Fighting ongoing across DRC's Goma, Rwanda troops in city, says UN
Namibian oil company’s chief is cleared of fraud charges
8:35 CAT | 12 Aug 2024
File photo: Namcor
- Charges stemmed from transfer of funds to Sungara Energies
- Mulunga has been suspended with full pay since April 2023
An independent inquiry acquitted the managing director of National Petroleum Corp. of Namibia on charges related to the transfer of funds to buy an oil block in Angola.
Immanuel Mulunga was found not guilty of fraud and breach of employment contract in an independent disciplinary hearing headed by former Supreme Court judge Gerhard Maritz, a spokesperson for Namcor confirmed by phone.
The charges stemmed from the transfer of N$123 million ($6.7 milllion) from a Namcor account to Sungara Energies, a joint venture between Namcor and two other partners, to purchase an oil block owned by Angola’s state-owned Sonangol.
Maritz concluded that Namcor failed to prove that Mulunga’s actions caused any prejudice to the company and acquitted him of all charges. Mulunga has been on suspension with full pay since April 2023.
Source: Bloomberg
Show comments
Also read
Leave a Reply
Be the First to Comment!
You must be logged in to post a comment.
You must be logged in to post a comment.