THE REPUBLIC OF NAMIBIA - THRNI - Availability of the Accounts of the Republic of Namibia for the Year Ended 31 March 2018

THRNI - Availability of the Accounts of the Republic of Namibia for the Year Ended 31 March 2018

The Republic of Namibia
(Incorporated in the Republic of Namibia)
(Registration No. 1929/001225/06)
Company code: THRNI
(“Republic of Namibia” or the “Issuer”)


AVAILABILITY OF THE ACCOUNTS OF THE REPUBLIC OF NAMIBIA FOR THE YEAR ENDED 31 MARCH 2018

The Issuer wishes to advise noteholders that the accounts of the Republic of Namibia for the year ended 31
March 2018 (“2018 financial statements”), as signed by the Auditor General, is available for inspection at the
registered office of the Issuer and has also been made available on the following website
http://www.oag.gov.na/web/auditor-general/financial-audit-reports-for-the-government-of-namibia.

Noteholders are also advised that the audit report on the 2018 financial statements of the Issuer was qualified
due to the following:

   1.     overstatement of revenue;
   2.     understatement of revenue estimates; and
   3.     non-reporting of commercial bank accounts.

In addition, an emphasis of matter paragraph was included in the audit opinion. The emphasis of matter was
due to the following reasons:

    1.    unauthorised expenditure;
    2.    under expenditure; and
    3.    incorrect suspense accounts.

Additional matters included in the audit opinion:

   1.     discrepancies in subsistence advances;
   2.     non-reconciliation of suspense accounts; and
   3.     no established or dormant audit committees and no risk assessment policies.

Please refer to the 2018 financial statements for further details on the above.

12 May 2020

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 12-05-2020 04:59:00
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