The competition commission confirms the imposition of a fine of 1 million dollars on !Gawaxab – More top news

The Namibia Competition Commission (NaCC) has confirmed the imposition of a fine of N$1 million on the Governor of the Bank of Namibia, Johannes !Gawaxab, Ismael Gei-Khoibeb and Gamma Investments for implementing a merger without the approval of the Commission.

This comes after The Issue reported on Monday that !Gawaxab faces allegations that he sold businesses and stakes in a major insurance company to family and friends.

This despite having stated that it had sold those interests to what it called “unrelated parties.”

NaCC spokesperson Dina //Gowases says !Gawaxab and others signed a settlement agreement after the commission’s investigation, which found the parties had violated the Competition Act 2003, by implementing a merger without approval of the commission.

“To that end, the parties admitted to the commission that on June 10, 2020, !Gawaxab sold its members’ stake in Gamma to Gei-Khoibeb, in violation of the law. The parties also admitted that the transaction constituted a merger in contravention of the law and without prior approval of the commission,” he says.