Army outfit yet to cancel N$2.5m deal

By Kaipaherue Kandjii

The August 26 Logistics board is yet to cancel the N$2.5m joint venture deal signed with an arms dealer, Penda Investments, in May 2023.

The company, 51 per cent owned by the army outfit August 26 Holdings, will harvest a 100 per cent return, although the people who facilitated the deal were suspended and eventually found guilty.
Those suspended and awaiting their fate are the managing director, Salatiel Ntinda and the chief financial officer, Karel Nel.
August 26 Holdings recalled Major-General Petrus Nathinge, who chaired the board when the deal was signed. Nathinge is also awaiting his fate.

Future Joint-ventures
A copy of the May 30 meeting’s minutes shows that the August 26 Logistics board had no issues with the joint venture but ordered management to devise a delegation of authority policy for board approval for future ventures.
The only board member who openly condemned the deal is Sarel Oberholzer, who owns 25 per cent of shares in August 26 Logistics.
The other members – Major-General Nathinge, army chief of staff Retoveni Muhenje, Kelvin Thembikozi Johanna Shikongo, Nel and Ntinda – did not openly oppose the deal.

Johanna represents the late Mathew Shikongo’s estate that owns the other 24 per cent.

The board also directed management to draft repayment terms to be clarified in acknowledging the debt.

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