Windhoek financial adviser Hanjo Schlabitz offers assets to creditors amid N$250 million loss
Financial adviser Hanjo Schlabitz has proposed selling personal assets, including his Windhoek house and shares, to repay investors who lost approximately N$250 million following the collapse of his business, Wealth Management Solutions WMS. This offer was made during a creditors' meeting in Windhoek, where Schlabitz aimed to prevent legal action against him. His proposal includes selling his N$2.9 million house, a N$3.1 million orphanage 50% owned, cattle, and shares in a meat company, but excludes a family farm. Creditors, however, view this offer as insufficient, noting it represents less than 5% of the total amount lost. WMS entered liquidation in April after a forex trading platform it used failed. Schlabitz is alleged to have used funds from some clients' accounts to pay others to conceal losses. The current liquidation proceedings are limited to WMS, with its assets expected to yield only about N$20 million. Schlabitz's offer of personal assets is contingent on creditors agreeing not to pursue further civil proceedings against him. Creditors are pushing for an increased offer, potentially including the family farm, and lawyers indicated that investors could still file claims for damages in the High Court, especially those who were allegedly misled about the risk level of their investments. The Namibia Financial Institutions Supervisory Authority is investigating Schlabitz. Concerns were also raised about a N$800,000 payment made to the Hope for Life foundation, where S
