEO of AVID Investments had to say after he was 4 weeks in South Africa to "recover" the lost N$ 30 million the firm received from the Social Security Commission (SSC) in January. Kandara told the court that business man Nico Josea of Namangol Investments had betrayed is trust by only investing 20 million of the of the N$30 million and using part of the money for himself. Kandara admitted that the original sum was only invested for 90 days instead of 120 days. Having realised 2 months ago that things had gone wrong, he Kandara, together with investor Alan Rosenberg in RSA got "bank guarantees" in the past month to invest other funds for 2 weeks as private placement with the Federal Reserve Bank in the US, to have matured on 23 August, the day Kandara appeared in court for the first time. "The investment return promised is 280 percent", Kandara said. "I don’t even want to work out the return for one year, Acting Judge Raymond Heathcote remarked dryly. With the fantastic return Kandara expected to earn N$ 32 million to fully pay back the loan to the SSC, he said. Kandara also confirmed that Paulus Kapia, Brigadier Matthias Shiweda, Ralph Blaauw and Otniel Podewiltz got indeed N$ 40 000 as a gratuity for the investment. Kapia and Blaauw vehemently denied this last week. Kandara further disclosed that the Community Care Trust set up by Blaauw and Kapia had a 10% share in AVID as well as the Swapo Youth League, while the other directors had an 8% stake each. |
|||||||||||||||
![]() |
Plus online by Plus Weekly |
![]() |
||||||||||||||





