Investec Asset Management Namibia Managing Director, James Hatuikulipi has resigned from the asset manager after he was fingered in a corruption scandal involving fishing quotas worth millions of dollars.
His resignation comes after Fisheries minister Bernhard Esau and Justice minister Sacky Shanghala resigned from their government positions on Wednesday after having been summoned by President Hage Geingob to explain their involvement in the corruption scandal.
The trio have been fingered as the masterminds behind the corrupt awarding and benefiting from fishing quotas that generated kickbacks worth at least N$150 million over four years.
According to his profile, Hatuikulipi joined Investec in January 2006 as part of the Investec growth equity team from Alliance Capital where he served as portfolio manager and after a year, he was appointed Managing Director of the Namibia office.
Prior to Alliance Capital, Hatuikulipi worked as an investment analyst at Metropolitan Namibia and HSBC Securities Namibia.
He holds a Bachelor of Commerce Honours (Investment Analysis and Portfolio Management) from the University of Cape Town.
Hatuikulipi is also a business partner of Sacky Shanghala, where two are shareholders in Hanganeni Emona Investments, the company that constructed the first private student accommodation at the University of Namibia (Unam) for N$80 million.
Citing documents supplied by Wikileaks, The Namibian newspaper reported that the scheme began in 2014 and included relatives of the ministers and officials from Angola.
Another Investec executive, Ricardo Gustavo who is also alleged to have been a participant and beneficiary of proceeds from the fishing quotas has been placed on suspension by Investec.
“We can confirm that James Hatuikulipi of Investec Asset Management has resigned with immediate effect. Due to the serious nature of these allegations, Ricardo Gustavo has been suspended with immediate effect, pending the outcome of our ongoing independent investigation,” the company said in statement issued.
“Although the alleged activities were conducted in their private capacity, Investec Asset Management takes allegations for this nature very seriously. Our internal investigations into the mater is ongoing and we remain open to cooperating with the authorities.”
Its not known if Hatuikulipi will also resign from his position as Chairperson of Fishcor, a position which he was appointed to by Esau.
The future of Fishcor CEO Mike Nghipunya, who was also appointed by Esau after having been seconded from the Planning Commission, also now hangs in the balance after he was also fingered as having benefited from the corrupt activities.