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Kobi Alexander (archive photo) Archive photo
Kobi Alexander (archive photo) Archive photo
 
 

Alexander invests in Namibia poor

Former Comverse Technology Inc. CEO, who is wanted by US authorities, to build low budget solar housing project for 100 low income Namibian families. Cost so far – USD 1.7 million

News agencies
Published: 01.08.07, 09:01 / Israel Business

Israeli Millionaire Jacob "Kobi" Alexander, the ex-head of Comverse Technology Inc. who is wanted by US authorities on charges of manipulating stock options and is currently in Namibia awaiting an extradition hearing has decided to invest in a solar housing project for the poor.

 

The project, as was reported this past weekend by the "Namibian" newspaper, will be built in Kuisebmond, in the Walvis Bay area. The project will accommodate 100 low income Namibian families.

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According to the report, the Claudia Ramos Miramax Real Estate Agency which is involved in the deal said that Alexander has purchased over 21 thousand square meters (about 226 square feet) near the Namport residential area, which is in Walvis Bay.

 

According to Ramos, Alexander has already invested NAD (Namibian Dollars) 12.3 million, which amounts to about USD 1.7 million.

 

Ramos said that the area will be used for the construction of 82 housing units, each of which will be equipped with solar generators for the production of electricity. "Even the oven, everything will run on solar energy – and they will only have to pay for the water," said Ramos.

 

At the moment, the potential tenants are waiting for the Municipality to allocate the land to be built on, and once the houses are completed, they will be sold for about NAD 150,000 (about USD 20,000) each.

 

Awaiting extradition hearing on April 25th

Alexander was arrested on the 27th of November, 2006, in Windhoek, capital of the southwest African country, where he had been living with his family, and was released on bail for NAD 10 million (USD 1.3 million).

 

On the 25th of April, a hearing on his extradition to the United States will take place. In the US, he has been charged with 32 criminal counts, ranging from alleged conspiracy to securities fraud and money laundering and could face up to 25 years in prison if convicted.

 

Since Alexander's arrival in Namibia in the end of July, he has transferred some USD 17 million from Israel to Namibia.

 

Other than the purchase of a home in Windhoek at the cost of about half a million USD, Alexander has invested some USD 1.5 million in local business partnerships, including real estate development in cooperation with the head of Windhoek's government military material manufacturer. 

 

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