Schlettwein worth N$15.4 million

…as Agriculture minister declares assets

By Confidente Reporter

Minister of Agriculture, Water and Land Reform, Calle Schlettwein has declared his assets affirming that his total worth is approximately N$15.4 million

At the time of the last public asset declaration in 2016, Schlettwein assets amounted cumulatively to N$8 118 420 million and the total liabilities stood at N$119 964 thousand leaving a positive balance of N$7.998 million.

“Currently, as per the attached assets and liabilities declaration the total assets amount to N$16 429 010 million and the total liabilities stand at N$ 1 001 852 million, leaving a positive balance of N$ 15 427 158 million,” the Minister said.

Explaining how his asset value jumped up in the last five years, Schlettwein said, he had his family residence renovated and extended with a stand-alone flat on the same property.

“This asset was valued by the bank and disclosed at the revalued balance in the declaration with a combined asset value of N$9.650 million (N$7.550 million for the main house and N$2.1 million for the flat).

“In the previous asset declaration this was listed at N$3.538 million, therefore representing an increase of about N$6.1 million. I invested approximately N$3.5 million on the residence, thus the net increase in the asset declaration amounted to N$2.6 million.  The insured value of the household goods increased by N$0.5 million, which is largely attributable to inflation,” Schlettwein explained.

He further noted that he had included in this asset declaration the withdrawal benefit of the Political Office Bearer’s Pension valued currently at N$2.575 million, which was not covered in the declaration of 2016.

In addition to this, he has been saving and reinvesting a part of my personal salary which results in the remaining increase of his net assets.

“The renovations and extension of my house were financed by increasing the mortgage bond on the property from N$119 964 thousand in 2016 to N$1.8 million. Currently the bond balance is N$1 001 852 million. Secondly, two endowment policies held with SANLAM had matured in the period between my first declaration and now and the proceeds thereof were used to in part fund the construction cost. The total termination value was N$526 125 thousand,” he said adding that the cash investment held in a FNB Flexi Fixed Deposit Account of N$519 764 thousand was liquidated and used to pay for construction cost.

The remainder of N$660 000 thousand construction cost was paid from my personal salary and monthly GIPF pension benefits (N$684 thousand net/annum and N$240 thousand net/annum respectively over the 5 year term.).