Competition watchdog fines BoN’s !Gawaxab, others

The Namibian Competition Commission (NaCC) has fined Johannes !Gawaxab, currently the governor of the Bank of Namibia (BoN), Ismael Gei-Khoibeb and Gamma Investments CC for implementing a merger without the approval of the watchdog.

According to a statement issued by the NaCC on Wednesday, “the parties admitted to the Commission that, on 10 June 2020, Mr !Gawaxab sold his members interest in Gamma to Mr Gei-Khoibeb, in contravention of the [Competition] Act. The parties have also admitted the transaction amounted to a merger in contravention of the Act, and without the prior approval of the Commission”.

“As a result, the parties agreed to settle this matter and entered into a settlement agreement with the Commission, wherein they would pay a pecuniary penalty in the amount of N$1 million and implement a compliance programme on Competition law in Namibia,” NaCC spokesperson Dina //Gowases said.

The agreement was made an order of court in the High Court on 30 April 2024.

Late president Hage Geingob appointed !Gawaxab as the governor of Namibia’s central bank on 21 April 2020. According to !Gawaxab’s LinkedIn page, his term of office started on 1 June 2020.