How Audrin Mathe and the Swapo comrades bankrupted New Era

New Era Publication Corporation is insolvent and faces looming bankruptcy as a result of the increase in executive salaries and perks, as well as apparent financial mismanagement at the state-owned company, the Anti-Corruption Commission has warned.

New Era managing editor Toivo Ndjebela (2nd from left), HR chief Olivia Uushona, former CEO Audrin Mathe, finance chief Beatus Amadhila (5th from left) flanked by other NEPC executives. Photo: New Era
Extract from the AG’s audit report on NEPC 2017 financial statement.

By March 2017 NEPC’s liabilities exceeded its assets by over N$21 million.

The AG identified a number of problems:

  • Unexplained adjustments of N$13,886,570
  • Bad debts of N$10,234,155 written off without approval
  • Penalties paid were overstated by N$4,336,887
  • Receiver of Revenue payables overstated by N$2,458,324
  • Interest paid understated by N$1,521,902
  • Difference of N$915,062 between asset register and general ledger
  • Purchases understated in cash flow statement by N$121,244.

The ACC takes an interest

Extract from Paulus Noa’s letter to the NEPC board, dated 5 December 2018.

‘Fraud not ruled out’

PG declines to prosecute Mathe

Executive pay and perks



Writer, reporter, activist

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store