The National Petroleum Corporation of Namibia's (NAMCOR) Managing Director Immanuel Mulunga has been found not guilty for his role in a controversial oil deal for an oil block in Angola.

A disciplinary hearing headed by Judge Gerhard Maritz dismissed the case, clearing him of fraud and breach of the employment contract.

The Manager of Marketing, Communication, and Public Relations, Paulo Coelho, told the media that NAMCOR acknowledges the verdict regarding Mulunga's disciplinary hearing. 

Coelho noted that the board is currently reviewing the chairperson's determination before making any formal pronouncements on the matter. 

Mulunga has been on suspension since last year, April, on charges of fraud involving a N$123 million transfer from a NAMCOR account to Sungara Energies, a company believed to be owned by the national oil corporation and two other partners.