Policy analyst Dr. Marius Kudumo has expressed concerns about how those entrusted with overseeing the management of public institutions are undermining the principles of good corporate governance.
Dr. Kudumo’s expert opinion adds significant weight to the growing scepticism surrounding the integrity of Namibia’s anti-corruption efforts.
Good corporate governance is about ensuring that the duties and responsibilities of board members and management are clearly delineated and respected.
Dr. Kudumo’s statement comes in the wake of an investigation by the ACC, which in its report suggested that the suspended Managing Director of NAMCOR, Immanuel Mulunga, acted in the best interest of the company and the country when he authorised the transfer of US$6.7 million to Angola Sungara Energies without prior board approval.
He says clear boundaries should have been set to prevent unilateral decisions without proper checks and balances.
Dr. Kudumo further emphasised that the impression given by the ACC report is deeply troubling, as it raises questions about the effectiveness of the state-owned enterprise systems and processes, potentially undermining public trust in the fight against corruption.
The Corporate Governance expert did not mince words in also questioning the NAMCOR Board’s role in the matter.
In his view, the Board’s apparent failure to take timely and decisive action is a matter of concern, reflecting poorly on their commitment to uphold corporate governance principles.
The PDM has also aligned itself with Dr. Kudumo’s sentiment, demanding full accountability in the investigation.
The party’s Shadow Minister of Finance, Nico Smit, says the ACC’s verdict on the NAMCOR MD’s case poses a significant threat to the public’s faith in the anti-corruption institutions”.
PDM calls for an independent and thorough review of the investigation’s findings.
The PDM’s call for accountability extends to the entire NAMCOR Board of Directors, stressing that they too must be held responsible for any actions contributing to the breach of corporate governance.
Amidst the growing calls for accountability, the fate of NAMCOR’s Managing Director hangs in the balance, leaving the public questioning whether justice will prevail and whether anti-corruption watchdogs will reclaim public trust amidst public perceptions of corruption.
Neither Mulunga nor the board Chairperson were available at the time of the broadcast of this piece.
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