N$3,3m pension fund fraud

EIGHT people accused of having had a hand in an alleged multi-million-dollar fraud scheme involving pension funds at the City of Windhoek made a first appearance in the Windhoek Magistrate’s Court late yesterday.

Seven of the eight suspects were arrested on Wednesday. The Police took the eighth into custody yesterday.By late yesterday afternoon, following their first court appearance, two of the suspects were released on bail of N$50 000 each, while a third went free on bail of N$5 000.It is understood that the eight are accused of having been involved in a fraud scheme at the City of Windhoek and the City’s pension fund administrators, Alexander Forbes, between October 2004 and February 2005.More than N$3,34 million is alleged to have been lost as a result of the alleged fraud.It is alleged that the eight were involved in misleading members of the City of Windhoek’s pension fund to persuade them to borrow money on the pretext of settling old debts against their pension fund contributions so that they could obtain new loans against the pension funds.The old debts were never settled, however, while new loans were taken out against the pension funds in the names of members who allegedly never received this money either, it is claimed.The seven accused who appeared before Magistrate Helvi Shilemba yesterday following their arrest on Wednesday are: * Sharon Desiree Ramann (44) of Khomasdal, * Hendrik Fransisko Davis (40) of Hochland Park in Windhoek, * Jan Johannes Jansen (46) of Windhoek, * Jeremia Metaatu (41) of Wanaheda in Windhoek, * Iyambo Severen (39) of Windhoek’s Ombili residential area, * Alta Norma Visser (41) of Windhoek North, and * Olga Moller (31) of Rehoboth’s Block A area.Appearing with them was the eighth accused, Desmond Gregory Stramis (44) of Khomasdal, who was arrested yesterday.Public Prosecutor Nuncia Sikongo told Magistrate Shilemba that the State would agree that Visser be granted bail of N$5 000.Each of the other accused could be granted bail of N$50 000, Sikongo added.The Magistrate granted them bail of those amounts.She added that if they are released on bail, the accused have to hand their travel documents to the Police officer investigating the case.They also have to report at the Windhoek Police station each Monday and Friday before 08h00 and between 17h00 and 19h00, she ordered.Shortly before the court’s closing time yesterday, two amounts of N$50 000 each had been deposited with the court in order to secure the release of Moller and Stramis, while N$5 000 was also deposited to have Visser released on bail.Defence lawyer Jan Wessels, who is representing Metaatu, Severen and Visser, told the Magistrate during the appearance that he would be formally applying next week for his clients’ bail amounts to be reduced.The case has been postponed to August 1 for further investigation.The Police took the eighth into custody yesterday.By late yesterday afternoon, following their first court appearance, two of the suspects were released on bail of N$50 000 each, while a third went free on bail of N$5 000.It is understood that the eight are accused of having been involved in a fraud scheme at the City of Windhoek and the City’s pension fund administrators, Alexander Forbes, between October 2004 and February 2005.More than N$3,34 million is alleged to have been lost as a result of the alleged fraud.It is alleged that the eight were involved in misleading members of the City of Windhoek’s pension fund to persuade them to borrow money on the pretext of settling old debts against their pension fund contributions so that they could obtain new loans against the pension funds.The old debts were never settled, however, while new loans were taken out against the pension funds in the names of members who allegedly never received this money either, it is claimed.The seven accused who appeared before Magistrate Helvi Shilemba yesterday following their arrest on Wednesday are: * Sharon Desiree Ramann (44) of Khomasdal, * Hendrik Fransisko Davis (40) of Hochland Park in Windhoek, * Jan Johannes Jansen (46) of Windhoek, * Jeremia Metaatu (41) of Wanaheda in Windhoek, * Iyambo Severen (39) of Windhoek’s Ombili residential area, * Alta Norma Visser (41) of Windhoek North, and * Olga Moller (31) of Rehoboth’s Block A area.Appearing with them was the eighth accused, Desmond Gregory Stramis (44) of Khomasdal, who was arrested yesterday. Public Prosecutor Nuncia Sikongo told Magistrate Shilemba that the State would agree that Visser be granted bail of N$5 000.Each of the other accused could be granted bail of N$50 000, Sikongo added.The Magistrate granted them bail of those amounts.She added that if they are released on bail, the accused have to hand their travel documents to the Police officer investigating the case.They also have to report at the Windhoek Police station each Monday and Friday before 08h00 and between 17h00 and 19h00, she ordered.Shortly before the court’s closing time yesterday, two amounts of N$50 000 each had been deposited with the court in order to secure the release of Moller and Stramis, while N$5 000 was also deposited to have Visser released on bail.Defence lawyer Jan Wessels, who is representing Metaatu, Severen and Visser, told the Magistrate during the appearance that he would be formally applying next week for his clients’ bail amounts to be reduced.The case has been postponed to August 1 for further investigation.