No sign of Avid repayment

UNDERTAKINGS by South African financial trader Alan Rosenberg to repay N$5 million to the Social Security Commission by Tuesday this week have once again failed to bear their promised fruit.

Rosenberg has featured prominently in the chain of financial transactions that followed on the Social Security Commission’s ill-fated investment of N$30 million with Avid Investment Corporation seven months ago. Lawyer Lucius Murorua, who has been in frequent contact with Rosenberg over the past few weeks, said yesterday that he had again spoken to Rosenberg yesterday, and that Rosenberg had still not repaid some N$5 million that he is claimed to owe the SSC.Murorua represented the late Avid CEO Lazarus Kandara in the High Court inquiry that flowed from Avid’s failure to repay the SSC’s investment at the end of May.In that capacity, he joined Kandara in meetings with Rosenberg in South Africa while Kandara was reported to be making desperate efforts to recoup the SSC’s money from Rosenberg.A day before his alleged suicide last Wednesday night, Kandara told the High Court inquiry that he needed only 48 hours more to finalise arrangements to return all the SSC’s money, plus interest.That was supposed to be done by Thursday afternoon – but that deadline passed without any money forthcoming.Murorua thereafter continued with efforts to get Rosenberg to pay up money that he is claimed to have retained after he received N$20 million of the SSC’s money, supposedly to invest it on Avid’s behalf.PROMISES, PROMISES Over the weekend, Murorua reported that Rosenberg had told him that he would be paying N$5 million to the SSC by Monday or Tuesday.Again that deadline passed without any money coming from Rosenberg’s direction.Instead, on Tuesday Rosenberg made an appearance at an Insolvency Act inquiry in Wynberg in Cape Town, South Africa, as part of the efforts of the provisional liquidator of Avid to recover money due to the company.Rosenberg joined a number of other people who had been subpoenaed to be interrogated at the inquiry, and gave some initial evidence before the inquiry was adjourned to continue on September 15, lawyer Bernhard Kurz of the Cape Town firm of Fairbridge Arderne & Lawton Inc told The Namibian yesterday.In terms of the South African Insolvency Act, the inquiry is taking place behind closed doors.It is expected that when the inquiry continues Rosenberg will face more questioning over a transfer of N$20 million from Windhoek-based asset management company Namangol Investments, to a bank account held by Alan Rosenberg Investment Services on January 28.That was the same day that N$29,5 million of the money that the SSC had given to Avid to be invested for four months, supposedly with a bank in South Africa, had been transferred from Avid’s bank account to the account of Namangol Investments.A month and a half later, Rosenberg sent some N$15 million back to Josea through a Johannesburg law firm.It is expected that Rosenberg will also be questioned about that transaction – and then further about the status of the remaining N$5 million that should have made up the N$20 million that he had received from Namangol Investments.DIAMOND LINK Murorua indicated yesterday that Rosenberg is now claiming that this N$5 million is with Standard Bank in South Africa.Business associates of Namangol Investments Chief Executive Office Nico Josea were also subpoenaed to appear at the inquiry in Wynberg on Tuesday.These included business partners who were involved in Dean Africa CC and Real Time Investments, which are both firms to which Josea had transferred millions of Namibia dollars after he had received N$14,899 million that came from Rosenberg into his account on March 14.Serge Kabeya’mwana, a principal of Fask Trading, which is another firm that had received N$2,6 million from Josea, was also at the inquiry, Kurz said.In the Companies Act inquiry in the High Court in Windhoek, Josea has given evidence that he bought diamonds with the N$2,6 million that he paid to Fask Trading.He claimed that he took the diamonds to Zurich to sell them there, but returned the stones to Fask Trading after he could not find a buyer.He also denied knowing anything about criminal charges that Kabeya’mwana is claimed to have laid against him in South Africa based on allegations that Josea had swapped some of diamonds before he returned it the Fask Trading.Rosenberg has to return to Wynberg for the continuation of the Insolvency Act interrogation on September 15, Kurz said.Murorua said he planned to contact Rosenberg again today in connection with the money that Rosenberg had promised to repay to the SSC.Then again, Rosenberg has made numerous promises to repay the money in the past month, and also in the two months before, the High Court inquiry has been informed, and he has kept none of those promises.Still, said Murorua: “He made an undertaking to me; he will honour his commitment.”Even if Rosenberg does not keep his word, there may still be large amounts of money available for Avid’s provisional liquidator and ultimately the SSC in various bank accounts in South Africa.A bank account of Dean Africa CC with some N$7,5 million in it has been frozen in