In September 2023, Namibia enacted various laws and amendments to try to stave off being greylisted. Parliament amended nine laws, repealed two laws and introduced two new laws. These measures followed a second peer review and mutual evaluation exercise in 2022 by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) as part of the...
Members of the Walvis Bay Backyard Tenants Association celebrated councils’ approval to grant a large portion of land at Farm 37 to its members. Farm 37 is an area on the outskirts of the harbour town, identified in 2015 as a solution to the towns’ land and housing demands. The members who were overwhelmed by...
Martin Endjala Katoro Gold Plc announced that it is withdrawing from investment projects in Namibia and South Africa, due to unfavourable local ownership limitations and a strategic shift towards higher-value ventures. Given the challenges encountered in obtaining evidence of ownership title for the Namibian project, Katoro Gold Plc’s Chief Executive Officer, Louis Coetzee said they...
Katoro Gold Plc says it is withdrawing from projects in Namibia and South Africa, citing unfavourable local ownership limitations and a strategic shift towards higher-value ventures. “Given the challenges encountered in obtaining evidence of ownership title for the Namibian project, we have determined it prudent to cease further investment in this venture,” Katoro Gold CEO...
The Executive Director of the Anti-Corruption Commission (ACC) says one of the key weaknesses in fighting corruption is the lack of ownership by institutions to implement recommendations after a corruption risk assessment was carried out by the corruption buster. Tylvas Shilongo, therefore, says there is a need to develop a national framework on corruption risk...
The proposed new state-owned enterprise (SOE) ownership policy, based on Malaysia’s hybrid model, has received much backlash, with critics saying the government should focus on meritocracy when appointing parastatal heads and boards. This model was put on the table by former minister of public enterprises Leon Jooste and received Cabinet backing with the aim of...
The Minister of Finance & Public Enterprises, Iipumbu Shiimi on Monday officially launched the Public Enterprises Ownership Policy (PEOP), a pivotal step towards enhancing the efficiency and efficacy of public enterprises. The PEOP addresses the reform and regulation of Namibia’s 81 Public Enterprises (PEs), encompassing commercial, non-commercial, and extra-budgetary funds. Total Asset Value of these...
The deputy governor of the Bank of Namibia (BoN), Ebson Uanguta, says Namibia is making reasonable strides towards promoting local ownership of banks. He says the BoN has set a legal framework reserving a minimum threshold stake of 25% in all commercial banks for locals. Speaking at a media event on Tuesday, Uanguta said some...