Businesswoman defrauds own company

27 September 2019 Author  
Businesswoman Sharon Neumbo who was arrested last Friday on fraud allegations is alleged to have paid herself salaries of up to N$170,000 on some occasion without authorisation from fellow board members.
Sources told the Windhoek Observer this week that Neumbo was trying to smear her business associates in order to hide her fraudulent activities.
According to people familiar with the work of Cassidra Fishing, the company’s directors are entitled to a monthly salary of N$25,000, but bank statements obtained by the Windhoek Observer shows that Neumbo withdraw various amounts some as high as N$170,000 without authorisation.
Investigations by the Windhoek Observer revealed that Neumbo has not been honest with her fellow directors in her financial dealings which triggered her arrest last week.
This is contrary to allegations in the media that her arrest could be a “tit-for-tat” move by a politically aligned clique who want to stop her from cooperating with investigations into questionable fishing deals.
Sources said further arrests could be imminent after it was discovered that Neumbo had paid N$200,000 purportedly into an account belonging to a charity organisation.
“When the payment was discovered board members traced the owner of the so-called charity who blocked their mobile phones,” a source told the Windhoek Observer.
“She is now trying to fight everyone in the fishing industry when the fact of the matter is that she just needs to answer about the money that she stole.  She is trying to paint herself as a whistle-blower when in reality she stole money.”
Neumbo's company is among a Namibian group of fishing quota beneficiaries – Sinco Fishing, Epango Fishing and Yukor – which teamed up to form a consortium which partnered with an Icelandic company.
Together with the Icelandic firm, Samherji HF, they formed a company called Arcticnam in 2013.
Media reports suggested on Thursday that Neumbo, who is the chairperson of the board of directors of Sinco Fishing via her company Cassidra Fishing, filed a complaint with the police last Thursday asking them to investigate N$60 million that she says was illegally moved from Arcticnam's bank accounts.
“I request police investigation and possible prosecution in this matter,” she said in her statement.
Police arrested Neumbo while she was at a board meeting on Friday. She spent a night in police cells at the Klein Windhoek police station, and was released on N$5 000 bail.
The Namibian reported that people close to Neumbo believe her arrest is aimed at intimidating and discrediting her as a witness in the N$60 million case and an ACC investigation which is reportedly looking at how senior government officials and business people benefit from fishing licence deals.
The case against her was opened by Jacqueline Anna Thiardt, her business partner in Cassidra Fishing. Thiardt is accused of siding with people implicated by Neumbo.


The Windhoek Observer is an English-language weekly newspaper, published in Namibia by Paragon Investment Holding. It is the country's oldest and largest circulating weekly.

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