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Justicia Shipena

Fugitive Victor Malima’s name surfaced in court on Tuesday during the bail testimony of businessman Peter Elindi, one of the accused in the Namcor corruption case. 

According to documents presented to court, a N$9.5 million payment made to Eco Trading CC in July 2022 formed part of the proceeds of unlawful activity. 

Malima, listed as the sole owner of the company, reportedly fled the country through the Wenela border post at Katima Mulilo on Friday, just moments before a nationwide alert to stop him was issued.

Malima is also the founder and owner of Ecofuels and formerly served as both chairman and managing director of Enercon Namibia, the company at the centre of the N$1.6 billion Namcor debt crisis. 

Investigators allege that Malima played a key role in facilitating large volumes of fuel being supplied to Enercon and Ecofuels on unsecured credit from Namcor.

In March 2022, Namcor consolidated Ecofuels’ outstanding debt of about N$73 million into Enercon’s books, which already reflected an unpaid balance of N$35 million. This brought Enercon’s total liability to approximately N$108 million.

Both Ecofuels and Eco Trading CC are registered under Malima, with Ecofuel Investment CC having signed a petroleum product transportation agreement with Enercon in January 2017. 

During Tuesday’s hearing, Peter confirmed the contract and said it was signed to address fuel supply issues when Enercon’s original supplier, TotalEnergies, could no longer meet volume demands from the ministry of defence.

Led by his lawyer Sisa Namandje, Peter testified that Eco Trading and Ecofuels were separate entities, but both belonged to Malima. 

He said Enercon had no control over how Eco Trading used the N$9.5 million payment made in July 2022.

“This was a fuel purchase. Enercon had an agreement with Ecofuel for petroleum product supply. They were independent and made their own decisions,” he said.

The court also examined a N$600,505 payment to the Development Bank of Namibia (DBN), which Peter said was used to repay a loan raised for military infrastructure. 

He confirmed that another N$18 million paid into Enercon’s account by Namcor was part of a N$53 million asset purchase deal, of which N$35 million had already been returned to Namcor.

Namandje questioned Peter about a N$3.6 million payment to Onyeka Clearing and Forwarding CC, a company owned by his brother Malakia Elindi and sister-in-law Lydia—both co-accused. 

Peter said Onyeka handled clearing and procurement for cross-border material during the ministry of defence projects.

“This is a normal transaction. There was no criminal intention. Onyeka helped us with materials crossing borders,” he told the court.

Peter argued that it was not unusual for related companies within a business group to provide logistical and administrative services. 

He added that using such arrangements was often a cost-saving measure.

Peter maintained that all payments were linked to legitimate business operations and denied any involvement in fraud or bribery.

The bail hearing continues today in the Windhoek Magistrates Court.