Venaani wants probe into Namdia losses

Popular Democratic Movement president McHenry Venaani said the significant revenue losses of about N.dollars 230 million at Namib Desert Diamonds (Namdia) is deeply troubling, and warrants immediate and rigorous scrutiny. In a media statement on Wednesday, Venaani called on the chairperson of the Parliamentary Standing Committee on Natural Resources, Tjekero Tweya to initiate a comprehensive parliamentary probe and inquiry into the matter. 'An expedited investigation is necessary in order to ascertain the full extent of the losses, identify any underlying issues, and hold accountable those responsible for this situation. A loss of such magnitude raises substantial concerns about financial management, transparency and accountability within the organisation,' he stressed. He said Namdia, as a crucial entity in the national diamond sector, is entrusted with safeguarding and enhancing the country's valuable natural resources and the reported financial shortfall not only undermines the integrity of the corporat ion, but also poses serious ramifications for the national economy. Venaani said he is of the view that the impact of such losses extends beyond the immediate financial figures, as it has broader implications for the country's economic stability and growth prospects. Venaani added that the erosion of trust and financial health of key national institutions compromise investor confidence and could potentially undermine stability within the diamond sector, with repercussions for employment and economic outlooks. 'The integrity of our national institutions and the effective management of our resources are paramount. Therefore, I urge all relevant stakeholders to prioritise this issue to ensure that such financial mismanagement is addressed decisively, thereby protecting the interests of the nation, its resources and its people,' Venaani stated. Source: The Namibia Press Agency