Former Justice Minister Sacky Shanghala and former Investec Asset Management Namibia Managing Director James Hatuikulipi were arrested Wednesday morning, Namibian Police Force Inspector-General Lieutenant Sebastian Ndeitunga told IntraFish.
Ndeitunga declined to comment further.
The arrest comes amidst bribery allegations involving fishing giant Samherji.
Samherji allegedly used tax havens and bank accounts at Norway's largest bank, DNB, to hide proceeds from illegally obtained fishing quotas in Namibia.
Shanghala had earlier resigned from his post, having been accused of receiving massive kickbacks in return for doling out the fishing licenses.
Hatuikulipi resigned from South Africa-based Investec Asset Management along with his right hand man and Client Director Ricardo Gustavo, as the company's internal investigations took place.
Hatuikulipi and Gustavo are accused of allegedly being the driving force behind the fishing scheme that lead to payoffs of $10 million (€ 9.1 million).
On Nov. 14, the Anti-Corruption Commission of Namibia announced they were probing into former Fisheries Minister Bernhard Esau and Shanghala in relation to the alleged fishing schemes.