No news on ODC probe

THERE are still no answers on what happened to the missing N$100 million of the Offshore Development Company (ODC) – three months after the investment came under investigation.

Minister of Trade and Industry Immanuel Ngatjizeko yesterday told the National Assembly that there was still “no verifiable information” on where the money is nor any “convincing reasons” for the delay in its repayment. Ngatjizeko however came clean on what the ODC board and management have not admitted to date – that there are no agreements between the ODC and Great Triangle Investments and Mortgage Bond Financial Services, with which the money was “invested”.”So far I have only seen a copy of an investment agreement between the ODC and NDC.This agreement has been entered into between the management of the two organisations,” said Ngatjizeko in response to questions from the Congress of Democrats (CoD) Nora Schimming-Chase.Two weeks ago the ODC Board said in a statement it believed that the investment deal was “orchestrated” and “fraudulent”.Of the total amount invested by the ODC, N$55 million came from the NDC – money that it had received from the Ministry of Trade and Industry for capital projects.Ngatjizeko said as far as he had been informed the NDC Board never consulted nor granted approval for the investment of its money through the ODC.As the Minister of Trade and Industry he was also not expected to sign off or be privy to any investments made by either of the two companies.At the time the investments were made more than two years ago, he was not the Minister.Ngatjizeko said he bore no knowledge of whether former Ministers were aware of the transactions.”So I can only speak for myself.I have not been informed about such investments until the story was published in the media at the end of July 2005,” said Ngatjizeko.Ngatjizeko said the Ministry of Trade was only responsible for providing the ODC with adequate funding to sustain its investment promotion activities.On a concern of Schimming-Chase that ODC and Ministry of Trade officials were involved in the investigations to track down the money, Ngatjizeko said he had no information to confirm or deny any alleged corruption or self-enrichment.”The whereabouts and trail of funds invested as well as the parties that are involved in any way is the subject of the investigations that have been launched and are still in process.The outcome of the ongoing investigations is expected to form the basis for any actions to be taken,” said Ngatjizeko.Great Triangle Investments is registered in Botswana, but its principal director is a South African citizen Phillip Fourie.The ODC Board admitted earlier this month that Fourie, along with a partner, South African Tertius Theart, had “duped” them into investing with them.Ngatjizeko however came clean on what the ODC board and management have not admitted to date – that there are no agreements between the ODC and Great Triangle Investments and Mortgage Bond Financial Services, with which the money was “invested”.”So far I have only seen a copy of an investment agreement between the ODC and NDC.This agreement has been entered into between the management of the two organisations,” said Ngatjizeko in response to questions from the Congress of Democrats (CoD) Nora Schimming-Chase.Two weeks ago the ODC Board said in a statement it believed that the investment deal was “orchestrated” and “fraudulent”.Of the total amount invested by the ODC, N$55 million came from the NDC – money that it had received from the Ministry of Trade and Industry for capital projects.Ngatjizeko said as far as he had been informed the NDC Board never consulted nor granted approval for the investment of its money through the ODC.As the Minister of Trade and Industry he was also not expected to sign off or be privy to any investments made by either of the two companies.At the time the investments were made more than two years ago, he was not the Minister.Ngatjizeko said he bore no knowledge of whether former Ministers were aware of the transactions.”So I can only speak for myself.I have not been informed about such investments until the story was published in the media at the end of July 2005,” said Ngatjizeko.Ngatjizeko said the Ministry of Trade was only responsible for providing the ODC with adequate funding to sustain its investment promotion activities.On a concern of Schimming-Chase that ODC and Ministry of Trade officials were involved in the investigations to track down the money, Ngatjizeko said he had no information to confirm or deny any alleged corruption or self-enrichment.”The whereabouts and trail of funds invested as well as the parties that are involved in any way is the subject of the investigations that have been launched and are still in process.The outcome of the ongoing investigations is expected to form the basis for any actions to be taken,” said Ngatjizeko.Great Triangle Investments is registered in Botswana, but its principal director is a South African citizen Phillip Fourie.The ODC Board admitted earlier this month that Fourie, along with a partner, South African Tertius Theart, had “duped” them into investing with them.