Zorena Jantze
THE State has opposed the granting of bail to Coenraad Botha and his wife Charlotte Murove, who have been rearrested and charged with 64 counts in connection with an alleged illegal investment scheme involving some N$163 million.
The couple were rearrested last Friday, 15th March 2024, after a court found that the couple’s arrest on Monday had been without a warrant.
In their latest court appearance on Monday, 18th March 2024, the couple were remanded in custody, with the bail appearance set for Wednesday, 20th March 2024.
The public prosecutor in the matter, Bernadine Shimutwikeni, explained that the two made their first appearance on 64 charges relating to fraud and conducting a banking business without authorization. She further requested that the matter be postponed to 31st July 2024, for police investigations. Shimutwikeni said that the state opposes bail on four grounds, which include the seriousness of charges coupled with the state case, that the accused may abscond and not stand trial, fear that the accused will interfere with further police investigations in the matter, and that it is not in the interest of the public nor the administration of justice for the accused to be granted bail.
The state raised concerns that the two might not stand trial as the two were first arrested at a border post as they were leaving the country to allegedly visit friends in South Africa.
The 64 counts relate to 31 counts of conducting a banking business, namely (CBI Exchange Namibia), without having a licence to do so, and 31 counts of money laundering, which is in contravention of the Prevention of Organised Crime Act (POCA).
In addition to this, the couple are also charged with one count of conducting a Ponzi scheme, in which money was allegedly solicited from investors and earlier investors are repaid with money received from later investors. The couple are also charged with one count of fraud for allegedly misleading investors between 2018 and 2022 as they received money from them without having the authorization to do so.
Botha operated an investment scheme purportedly functioning as a cryptocurrency exchange under the entity CBI Exchange Namibia, where he holds a directorial position. Legal disputes between the Bank of Namibia and CBI Exchange Namibia have unfolded in both the High Court and the Supreme Court. The central bank has accused CBI Exchange Namibia of unlawfully accepting deposits from the public without possessing the necessary banking license to do so.
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