Namibian pensioners face N$350 million loss from financial advisory firm's foreign investment risks
via The Namibian13 min read
Namibian pensioners and families are facing an estimated loss of N$250 million to N$350 million after Windhoek financial advisory firm Wealth Management Solutions WMS risked their savings on foreign investments. WMS owner Hanjo Schlabitz allegedly used funds from some clients' accounts to pay others, attempting to conceal losses and sustain the firm. Investors claim they were not informed of WMS's deteriorating financial situation and continued to deposit funds. A total of 87 individuals and two organizations have come forward, with the liquidator estimating total losses could reach N$350 million. Many clients were elderly individuals who had trusted the firm for years, some having invested with Schlabitz's father, who founded the company. Non-profit organizations are also affected, facing potential employee retrenchments. Schlabitz invested savings and pensions, partly in local companies and partly abroad on digital trading platforms like Pepperstone and Mt Cook, which bet on currency and commodity price fluctuations. Clients were reportedly promised annual returns of around 7% in money market funds and up to 20% on foreign exchange investments. However, money invested overseas disappeared this year after the Mt Cook trading platform collapsed. WMS applied for voluntary liquidation on April 21, a month after significant foreign exchange trading losses. Liquidator Wiam Schickerling believes the final amount owed to creditors will be around N$350 million and has urged outstand
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