By: Uaueza Kanguatjivi
Investment company Baobab Capital says over 300 potential jobs will not materialise due to the Government Institutions Pension Fund (GIPF) terminating a N$140 million investment agreement four years ago.
The company was deregistered by the Namibia Financial Institutions Supervisory Authority (Namfisa), with its directors accused of conflicting interests, abuse of power and financial irregularities.
GIPF subsequently revoked its N$140 million investment in pensioner’s money following the deregistration. Baobab is currently suing GIPF for N$228 million in damages.
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