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Journos, media students zoom in on the investigation of illicit financial flows and money laundering

Journos, media students zoom in on the investigation of illicit financial flows and money laundering

The Namibia University of Science and Technology supported by Bank Windhoek and Capricorn Group, last week hosted a two-day workshop for journalists and media students on the Investigation of Illicit Financial Flows and Money Laundering in Windhoek.

The workshop’s aim was to focus, facilitate, and draw on a multi-stakeholder approach to understanding the problem of corruption and illicit financial flows in Namibia, and how investigative journalists might, or might not be adequate watchdogs in uncovering the extent of the problem, the players and facilitators, and the effect that these corrupt practices are having on the economy.

Speaking at the opening of the workshop, Jacquiline Pack, Bank Windhoek’s Executive Officer for Marketing and Corporate Communication Services highlighted the important role the media and civil society plays in exposing corrupt practices.

“Bank Windhoek, as a responsible corporate citizen with zero tolerance for theft, corruption and illegal activities has a robust system of detection and analysis of fraudulent activities and in compliance with the law reports suspicious transactions as soon as they are suspected or detected. From the basic Know Your Client vetting when dealing with customers to more sophisticated techniques of detection, Bank
Windhoek is committed to play its part in the combating and prevention of illegal activities,” Pack said.

“More importantly, and the reason why we are here is the nation’s reliance on the media to investigate and expose illegal and corrupt practices and illegal financial flows. Often schemes are hatched which fails to be detected by even the strictest safeguards. It then falls on whistle-blowers and good citizens to report or provide information to expose such activities. By investigating and exposing such activities, we are contributing the progress of Namibia by showing the international community that the country takes a pro-active approach in the combating of international crime and corruption.

Professor Reg Rumney, the former director of the SA Reserve Bank Centre for Economics Journalism at Rhodes University, also stressed the media’s role to help educate the public on how they can help to prevent illicit flows by either informing them of their duties as law-abiding citizens and what the law expects of them.

“Capricorn Group recognises the impact that corrupt practices and financial crime can have on the Namibian economy and therefore it proactively manages the risk through amongst others the use of technology and forensic investigations.

Workshops like these supported by Capricorn Group also play an important role in creating general awareness and facilitate collaboration amongst key stakeholders”, said Marlize Horn, Capricorn Group Executive for Brand and Corporate Affairs of Capricorn Group.

Caption: Attendees at the Bank Windhoek and Capricorn Group Illicit financial flows investigative workshop for journalists held last week in Windhoek.


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The Economist accommodates two interns every year, one per semester. They are given less demanding, softer issues to hone their skills, often with a specific leaning to social issues. Today, many of our interns are respected journalists or career professionals at economic and financial institutions. - Ed.

Following reverse listing, public can now acquire shareholding in Paratus Namibia


20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.