Namfisa investigates firm over N$250 million losses
The Namibia Financial Institutions Supervisory Authority (Namfisa) is currently investigating the financial advisory firm that lost at least N$250 million of clients’ savings. The Namibian reported last week that Wealth Management Solutions (WMS), owned by Hanjo Schlabitz, owes N$250 million to its clients, who are mostly pensioners and families. A total of 87 people and […] The post Namfisa investigates firm over N$250 million losses appeared first on The Namibian .
The Namibia Financial Institutions Supervisory Authority (Namfisa) is currently investigating the financial advisory firm that lost at least N$250 million of clients’ savings.
The Namibian reported last week that Wealth Management Solutions (WMS), owned by Hanjo Schlabitz, owes N$250 million to its clients, who are mostly pensioners and families.
A total of 87 people and two organisations have come forward as creditors, but the liquidator estimates the total losses are likely to reach N$350 million.
Schlabitz promised clients they would earn around 7% a year in the money market fund and up to 20% on their investment in foreign exchange, according to investors The Namibian has spoken to.
The foreign exchange investments have disappeared, and Schlabitz admitted to creditors that he used money market funds to pay back foreign exchange investors.
