Title: Unauthorized Bank Statements and the N$4.3m Ponzi Scheme Trial in Windhoek High Court

Unauthorized Bank Statements as Evidence in a Complex Case

In the ongoing trial of Sakaria Megameno Namwandi and his close corporation, Asset Legacy Investment, accused of defrauding 79 individuals of N$4.3 million through a Ponzi scheme, a trial-within-a-trial has introduced new complexity. The focus is now on the admissibility of unauthorized bank statements as evidence during the hearing.

Admissibility of Unauthorized Bank Statements as Evidence

State advocate Constance Moyo requests to introduce bank statements from Bank Windhoek as evidence against Namwandi and Asset Legacy.
Defense attorney, Roland Andreas, objects to the introduction of these documents.

Privacy Concerns and the Namibian Constitution

Andreas argues that Namwandi’s right to privacy as stipulated in Article 13 of the Namibian Constitution was infringed upon.
The bank statements were obtained without Namwandi’s explicit consent or a search warrant approved by a magistrate.

The Role of the Banking Institutions Act and Bank of Namibia

Romeo Nel, the Director of Banking Supervision at the Bank of Namibia, obtained the bank statements.
Andreas argues that the Banking Institutions Act did not allow for investigation or record acquisition without approval from the Bank of Namibia’s board.

Nel’s Defense: Following Procedures or Infringing Privacy?

Nel insists that he followed proper procedures to acquire the bank statements.
He obtained written authorization from his superiors before investigating Namwandi and Asset Legacy for suspected illegal activities.

Ongoing Trial Discusses the Legality and Admissibility of Bank Statement Acquisition

The trial continues with extensive discussions over the legality of the bank statement acquisition.
The admissibility of these documents as evidence in the case remains a contentious issue.

Defendants Charges in Windhoek High Court

Namwandi and Asset Legacy pleaded not guilty to over a hundred charges, including fraud, money laundering, racketeering, conducting banking business without authorization, and operating a Ponzi scheme.
They also face two counts of tax evasion and two counts of failure to pay tax in Windhoek High Court in November 2022 before Judge Naomi Shivute.