LPM accuses Namdeb of insider trading over assets
Landless People’s Movement (LPM) leader Bernadus Swartbooi has accused Namdeb Diamond Corporation of insider trading.
According to him, former executives of the company buy aged assets - which still have the potential to contribute significantly to the economy - for a song.
Swartbooi made the claims this week during a press conference, and accused the company of withholding key information that government – as its majority shareholder - should be aware of.
“The mafia mode in closing and selling mines is questionable. It is being sold with the consent of the shareholder, it is being sold to former colleagues and the entire thing is becoming a private sector enterprise. These companies have no requirements that they must have a state company, so there is a wholesale and privatisation of the mining sector led by the Namibian state and De Beers [Namdeb’s parent company],” he said.
Namdeb spokesperson Shangelao Ndadi dismissed Swartbooi’s claims, and said the company was a responsible corporate citizen.
“The disposal of Namdeb assets is governed by policies and procedures that mitigate against any biases that could form part of disposing of any company assets through the transaction of sales by tender and auctions.
“Any disposal related to minerals rights would follow a process via the ministry of mines and energy as the regulator,” she said.
Questions
Swartbooi questioned why Namdeb’s ageing mining assets were sold cheaply, but then suddenly gain a new lease on life under new operators.
He also wanted to know why the company does this while asking government to shield it from its tax obligations.
“What [makes it] not economical for the company to mine there? Does that make sense, but it makes sense for others to mine [there]? So, they sell, they close it; they sell it cheaply to people who have inside information. Then they keep telling government that we don’t have life-of-mine, unless you waive tax royalties,” Swartbooi said.
Namdeb, according to the politician, should invest in equipment that would allow it to extend its mining operations, instead of seeking tax breaks.
“If this company is so serious, why don’t they acquire the same equipment that Debmarine has, and do mining anyway in the sea? And if they tell us much of the resources is in the sea, why should the Sperrgebiet be closed off? For what?”
Withholding information
Swartbooi also accused the diamond company of withholding information regarding the discovery of other minerals.
“We are told, it seems, they may have discovered some other ores, lithium and other things that they are keeping there. That’s what we are told, because all the technical work is controlled by them.
“It is hidden, it seems, that there is lithium and other good minerals. So that tomorrow, apart from diamond mining, perhaps the mines now also have access to two or three other minerals,” he claimed.
According to him, former executives of the company buy aged assets - which still have the potential to contribute significantly to the economy - for a song.
Swartbooi made the claims this week during a press conference, and accused the company of withholding key information that government – as its majority shareholder - should be aware of.
“The mafia mode in closing and selling mines is questionable. It is being sold with the consent of the shareholder, it is being sold to former colleagues and the entire thing is becoming a private sector enterprise. These companies have no requirements that they must have a state company, so there is a wholesale and privatisation of the mining sector led by the Namibian state and De Beers [Namdeb’s parent company],” he said.
Namdeb spokesperson Shangelao Ndadi dismissed Swartbooi’s claims, and said the company was a responsible corporate citizen.
“The disposal of Namdeb assets is governed by policies and procedures that mitigate against any biases that could form part of disposing of any company assets through the transaction of sales by tender and auctions.
“Any disposal related to minerals rights would follow a process via the ministry of mines and energy as the regulator,” she said.
Questions
Swartbooi questioned why Namdeb’s ageing mining assets were sold cheaply, but then suddenly gain a new lease on life under new operators.
He also wanted to know why the company does this while asking government to shield it from its tax obligations.
“What [makes it] not economical for the company to mine there? Does that make sense, but it makes sense for others to mine [there]? So, they sell, they close it; they sell it cheaply to people who have inside information. Then they keep telling government that we don’t have life-of-mine, unless you waive tax royalties,” Swartbooi said.
Namdeb, according to the politician, should invest in equipment that would allow it to extend its mining operations, instead of seeking tax breaks.
“If this company is so serious, why don’t they acquire the same equipment that Debmarine has, and do mining anyway in the sea? And if they tell us much of the resources is in the sea, why should the Sperrgebiet be closed off? For what?”
Withholding information
Swartbooi also accused the diamond company of withholding information regarding the discovery of other minerals.
“We are told, it seems, they may have discovered some other ores, lithium and other things that they are keeping there. That’s what we are told, because all the technical work is controlled by them.
“It is hidden, it seems, that there is lithium and other good minerals. So that tomorrow, apart from diamond mining, perhaps the mines now also have access to two or three other minerals,” he claimed.
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