The Motor Vehicle Accident Fund wants to proceed with a High Court judgement regarding an investment tender, despite the fact that the case has now been taken to the Supreme Court.
The Fund claims waiting for the Supreme Court’s decision on the matter will result in the loss of millions of dollars.
In court documents, the fund’s CEO Rosalia Martins-Hausiku claims that if the High Court’s judgement is not implemented, it will result in the company making a loss of N$1 million per month and consequently N$24 million over a period of two years.
“This presents a significant loss of income to the fund with the result it may not be able to meet some of its obligations to the claimants… The revenue is crucial to make up for the losses suffered as a result of the fuel levy reductions, which were implemented by the government in May 2022,” explained Martins-Hausiku.
The High Court in February ruled in favour of MVA by setting aside the 17 January decision of the review panel to set aside the investment tender that was awarded to various investment companies.
In the judgement, the High Court noted the review panel has no power to review and set aside the fund’s decision when there was no application for reconsideration submitted to MVA.
MVA sued the review panel after it ordered a cancellation of the award it had made and ordered the bidding process to start afresh.
The review panel was of the view that the tender was not awarded in compliance with the law. The panel’s decision follows a complaint by one of the losing bidders, Orcas Investment Managers.
Orcas, who are dissatisfied with the High Court’s decision, have since taken the fight to the Supreme Court, saying the court erred in its ruling.
However, Martins-Hausiku claims that Orcas’ appeal to the Supreme Court is nothing more than a delay tactic of the inevitable.
“The loss of crucial revenue is done at the back of an appeal, which is vexatious, frivolous and absolutely has no prospect of success. It was merely lodged to derail and frustrate the implementation of the bit by Orcas, which was unsuccessful in its bid,” said Martins-Hausiku.
The parties are currently waiting on the Supreme Court, as Orcas only instituted its appeal in the Supreme Court on 1 March.
– mamakali@nepc.com.na