Namibia: Fishcor's Bank Accounts Unfrozen

The Bank of Namibia has unfrozen the bank accounts of the National Fishing Corporation (Fishcor), which were temporarily placed in limbo due to suspected violations of financial regulations.

This was announced by Fishcor's interim board chairperson Heinrich Mihe Gaomab in a statement issued on Wednesday.

Gaomab said the company would now attend to its "urgent and pressing financial and operational matters".

Fishcor's bank accounts were frozen by the Bank of Namibia's Financial Intelligence Centre (FIC) in February for alleged breaches of banking exchange regulations - alleged incidents that took place last year.

This followed revelations of how the corporation was allegedly used to fund president Hage Geingob's 2017 Swapo Congress leadership battle through law firms.

As a result of the FIC action, Fishcor was unable to pay its employees for the past months because it had no access to its funds.

Gaomab yesterday said the company offered "full cooperation" to the Bank of Namibia as it conducted its investigations.

"Fishcor expresses its full confidence in the integrity of the investigations and expresses its continued cooperation to the investigations launched against the accounts associated with Fishcor and further maintains its support to the ethical pursuit and regulatory intervention of any investigations due in terms of the governance mandate bestowed upon the temporary board," he said.

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