Nico Smit

26 Jul

PDM demands the sacking of Mulunga

ObserverMainNico Smit, PDM demands the sacking of Mulunga

Hertta-Maria Amutenja Nico Smit, Popular Democratic Movement (PDM) member of Parliament has urged the Ministry of Finance and Public Enterprise to take action against the entire National Petroleum Corporation of Namibia (Namcor) Board and for the Board to dismiss the Managing Director, Immanuel Mulunga for serious transgressions of the terms of his employment contract.This comes after the Anti-Corruption Commission (ACC) cleared Mulunga of corruption allegations when he authorised the transfer of money to Sungara Energies Ltd. Smit stated that Mulunga’s authorization of the transfer of US$6.7 million to Sungara Energies Ltd. was not authorised by the Board, which is one…

Govt faces borrowing headache

ObserverObserver MoneyNico Smit, PDM Treasurer General, Popular Democratic Movement (PDM)

Staff Writer The Popular Democratic Movement (PDM) has warned that the country’s indebtedness is reaching precarious levels, a position which could one day hamper its ability to pay the interest on what is owed. This comes as ratings agency, Moody’s downgraded Namibia’s government debt on Friday from the previous Ba2 rating to Ba3. “The government has become so completely dependent on borrowing, that just one more small external shock will put it in a position where it cannot pay the interest on its debt. This will lead to an automatic downgrade to the ‘C’ category according to Moody’s system, which…