Erasmus Shalihaxwe

National Petroleum Corporation of Namibia (Namcor) acting managing director Maureen Hinda-Mbuende, says the company is operating in a profitable sector and it is on a recovery trajectory, adding that the any call for its liquidation, should not be entertained.
She made these remarks during an interview with Confidente this week, following recent assertions by Landless Peoples Movement (LPM) leader Bernadus Swartbooi.
Early this week, Swartbooi said the only way the government can stop wasting taxpayer’s money on bailing out Namcor, is to liquidate the institution. He said the government has allowed Namcor problems to go on for too long before intervening, and the company is at a point of no return. Thus, the only way out is to close it down and to stop expenditure wastage. “Namcor must be liquidated, there is no basis of continuing to exist as a corporate… You cannot continue to have a corporate entity that has been completely run amok and you still tell us that things are okay and you are fighting corruption,’’ stressed Swartbooi. However, Hinda-Mbuende, said Swartbooi’s comments are unfortunate and they should not be coming from a lawmaker, who is aware that liquidation is not only determined by corruption and loss of revenue but by other various factors. 
Thus, considering Namcor’s current operation, liquidation talks cannot be entertained as the company is recovering,” said Hinda-Mbuende.
‘’Liquidation is the last resort and Namcor is not in a position to be liquidated. 
The company is on a recovery trajectory. What caused the loss of revenue was the previous weak management, but that is in the past, we are closing that weak gap and doing well. I will provide an update by the end of October for the public to see where we are,’’ she added.
“Namcor is operating in a profitable environment. The product we are dealing with is very profitable. It is only the loss of stock and other issues that caused the loss of revenue. I want to assure the Namibian masses that Namcor is a national asset and it is here to serve the interest of Namibia and its people, so the call for liquidation is premature.’’ Retired ambassador Pius Dunaiski, said to call to liquidate Namcor is not ideal, considering the discovery of oil and gas in the country, as the company is expected to be at the forefront on behalf of the government.
‘’The discovery of oil and gas is expected to transform the economy and benefit the Namibian people. 
We have seen how countries with oil are flourishing. We should rather address the corruption by restructuring and tighten the laws governing the institution instead of closing it down. Liquidation is not the solutions, it might cause more harm,” Dunaiski said. The diplomat believes that there is a loophole in Namcor’s governing structures and it was exploited by its executives to enrich themselves at the expense of the institution. 
He questioned why it took long for the board and the cabinet to act and stop the maladministration.
Meanwhile, Namcor former managing director Immanuel Mulunga, is currently in custody alongside five other suspects on charges of corruption involving an amount of N$ 450 million.
In July this year, Namcor approached the government seeking a bail out of between N$700 million and N$800 million to pay its N$1.1-billion debt attributed to Mulunga’s tenure.
According to a statement issued by the company spokesperson Utaara Hoveka at the time, Namcor ordered more volumes of product than it could sell between 2022 and mid-2023. 
A decision that left the company vulnerable to international market fluctuations, resulting in major losses.