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NAMIBIA 🇳🇦 Fishrot estimated millions

News (Headlines) 19 hrs ago
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    The Fishrot scandal in Namibia involves corruption and bribery allegations against Icelandic fishing company Samherji and Namibian government officials. The total amount flagged as suspicious in connection with the scandal is approximately $650 million or R10 billion. Here's a breakdown of the scandal¹: -Bribery Payments: Samherji allegedly paid $10 million in bribes to Namibian officials and businessmen to secure fishing quotas. - Tax Evasion and Money Laundering: The company used tax havens like Cyprus and Mauritius to launder money and avoid paying taxes in Namibia. - Methods Used: Samherji employed various tactics, including inflated consulting fees, royalty payments, and loans to move money out of Namibia and minimize tax liability. The scandal led to: - Resignations: Several Namibian officials, including Minister of Fisheries Bernhard Esau and Minister of Justice Sacky Shanghala, resigned due to their involvement in the scandal. - Arrests: Six individuals, known as "The Fishrot Six," were arrested and charged with corruption, fraud, and money laundering. - Investigations: Namibian authorities launched investigations, and the case is ongoing.

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