Rédaction Africa Links 24 with Werner Menges
Published on 2024-03-22 15:00:00
Accountant and insurance consultant Michael Hough Bronkhorst is facing accusations of fraud and theft amounting to N$103 million in an affidavit filed at the Windhoek High Court. The allegations stem from a company that claims to have uncovered a fraudulent loan scheme and has obtained a provisional court order for the sequestration of Bronkhorst’s personal estate.
The affidavit, filed by lawyer Heinrich Jansen van Vuuren in support of an urgent application by the company Petrichor Capital, details the company’s practice of advancing loans to insurance policyholders using their alternative risk transfer short-term insurance policies (ART policies) as security. Bronkhorst played a significant role in sourcing business for Petrichor by connecting the company with ART policyholders in need of loans.
The fraudulent scheme came to light when an ART policyholder attempted to withdraw funds from his policy only to discover that it had been ceded to Petrichor as security for a loan he claimed to have never taken. Further investigation revealed forged signatures on loan agreements and the misappropriation of approximately N$103.6 million by Bronkhorst for personal use.
During a meeting with Van Vuuren, Bronkhorst’s legal representative confirmed the existence of fake loan accounts initiated by Bronkhorst, totaling N$103.6 million, and acknowledged his inability to repay the full amount. Despite proposing a repayment scheme, Bronkhorst also requested an additional loan from Petrichor for his business plan, a request deemed unreasonable by Van Vuuren.
Bronkhorst’s assets, valued at approximately N$38 million, include a cattle feedlot, a farm, and a house in Windhoek, all of which are encumbered by loans. Van Vuuren expressed concerns that Bronkhorst may have undisclosed assets and hidden bank accounts containing the proceeds of his illicit activities.
In response to the allegations, Bronkhorst remained silent, failing to respond to messages and calls from The Namibian. The court granted a provisional order for the sequestration of his estate, giving him until 17 April to challenge the decision.
Van Vuuren emphasized that Bronkhorst’s financial position is dire, with liabilities far surpassing the fair value of his assets. He urged the court to consider the gravity of the situation and the need to hold Bronkhorst accountable for his actions.
The case highlights the importance of transparency and accountability in financial transactions, as well as the repercussions of fraudulent behavior in the insurance and financial sectors. It serves as a cautionary tale for both individuals and companies involved in loan agreements and financial transactions, emphasizing the importance of due diligence and legal compliance to prevent fraud and theft.
Read the original article on The Namibian
