Namfisas lawyer, Shafimana Ueitele of Hans and Ueitele Legal Practitioners, yesterday confirmed to The Namibian that a request by Namfisa to resume the hearing was turned down by Ritters lawyers Hettie Garbers-Kirsten of Kirsten and Company, instructed by Dave Smuts.
I received a response from them today (yesterday) and they insist that there was an agreement, which my client (Namfisa) denies, Ueitele said. Asked what the next step would be, Ueitele said he was awaiting instruction from his client.
Ritters hearing, which began on Monday, May 11, ended on Thursday, May 14 with the reaching and confirmation of a settlement, the unexplained withdrawal of the settlement by Namfisa after briefing Finance Minister Saara Kuugongelwa-Amadhila, and the subsequent withdrawal from the case by Namfisas lawyers at the time Profysen Muluti of Muluti and Associates, instructing Advocate Gerson Narib.
In terms of the settlement reached, Namfisa was to withdraw all the charges against Ritter, who was to resign from his position as CEO along with a severance package reportedly in the vicinity of half a million dollars.
Ritter and his legal team remain adamant that the settlement agreed upon is binding, and while he refused to comment to queries from The Namibian last week, Ritters statement following the hearing on May 14 makes clear his position on the matter.
I wish to make it clear that Namfisa would have no choice in this regard as a binding agreement has been reached. I can furthermore state that Namfisa has not reverted to my lawyers or to myself by its own deadline, Ritter had stated.
His lawyer, Garbers-Kirsten, curtly told The Namibian last week that that matter was settled, stating that not one piece of evidence was found implicating Ritter in any of the charges after two days of evidence being presented in the hearing.
Rick Kukuri, Chairperson of Namfisa, said after the hearing that the settlement would not have been in anyones interest, and that the supervisory authority had a duty to the public to follow through with the hearing.
He said the authoritys lawyers at the time had no mandate to reach a settlement, and that it was in fact a proposal, and not an agreement.
Namfisa wanted the hearing to resume by July. The charges against Ritter had to do with the preliminary findings of an investigation by Ernst and Young into various irregularities at the financial watchdog.
Before the start of his hearing, Ritter was suspended for two months. His suspension on March 10 followed a one-month leave of absence granted by Namfisas board of directors for health reasons.
Well-placed sources have informed The Namibian that Ritter is planning to sue Namfisa for the amount due to him in terms of the settlement. If Namfisa refuses to budge, the case may well go to the High Court.
Neither Ritter nor his legal representatives would confirm or deny this, and Ueitele said that he had not received notice to this effect. It is believed that should the matter go to court, a can of worms showing evidence of irregularities at the regulatory body, including video footage, is sure to be opened by the (former) CEO.
Ritters leave was preceded by reports that he and his family had been provided with 24-hour Police protection following threats to their lives after he had got wind of alleged irregularities at Namfisa from 2006 onwards.
The Namibian
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