Legal Shield Boss Suspended


By Petronella Sibeene WINDHOEK The Managing Director of Legal Shield, Stanley Katzao, has been suspended pending an investigation. Last Friday, Legal Shield and other Trustco Group Holdings staff members were informed about Katzao’s suspension in an internal circular. Katzao confirmed to New Era yesterday that a letter of suspension was handed to him last week Friday. Though the letter failed to reveal exactly what his suspension was based on, it showed that there are “matters” to be investigated. Katzao however added that the letter further says once investigations are completed and he is found not guilty, he will be called back to work. According to him, the company is listed on the Namibian Stock Exchange and in the name of good corporate governance and in the interest of all stakeholders, it is only proper the allegations are investigated and the truth be established. This should also be done for transparency’s sake. “It is good that they will investigate the allegations and get the truth of it. When they find out the truth, they will take action,” he said. Trustco Group Holdings Limited (Legal Shield’s parent company) on Friday afternoon did not provide more details on the suspension, but said during Katzao’s suspension the current general manager of the group and its subsidiaries, Piet Bekker, will act as MD. A disciplinary hearing is likely to take place before the end of this week, said Katzao, who was appointed managing director of Legal Shield in May this year. Trustco Group Holdings is a high-growth Namibian company with a core focus on insurance, education and financial services. The company’s other investments include property, property development; aircraft charter services, management services, wholesale distribution, publishing and printing Informante, a free newspaper known for exposing scams. Trustco Group Holdings’ well-known brands include Legal Shield, The Institute for Open Learning and Everyday Maize.