ICAN investigates accountant Hanjo Schlabitz over N$250 million WMS investment losses
via The Namibian2 min read
The Institute of Chartered Accountants of Namibia ICAN is investigating accountant Hanjo Schlabitz regarding his role in Wealth Management Solutions WMS, a financial advisory firm that entered liquidation in April after losing N$250 million in overseas investments. The Namibian reported that Schlabitz admitted to using local investors' money to pay clients who lost funds in overseas markets, with potential losses reaching N$350 million. ICAN's secretariat confirmed it is acting on the matter through prescribed disciplinary processes, emphasizing its commitment to professional standards and integrity. Schlabitz has been an ICAN member since 2006. A WMS client filed a complaint against Schlabitz on June 25, alleging he did not act professionally as a financial broker or chartered accountant. The complaint claims Schlabitz invested client funds in risky overseas trading platforms without informing clients, continued selling the product, and moved funds between investment vehicles and reinvested funds offshore without client consent. The complaint was also sent to the Public Accountants and Auditors Board Paab. Schlabitz has not responded to inquiries.
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This summary was AI-generated from a story originally published by The Namibian.
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