Coenie Botha’s latest legal grift in Namibia has seen him claim running his Ponzi scheme costs $62,150 a month.
This is based on a March carve-out, which saw the Bank of Namibia required to unfreeze enough for CBI Global to meet its “day-to-day operations”.
CBI Global is a collapsed MLM crypto Ponzi scheme run by one man. What operations and what expenses?
Botha’s ridiculous claims naturally prompted push back from the BoN.
Romeo Nel, the central bank’s compliance officer is reluctant to release the money as he is not satisfied that the money is for its intended use, but rather to dissipate the funds.
It appears BoN was only willing to release the funds if Botha could guarantee they wouldn’t be used to continue paying investors.
Rather than agree, this prompted Botha to file an court application, demanding BoN “release just over N$3 million for the period March to May.”
(Botha) further want(s) the court to interdict Nel and the authorised officer at Bank Windhoek, Immanuel Murwira from obstructing the implementation of the March court order and unlawfully imposing conditions upon the release of the funds.
N$3 million currently comes to about $62,150 USD. Botha has purportedly provided BoN with “expense details” justifying the amount.
Again, CBI Global was a Ponzi scheme. Putting aside the absurdity of allowing a Ponzi scheme to claim “day-to-day operation” expenses, CBI Global’s only business operations are to enrich Botha and early investors.
Whether this comes to $62,150 a month or otherwise, Botha shouldn’t be able to circumvent regulatory action to continue running his Ponzi scheme.
In their reply, the two banks and their officers argue that if the interdict is granted, it could, on reasonable suspicion, result in the dissipation of funds of members of the public obtained by CBI in contravention of the Banking Institutions Act.
They further say that CBI labours under an incorrect interpretation of the March court order and do not satisfy the requirements for an urgent application or a final interdict.
Generally, they say, the application suffers from a major blow as it contains mainly conclusions which are not supported by facts or evidence.
A decision on Botha’s application remains pending.