By Werner Menges
Michael Bronkhorst, a 37-year-old accountant, has been charged with fraud for allegedly orchestrating a scheme that defrauded N$100 million from a loan company. Appearing in the Windhoek Magistrate’s Court on Monday, Bronkhorst was accused of diverting N$2.7 million meant for Momentum Trust into his personal bank account, posing as an official entity.
The fraud charges stem from a larger scheme between 2014 and 2018, where Bronkhorst is accused of forging documents to secure loans from Petrichor Capital, a company that offers loans to insurance policyholders. According to the prosecution, Bronkhorst used forged documents and misrepresented the identity of policyholders, amassing a total of N$103.6 million.
Bronkhorst was arrested last Thursday, and investigations are ongoing. He faces the prospect of more charges as authorities continue to unravel the full extent of the fraud. The state opposed bail, citing the early stage of the investigation and the risk of interference with the probe.
Bronkhorst, who has been facing legal and financial troubles, is also under sequestration after a provisional order was issued by the High Court in April. His assets, including a farm valued at N$27 million, are reportedly insufficient to cover his debts. He is represented by defense attorney Hennie Krüger.
The court has postponed further proceedings until July 15 to allow for additional investigations.
