Amushelelo loses foreign currency investment scheme assets

Assets linked to an investment scheme that was operated by activist Michael Amushelelo have been declared forfeited in terms of Namibia’s Prevention of Organised Crime Act.

Eight motor vehicles and money in 13 bank accounts make up the assets that Windhoek High Court judge Thomas Masuku declared forfeited to the state on Friday.

Prosecutor general Martha Imalwa asked the court to declare the cars and funds in bank accounts of a trust and five corporate entities controlled by Amushelelo forfeited to the state based on allegations that the assets were acquired through fraud, money laundering, tax evasion and racketeering.

The cars include several luxury vehicles acquired by Amushelelo while he was running an investment scheme, touted as trading in foreign currency, in 2018 and 2019.

The cars include a Mercedes-Benz AMG E63S, a Mercedes-Benz AMG A45, a Range Rover Sport 5.0 V8, an Audi Q3, an Audi A4 and a two BMW vehicles.

A total amount of about N$13 million was in the bank accounts in July 2020, Masuku noted in his judgement.

Masuku also recorded that the prosecutor general alleged that Amushelelo used investors’ money to fund a lavish lifestyle for himself and that he did not use investors’ money for trading in foreign currency, contrary to promises made while promoting his ‘Project One Million’ investment scheme through his social media accounts.

Masuku remarked that in the case before him, Amushelelo did not deal head-on with Imalwa’s detailed and “damning allegations”, which were supported by documentary evidence.

With Amushelelo not taking the court into his confidence in response to Imalwa’s allegations, it was proven on a balance of probabilities that the assets involved are the proceeds of fraud and that Amushelelo, his family trust and corporate entities controlled by him committed money laundering and tax evasion, Masuku found.

Amushelelo and a business partner, Gregory Cloete, are facing 365 criminal charges in the High Court in connection with an alleged fraudulent investment scheme that they ran during 2018 and 2019.