The government has agreed to provide N$1,3 billion to bail out the financially crippled National Petroleum Corporation of Namibia (Namcor) as a short-term measure. The national oil parastatal made a N$700-million loss in the last financial year. The Cabinet initially rejected a proposal made in October to bail Namcor out. However, in a letter addressed...
Namcor kry N$1,3 miljard reddingsboei Plaaslike berigte lui dat die regering ingestem het om ‘n reddingsboei van 1,3 miljard Namibiese dollar aan Namcor toe te staan. Dit kom na die staatsonderneming in die vorige boekjaar ‘n verlies van 700 miljoen dollar aangeteken het. Hy skuld ook 1,9 miljard dollar aan verskaffers. Die besluit verteenwoordig ‘n...
An arrest warrant has been issued for Zimbabwean businessman Cosmas Mukaratirwa, the father of the five-year-old whose company initially won a N$1,3 billion medical tender, after he failed to appear in the Windhoek Magistrate’s Court yesterday on another matter. Mukatarirwa was due in court after he was summoned in a criminal case for supplying unregistered...
A joint venture has threatened the National Petroleum Corporation of Namibia (Namcor) with a liquidation process if its debt of N$13 million is not settled. The joint venture, comprising Ndakalimwe Investments and Revival Construction and Engineering, was contracted to construct a high-density polyethylene pipeline at Walvis Bay in January. The venture is, however, yet to...
Etosha se paaie sal N$1,3 miljard kos Die Namibiese Padfonds-administrasie het ‘n ooreenkoms van verstandhouding met die ministerie van Omgewing, Bosbou en Toerisme onderteken vir die opgradering van die Etosha Nasionale Park in die noorde van die land. Die park se paaie het die afgelope tyd die nuus gehaal omdat hulle in so swak toestand...
In an urgent application, businessman Shapwa Kanyama has challenged the decision of the Ministry of Finance and Public Enterprises’ review panel to award a N$1,3-billion pharmaceutical supply contract to Cospharm Investments, who has a five-year-old as a 51% shareholder. The application was submitted to the High Court on Friday. Cospharm is 51% owned by a...
The deputy minister of finance and public enterprises, Maureen Hinda-Mbuende, has questioned the awarding of a N$1,3 billion tender to a company that has a five-year-old as a majority shareholder. The pharmaceutical medical supply tender was recently awarded to Cospharm Investment (PTY), a company with 51% ownership held by the child. Cosmas Mukaratirwa, the father,...