Namcor Suffers Major Losses

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By Kuvee Kangueehi

Windhoek

A task team that was set up by Minister of Mines and Energy, Erkki Nghimtina, to investigate Namcor vessel, MT Farandol, and the fuel supply agreement between Namcor and Afroneft has recommended that the agreement between the two be terminated and an alternative arrangement be considered.

It also recommended that an investigation be launched to determine whether or not there has been negligence and/or recklessness on the part of the board of directors of Namcor and responsible employees of the company.

The task team made these recommendations after it discovered that Namcor has, in the first three months of this year, made net losses of more than N$26 million.

The team also recommended an investigation into the possibility of recovering the losses from those responsible.

The task team further recommended that a forensic audit be conducted to determine the loss suffered by the company so far and all other relevant possibilities.

During the period of February 1 to 6, 2008, Namcor due to non-discharge of petroleum products on MT Farandol vessel and the subsequent re-routing of the same vessel to an alternative port, made net losses of N$317?

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