Meatco revises alleged fraud committed by Liebenberg up from N$6.1 million to N$7.5 million

Staff Reporter

THE Meat Corporation of Namibia (Meatco), which has taken its former Chief Executive Officer (CEO), Patrick Liebenberg, to court, has revised the amount allegedly misappropriated by Liebenberg from N$6.1 million to N$7.5 million after the uncovering of more irregular transactions purportedly carried out by Liebenberg.

The revised claim against Liebenberg tells a tale of financial creativity, alleging that the CEO transformed some cattle sales into a disappearing act by recording imaginary transactions and keeping the cash, while inflating other transactions and ensuring that the resulting surplus found a permanent home in his own pockets.