Hertta-Maria Amutenja
Businessman Malakia Elindi, who is worth N$118 million, claims his arrest could cost him to lose N$18 million in a mining deal with a foreign investor.
Malakia, one of the accused in the Namcor corruption and bribery case, made this revelation during his ongoing bail application in the Windhoek Magistrates Court this week.
He told the court that he was about to finalise an investment agreement for uranium (EPL 8289) through his company, Zoya Minerals CC, when he was arrested.
“I was also in pain with the timing of the arrest. I was just on the verge of signing an agreement with the investor on the EPL 8289 of uranium. The state could have waited for another two weeks. While they are making copies, I could have been able to sign the agreement with the investor,” he said.
Malakia explained that the investor had signed a letter of intent and was planning to list the venture on a foreign stock exchange.
He said deal would have seen the investor acquire rights within the EPL and finance drilling operations.
He testified that a law firm and a coastal-based geologist had already been engaged to start preparing technical reports.
He claimed the agreement would have benefitted both him and the country.
During Thursday’s hearing, Malakia, led by his lawyer Sisa Namandje, declared that his personal and business assets, acquired between 2004 and 2024, are valued at over N$118 million.
He said his investments span property, logistics, mining, and entertainment production.
He also holds shares in Bank Windhoek and G-Share Holdings.
He told the court he bought 700 ordinary Bank Windhoek shares around 2016 and 2017 through Capricorn Investments.
Malakia, 52, is the younger brother of co-accused businessman Peter Elindi. He is married to Lydia Elindi, who is also a co-accused and currently in custody.
He said his family, including five children, three of whom are minors—live in Windhoek.
His businesses reportedly employ 26 people. He holds a diploma in business administration and has been self-employed for years.
Namandje argued Malakia poses no flight risk and that his continued detention, along with that of his wife, would harm their family and the livelihoods of their employees.
“He has no ties outside of Namibia. All his business, family and financial interests are here,” Namandje said.
The state is opposing bail, citing the seriousness of the charges, the scale of financial misconduct, and the risk of interference with investigations.
Malakia’s arrest is part of a probe into corruption and bribery at the National Petroleum Corporation of Namibia (Namcor).
The case centres on a N$53 million transaction involving the purchase of nine service stations from Enercon Namibia, formerly chaired by fugitive businessman Victor Malima.
The state alleges the deal involved fraudulent asset valuations and bribes.
Court documents revealed that Enercon owed Namcor about N$108 million.
A repayment of N$35 million was allegedly made, while N$18.2 million remained in Enercon’s accounts.
From that amount, N$9.5 million was paid to Malima’s Eco Trading CC, with the funds allegedly used for personal benefit and luxury purchases.
Malakia is also linked to Onyeka Clearing and Forwarding CC, a logistics firm he co-owns with his wife.
The company received N$3.6 million from Enercon, which Peter earlier testified was for services during defence infrastructure projects.
Namandje argued that this was a legitimate transaction.
“There is no evidence of criminal conduct in this payment,” he said.
Malakia maintains his innocence and is seeking bail to return to his family and businesses. The hearing continues today at 10h00.
