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FTX creditors are poised to recover only a fraction of their digital assets despite official promises of nearly full compensation in fiat currency, according

The Board of Equalization voted unanimously Oct. 21 to convene a 2026 working group to review methods for valuing intangible assets and rights and to recommend updates to the BOE Assessor’s Handbook (section 502). Controller Cohen said the handbook has not been updated since 1998; the work group is scheduled to meet in 2026 and deliver formal recom

Justicia Shipena Businessman Peter Elindi told the Windhoek Magistrates’ Court on Monday that he should not be blamed for the National Petroleum Corporation of Namibia (Namcor)’s internal asset valuation, which the State claims was flawed.  “It’s not my problem if they did a bad job,” Peter said in his evidence-in-chief with his lawyer, Sisa Namandje. Elindi was testifying in his bail application in the ongoing N$480 million Namcor corruption and bribery case.  He distanced himself from a valuation conducted by Namcor’s engineering and technical department, which the State has labelled a “sham”. Namandje referred to court documents alleging that the asset valuation, covering pumps, tanks, and related equipment, was done by unregistered engineers who were not qualified under the Engineering Council of Namibia. “To evaluate assets like pumps, do you need to be a civil engineer?” Namandje asked. “No,” Peter replied. He also asked whether Peter had nominated these engineers or worked with them, to which Peter responded, “Not at all.” “Did you even know who they were before this case?” “No, I didn’t.” Namandje argued that the evaluation, conducted on behalf of Namcor Trading and Distribution, was not Peter’s responsibility.  He said no one from Namcor had accused Peter of wrongdoing over the matter. The evaluation placed the asset value at N$53 million. Namandje pointed out that an agreement to cancel the deal was signed in September 2023, with Enercon agreeing to pay Namcor. Despite the settlement, Peter said he is now facing criminal charges over a matter he believed had been resolved.  “Do you know why you are being taken to court over something that had a settlement agreement?” Namandje asked. “I don’t know,” Peter responded. Namandje called the charges “trumped-up” and “bogus”, saying they aim to satisfy public pressure, not justice. He insisted there is no proof Elindi was involved in Namcor’s internal processes. “Were you ever given this so-called sham valuation by the ACC or anyone else?” Namandje asked. “No, not at all,” Peter said. Namandje also referred to a letter dated 8 July 2022 from former Namcor managing director Immanuel Mulunga.  The letter included the asset evaluation report the state now disputes.  He questioned how the state could use Namcor’s own documents to build a criminal case. Peter told the court that the Ministry of Defence had encouraged Enercon to work with Namcor to secure litres of fuel for the national reserves. The agreement dated back to 2015, between Enercon, where Peter was a director, and Namcor.  Peter said the fuel supply agreement was entered into by both parties and that Namcor later agreed to purchase Enercon’s fuel supply rights for N$53 million, to be paid in two instalments. He said N$35 million was transferred to one Enercon account and a further N$18 million to another. Peter said Enercon was required to repay the N$35 million to Namcor Trading within a day and did so. He said he invested N$58 million—sourced from the Development Bank of Namibia and other companies—to construct fuel storage facilities, pumps, and housing for fuel attendants at locations chosen by the Namibian Defence Force. Enercon was initially awarded a 15-year contract to recover these costs, but the company later agreed to sell to Namcor for N$53 million. Peter also told the court he turned himself in to the Anti-Corruption Commission after learning that the State was seeking him.  He said he had been aware of the investigation since 2022 but never attempted to flee. He declared ownership of 13 assets, eight properties and five vehicles—all acquired before his involvement with Namcor. These include two properties in Hakahana, one in Hochland Park, another in Katutura, and sections at the Hochland Village flats. He also owns a clinic in Ombili, two plots in Omuthiya, and a garden centre and recreational business in Olympia, financed by Bank Windhoek in 2023. His five vehicles were all purchased before 2022. He said he holds shares in several companies, including Enercon, Zoya Minerals (uranium), DMPM Mining (lithium), PH Fashion Boutique, and Elindi Property CC. Though he said Enercon was sold in 2023, it remains listed in his name at the Business and Intellectual Property Authority. The state is opposing bail, citing the seriousness of the charges, possible interference in the investigation, and the likelihood of further arrests. Peter said he was never formally accused of fraud by Namcor and that all actions he took were as a company director, not in his personal capacity. He continues to testify today.

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