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 Niël Terblanché Eight people accused of a N$830 million tax refund scam will return to the High Court in Windhoek on September 12 for a hearing to determine whether money owed to the Namibian Revenue Agency may still be taken from their salaries. The eight applicants are among the 1 168 people involved in the tax refund scheme. The accused work for a number of governmental and private organisations. At the time of its discovery, the scam had costed the Namibian fiscus N$833 million. The eight applicants, Joseph Eben Tuzembeho, Herbert Tjongarero, Vivian Upingasana, Edward Louis, Katamundo Kahorongo, Dawid Mootu,…

CHAMWE KAIRA Namibian shareholders sold shares worth N$288 136 on the recent Nedbank odd-lot Offer. An odd-lot offer is a ‘standard’ corporate action undertaken by JSE-listed companies whereby the company makes an offer to repurchase its shares from eligible shareholders holding less than 100 shares. Nedbank Namibia’s Manager of Communications and PR, Selma Kaulinge explained that with regard to the sell option, as this was an elective corporate event, holders who did not make an election were automatically regarded as having elected and accepted the cash consideration for which shareholders are required to return their original share certificates for payment.…

The Bank of Namibia’s stock of international reserves increased in June to N$52.9 billion in June relative to the N$49.6 billion at the end of May 2023. The central bank said the rise was on account of diamond sales proceeds, Customer Foreign Currency (CFC) placements as well as net commercial bank inflows as a result of portfolio investment inflows. “The foreign reserves translated into 5.5 months of import cover at this level remaining above the international benchmark adequate to support the currency peg between the Namibia Dollar and the South African Rand,” the central bank said. Namibia’s growth performance is…

CHAMWE KAIRA Swakop Uranium has year to date spent over N$4.4 billion on the procurement of consumables and services directly from the Namibian market. Year to Date refers to the period from the beginning of the current year to a specified date before the year’s end. The company said it has been proactively developing the SME sector in the Erongo region. “It currently serves as the single most important partner to old and emerging SMEs in the region,” the company said. In 2022, the company injected over N$3.2 billion dollars into the local economy through local procurement, tax and royalties,…

CHAMWE KAIRA The construction of new nuclear reactors across the world spells good news for the Namibian nuclear industry. In 2022 Kazakhstan produced the largest share of uranium from mines (43 percent of world supply), followed by Canada (15 percent) and Namibia (11 percent). “Construction is underway on a total of 59 reactors worldwide. In Indonesia, Norway, the Philippines, and Sri Lanka, plans are currently being considered to introduce nuclear power plants, including both conventional and Small modular reactors (SMRs) into their national energy mixes,” said Brandon Munro, Chief Executive Officer of Bannerman Energy. The Australian listed uranium development company,…

Namibia exported goods worth N$4.9 billion to African markets in June. At the same time, the country sourced goods from the rest of Africa worth N$4.9 billion, the Namibia Statistic Agency said. In terms of regional composition, the Southern African Customs Union (SACU) emerged as the largest export market during the month of June, contributing 38.8 percent to total exports. The Organisation for Economic Co-operation and Development (OECD) ranked second with a market share of 23.7 percent while the European Union and the South African Development Community excluding SACU accounted for 20.7 percent and 17 percent, respectively. Common Market for…