Avid kingpin Josea sentenced to 17 years in prison

Avid kingpin Josea sentenced to 17 years in prison

Nico Josea has been sentenced to 17 years in prison while his co-accused Paulus Kapia, Ralph Blaauw and Inez /Gases were each fined N$60 000 or three years in prison. Sharon Blaauw was fined N$8 000 or six months in jail.
The case was about a Social Security Commission (SSC) investment of N$30m made with an asset management company, Avid Investment Corporation, and routed to another asset management company, Namangol Investments, in January 2005.
Judge Christie Liebenberg said all the accused were first-time offenders, a factor which heavily weighted in their favour.
He said Kapia, /Gases and Sharon Blauuw had no role in swindling the N$30m and should not be punished as if they were in cahoots with the late Lazarus Kandara and Josea.
The accused, he says, were living a high life by serving in top positions and have since fallen from grace, which in itself is a punishment of sorts.
On Thursday morning judge Liebenberg dismissed an application for compensation from the State.
He said the SSC can still lodge civil charges against the convicted to recover roughly N$20 million which is still missing. The SSC failed to provide the required information for the compensation application within a reasonable timeframe to State lawyers and only has itself to blame.
Former MP Paulus Kapia, Ralph Blaauw as well as Inez Gases were found guilty of fraud by High Court Judge Christie Liebenberg in May this year.
Sharon Blaauw was found guilty of contravening the Companies Act of 2004 because she signed documents without reading them properly.
Nico Josea was convicted of theft of N$29,5 million and reckless or fraudulent conduct of business.
Seven people were initially accused of defrauding the SSC through a N$30 million investment deal in early 2005.
Otniel Podewiltz and Mathias Shiweda were found not guilty.