!Gawaxab mum on Allegrow Fund shares

• By Kaipaherue Kandjii

The Bank of Namibia governor, Johannes !Gawaxab, tightlipped after evidence emerged that he has shares in Allegrow Fund, the parent company of Fabupharm, a firm at the centre of a multi-million-dollar tender two years after his appointment against the law.

In June 2020, Gawaxab was appointed governor of the Bank of Namibia.
By law, he is not allowed to earn income other than his job perks to avoid conflicts of interest and bias.
However, two years after his appointment, he still owned shares in a firm, Allegrow Fund, which received a lucrative tender worth N$451 million from the Central Procurement Board of Namibia (CPBN) to supply medical goods to the Ministry of Health and Social Services.

The records submitted to the CPBN, which are in Confidente’s possession, show that !Gawaxab owns 0.80 per cent of the shares in Allegrow Fund, which, in turn, owns 35 per cent of its subsidiary, Fabupharm (Pty) Ltd.
The rest of Allegrow Fund’s shareholders include at least 10 pension funds and an individual with ties to Oryx Properties, a large property firm that owns shopping malls in Namibia.

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