Competition commission confirms imposing N$1m fine on !Gawaxab

The Namibia Competition Commission (NaCC) has confirmed imposing a N$1 million fine on Bank of Namibia governor Johannes !Gawaxab, Ismael Gei-Khoibeb and Gamma Investments for implementing a merger without the commission’s approval.

This comes after The Issue on Monday reported that !Gawaxab is facing allegations that he sold businesses and shareholdings in a major insurance company to family and friends.

This is despite declaring he had sold such interests to what he termed ‘unrelated parties’.

NaCC spokesperson Dina //Gowases says !Gawaxab and others entered into a settlement agreement following the commission’s investigation, which found that the parties have contravened the Competition Act of 2003, for implementing a merger without the approval of the commission.

“To that end, the parties admitted to the commission that on 10 June 2020, !Gawaxab sold his members interest in Gamma to Gei-Khoibeb, in contravention of the act. The parties have also admitted the transaction amounted to a merger in contravention of the act, and without the prior approval of the commission,” she says.