South Africa, the Namibian inquiry into the SSC-Avid investment deal has already been informed.The inquiry has also been told that a bank account of Rosenberg holding some N$6 million has been frozen in South Africa.Lawyer Lucius Murorua, who has been in frequent contact with Rosenberg over the past few weeks, said yesterday that he had again spoken to Rosenberg yesterday, and that Rosenberg had still not repaid some N$5 million that he is claimed to owe the SSC.Murorua represented the late Avid CEO Lazarus Kandara in the High Court inquiry that flowed from Avid’s failure to repay the SSC’s investment at the end of May. In that capacity, he joined Kandara in meetings with Rosenberg in South Africa while Kandara was reported to be making desperate efforts to recoup the SSC’s money from Rosenberg.A day before his alleged suicide last Wednesday night, Kandara told the High Court inquiry that he needed only 48 hours more to finalise arrangements to return all the SSC’s money, plus interest.That was supposed to be done by Thursday afternoon – but that deadline passed without any money forthcoming.Murorua thereafter continued with efforts to get Rosenberg to pay up money that he is claimed to have retained after he received N$20 million of the SSC’s money, supposedly to invest it on Avid’s behalf. PROMISES, PROMISES Over the weekend, Murorua reported that Rosenberg had told him that he would be paying N$5 million to the SSC by Monday or Tuesday.Again that deadline passed without any money coming from Rosenberg’s direction.Instead, on Tuesday Rosenberg made an appearance at an Insolvency Act inquiry in Wynberg in Cape Town, South Africa, as part of the efforts of the provisional liquidator of Avid to recover money due to the company.Rosenberg joined a number of other people who had been subpoenaed to be interrogated at the inquiry, and gave some initial evidence before the inquiry was adjourned to continue on September 15, lawyer Bernhard Kurz of the Cape Town firm of Fairbridge Arderne & Lawton Inc told The Namibian yesterday.In terms of the South African Insolvency Act, the inquiry is taking place behind closed doors.It is expected that when the inquiry continues Rosenberg will face more questioning over a transfer of N$20 million from Windhoek-based asset management company Namangol Investments, to a bank account held by Alan Rosenberg Investment Services on January 28.That was the same day that N$29,5 million of the money that the SSC had given to Avid to be invested for four months, supposedly with a bank in South Africa, had been transferred from Avid’s bank account to the account of Namangol Investments.A month and a half later, Rosenberg sent some N$15 million back to Josea through a Johannesburg law firm.It is expected that Rosenberg will also be questioned about that transaction – and then further about the status of the remaining N$5 million that should have made up the N$20 million that he had received from Namangol Investments.DIAMOND LINK Murorua indicated yesterday that Rosenberg is now claiming that this N$5 million is with Standard Bank in South Africa.Business associates of Namangol Investments Chief Executive Office Nico Josea were also subpoenaed to appear at the inquiry in Wynberg on Tuesday.These included business partners who were involved in Dean Africa CC and Real Time Investments, which are both firms to which Josea had transferred millions of Namibia dollars after he had received N$14,899 million that came from Rosenberg into his account on March 14.Serge Kabeya’mwana, a principal of Fask Trading, which is another firm that had received N$2,6 million from Josea, was also at the inquiry, Kurz said.In the Companies Act inquiry in the High Court in Windhoek, Josea has given evidence that he bought diamonds with the N$2,6 million that he paid to Fask Trading.He claimed that he took the diamonds to Zurich to sell them there, but returned the stones to Fask Trading after he could not find a buyer.He also denied knowing anything about criminal charges that Kabeya’mwana is claimed to have laid against him in South Africa based on allegations that Josea had swapped some of diamonds before he returned it the Fask Trading.Rosenberg has to return to Wynberg for the continuation of the Insolvency Act interrogation on September 15, Kurz said.Murorua said he planned to contact Rosenberg again today in connection with the money that Rosenberg had promised to repay to the SSC.Then again, Rosenberg has made numerous promises to repay the money in the past month, and also in the two months before, the High Court inquiry has been informed, and he has kept none of those promises.Still, said Murorua: “He made an undertaking to me; he will honour his commitment.”Even if Rosenberg does not keep his word, there may still be large amounts of money available for Avid’s provisional liquidator and ultimately the SSC in various bank accounts in South Africa.A bank account of Dean Africa CC with some N$7,5 million in it has been frozen in South Africa, the Namibian inquiry into the SSC-Avid investment deal has already been informed.The inquiry has also been told that a bank account of Rosenberg holding some N$6 million has been frozen in South Africa.