STAFF WRITER
The High Court has ordered two former employees of the Government Institutions Pension Fund (GIPF) to repay N$18.6 million they defrauded from the pension fund, bringing a long-running civil case to a close.
GIPF on Monday confirmed the ruling against former staff members Martin Smith and Vabiola Aoses, who were found liable for the multimillion-dollar loss.
The court ordered the pair to repay N$18.6 million, plus interest at 20% per annum from the date of judgment until full payment is made, as well as legal costs.
GIPF Chief Executive Officer and Principal Officer Martin Inkumbi said fraud prevention remains a key priority for the fund.
“Fraud risk management remains a priority for the GIPF as the Fund enforces its policy on fraud, supported by a whistleblower hotline. The Fund’s legal counsel in collaboration with law enforcement will leave no stone unturned to recover its assets, freeze accounts, and pursue civil claims where losses have occurred,” Inkumbi said.
He added that the fund remains committed to protecting members’ savings and maintaining trust in the institution.
The pension fund said the outcome marks an important milestone in its efforts to safeguard members’ contributions through a zero-tolerance approach to fraud and unethical conduct.
The case stems from internal investigations that led to the dismissal of the two employees after they were found guilty of fraud through disciplinary processes.
Following their dismissal, GIPF instituted civil proceedings in the High Court to recover the N$18.6 million. The matter was also reported to the Namibian Police for possible criminal prosecution.
The fund said it will continue strengthening internal controls, compliance systems and accountability measures to protect retirement savings and improve operational efficiency.
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