No Money from Josea – 2 Months Later

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By Emma Kakololo WINDHOEK It is now two months since Nico Josea was released from jail on bail beginning November 2005, and from the looks of things, his promise to the liquidators of Avid Investment Corporation to help in the recovery of the Social Security Commission (SSC) N$30 million investment has been nothing but an empty promise. Josea was finally granted bail of N$30 000 in the Windhoek Magistrate’s Court after spending more than three months in custody on charges that he committed fraud and theft through his involvement in the failed SSC investment. Avid Liquidator Eric Knouwds said despite the fact that Josea appears to be very cooperative with them, no progress has been made in the recovery of funds. “Yes we called him and we saw him twice and he is very cooperative, but no progress has been made at all since Nico was released on bail,” Knouwds revealed yesterday. Knouwds said the liquidators have gone through legal battles and managed to recover some money (over N$8 million) in South Africa. But one official who is close to the investigations said there was no hope of recovering the rest of the money. “They might recover some ‘tikkie’ amounts here and there, but not huge amounts,” said the official who requested anonymity. Josea (43) during the High Court inquiry to establish the truth about what happened to the N$30 million, claimed that he was the only person who could get the money back and asked to be released to help find the money. The court was told that after the SSC had transferred N$30 million to a bank account of Avid in January 2005, Avid’s Chief Executive Officer and mastermind, the late Lazarus Kandara, in turn had N$29,5 million of this money transferred to a bank account of Josea’s asset management company, Namangol Investments. Kandara is alleged to have committed suicide shortly after he, too, was arrested on August 24, 2005 in connection with the SSC investment deal. Josea told the court that Kandara had instructed him to transfer N$20 million of the money that Namangol received from Avid to a Johannesburg financial trader, Alan Rosenberg, for further investment. In March, Josea received N$15 million from Rosenberg, which he lavishly spent on himself, relatives, friends and church associates, the High Court Inquiry heard. He told the court that the money was his to spend. Josea could not be reached for comment yesterday.

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