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By Shinovene Immanuel | 22 May 2018 Nantong Sanjian is a locally based entity owned by Chinese firm China Nantong Sanjian Construction Group.The agreement, signed on 6 April 2018 between the RCC and Nantong Sanjian, is currently part of an ongoing dispute, with finance minister Calle Schlettwein and works minister John Mutorwa saying the deal was irregular.The RCC board, led by Fritz Jacobs, has, however, rcc online casino insisted that the agreement is legal, and that they followed procedures to rescue the failing parastatal.The agreement reviewed by The Namibian shows that chief executive officer Seth Herunga represented the RCC, while Nantong Sanjian general manager Zije Ni signed on behalf of the Chinese company.According to the agreement, the RCC partnered the Chinese company because it was looking for around N$580 million to save the parastatal from being shut down after rcc online casino the government said it would not bail it out.According to the document, the purpose of the agreement was to facilitate and secure funding, as well as specify the terms and conditions that would determine the relationship between the parties regarding tenders.‚ÄúThe RCC currently find themselves with projects with an approximate value of N$4,1 billion (current works),‚Äù the agreement said.Current works are projects that the RCC is either working on, or plans to work on in future.The RCCs current projects include the Uis-Khorixas-Kamanjab road (N$2,7 billion), Gobabis-Aminuis-Aranos road (N$630 million), the Swakopmund-Henties Bay-Uis road (N$750 million), the massive land servicing project at Goreangab in Windhoek (N$45 million) and a ministry of environment project (N$24 million).As part of the agreement, Nantong Sanjian will give the RCC a N$580 million guarantee to implement its operational plans. The partnership will be over 14 years, and has a five-year repayment period at 15% interest per year.The arrangement also states that Nantong Sanjian would become the RCCs major partner in the projects.‚ÄúThe repayment by the RCC to Jiangsu Nantong Sanjian shall be executed in the form of participation to the maximum of 47%, and the RCC shall execute the 53% of its current and oth……
