Township deal 'none of your business'
President Hage Geingob yesterday told journalists that he was not going to entertain questions about his private business and how much he made from selling his stake in the so-called N$1 billion township deal, which has been conditionally approved to establish a new upmarket village in the Klein Windhoek townlands.
The development envisages more than 400 apartments and other amenities worth over N$1 billion and involves Chinese tycoon Jack Huang. The businessman is awaiting trial on charges of tax evasion, fraud and money laundering in Namibia.
Geingob announced that he was no longer part of the deal and had sold his stake.
The president was one of a number of family beneficiaries of the Dr Hage Geingob Family Trust, which owns 20% in African Sunrise Investment. Geingob's ex-wife Loini owns 20% of African Sunrise Investment, while the remaining 60% belongs to Huang.
“It is a private business and none of your business,” was Geingob's response to media enquiries.
Geingob had earlier announced he was no longer involved in the deal. But journalists who wanted to get the finer details of the transaction were in for a rude awakening.
Geingob said many people had shown interest in signing up to develop the area.
He said a deal was even signed with Old Mutual but fell through at the last minute.
“I have sold it and I am going to be out of it,” said Geingob. “I am not prohibited from making money. I was making money before you were born. Money is not new to me.”
The city council recently conditionally approved the construction as well as the layout of the township on Portion 105 of the Klein Windhoek townlands. One of the conditions for approval is that a complete groundwater (geohydrology) study must be submitted to the City due to the environmental sensitivity and because the proposed development is located within the Windhoek Aquifer management area.
The application, including the layout design of the development, was submitted by Urban Dynamics Town and Regional Planners on behalf of African Sunrise Investment Group.
According to the new layout, 67 erven will be allocated for the development of 134 duplex units, while 29 erven have been earmarked for large villas and mansions which will accommodate 29 units.
Terraced houses are to be developed on 25 erven and it is anticipated that it will be able to accommodate 121 units, while another 10 erven are earmarked to accommodate about 150 flats. Five public open spaces, two business erven, one office plot and a crèche are also planned. The layout will ultimately accommodate 438 units.
FESTUS NAKATANA
The development envisages more than 400 apartments and other amenities worth over N$1 billion and involves Chinese tycoon Jack Huang. The businessman is awaiting trial on charges of tax evasion, fraud and money laundering in Namibia.
Geingob announced that he was no longer part of the deal and had sold his stake.
The president was one of a number of family beneficiaries of the Dr Hage Geingob Family Trust, which owns 20% in African Sunrise Investment. Geingob's ex-wife Loini owns 20% of African Sunrise Investment, while the remaining 60% belongs to Huang.
“It is a private business and none of your business,” was Geingob's response to media enquiries.
Geingob had earlier announced he was no longer involved in the deal. But journalists who wanted to get the finer details of the transaction were in for a rude awakening.
Geingob said many people had shown interest in signing up to develop the area.
He said a deal was even signed with Old Mutual but fell through at the last minute.
“I have sold it and I am going to be out of it,” said Geingob. “I am not prohibited from making money. I was making money before you were born. Money is not new to me.”
The city council recently conditionally approved the construction as well as the layout of the township on Portion 105 of the Klein Windhoek townlands. One of the conditions for approval is that a complete groundwater (geohydrology) study must be submitted to the City due to the environmental sensitivity and because the proposed development is located within the Windhoek Aquifer management area.
The application, including the layout design of the development, was submitted by Urban Dynamics Town and Regional Planners on behalf of African Sunrise Investment Group.
According to the new layout, 67 erven will be allocated for the development of 134 duplex units, while 29 erven have been earmarked for large villas and mansions which will accommodate 29 units.
Terraced houses are to be developed on 25 erven and it is anticipated that it will be able to accommodate 121 units, while another 10 erven are earmarked to accommodate about 150 flats. Five public open spaces, two business erven, one office plot and a crèche are also planned. The layout will ultimately accommodate 438 units.
FESTUS NAKATANA
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