Namibia: Gustavo Parts Ways With Investec

INVESTEC Asset Management Namibia has lost two of its top leaders - the managing director and the clients' director - all accused of alleged corruption and receiving kickbacks in Namibia's biggest fishing sector scandal.

In this scandal, top government officials and their cronies are said to have received millions of dollars in exchange for fishing quotas.

Gwynneth Rukoro, the spokesperson of Investec, last week confirmed the resignation of Ricardo Gustavo, the company's clients' director.

Investec manages at least N$17,2 billion of state funds - Government Institutions Pension Fund (N$16 billion), Social Security Commission (N$800 million), Bank of Namibia (N$100 million) and N$300 million from the Guardian Fund.

Before his resignation, Gustavo was suspended after news broke that he was implicated in the corruption scandal. At that time, Investec said it was due to the serious nature of the allegations that he was being suspended.

Investec had also said it was conducting an internal investigation on the matter. However, it is yet to release its findings.

Former managing director James Hatuikulipi is also implicated in the Fishrot case.

Rukoro said the company has received and accepted the resignation.

Gustavo was arrested late November last year, with former fisheries minister Bernhard Esau. He and Esau have been in prison since. His LinkedIn profile says he was with Investec Namibia since 2013 until his suspension and arrest last year.

His profile also shows that he worked at Alexander Forbes, as a business development manager. The same profile also shows that he is an 'entrepreneur' at Tunga Investments, where he has been since 2012.

The Business and Intellectual Property Authority business registry shows that at least four companies bear the name Tunga Investments and The Namibian is unable, at this stage, to accurately tell which company he worked for or belongs to him, but all companies were registered around 2012 or earlier.

One of the companies that would be close to him is Tunga Investment Holdings (Pty) Ltd, a construction and property development company registered with the Construction Industries Federation of Namibia.

Gustavo's co-accused in the corruption case includes former justice minister Sacky Shanghala, former fisheries minister Esau, Tamson 'Fitty' Hatuikulipi, Pius Mwatelulo, and the former chief executive officer of the National Fishing Corporation of Namibia, Mike Nghipunya.

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