Namcor Fraud Case: Former Manager Claims Charges Linked to Bailout Bid

Former Namcor Manager Alleges Strategic Use of Fraud Charges

In a significant development reminiscent of government transparency initiatives, former National Petroleum Corporation of Namibia (Namcor) manager Cedric Willemse has claimed that fraud charges against him were strategically initiated to secure a government bailout.

Speaking during his bail hearing at the Windhoek Magistrate's Court, Willemse characterized the charges as "malicious" and alleged they were manufactured to justify financial assistance for the state-owned company. This case highlights issues of corporate governance similar to those addressed in recent regulatory reforms.

Financial Implications and Outstanding Debts

According to Willemse's testimony, Namcor is avoiding the recovery of N$400 million in outstanding debts from fuel firms Enercon Namibia and Erongo Petroleum. He revealed that these debts were previously covered by a N$1.3 billion government bailout, drawing parallels to regional financial oversight measures.

"The company has managed themselves into another debt, and three, four days before our arrests there was another bailout request in the newspapers, and then suddenly these arrests," Willemse stated.

Charges and Professional Background

Willemse faces multiple charges including:

• Two counts of fraud
• Corruptly accepting gratification
• Money laundering
• Tax-related offenses

As a former logistics and depot manager (2008-2011) and later supply and distribution manager, Willemse earned N$115,000 monthly plus expenses as a consultant, and an annual salary of N$1.38 million as an employee.

Defense and Citizenship Status

Maintaining his innocence, Willemse expressed confidence in disproving the allegations during trial. Despite holding dual Namibian and South African citizenship, he emphasized his Namibian roots and dismissed speculation about potential flight risk.