• December 6th, 2019

High Court halts sale of fishing trawler



WALVIS BAY – The Namibian High Court judge Justice Hannelie Prinsloo has temporarily halted Islandic Company Esja Holdings from selling or removing the Heinaste vessel from Namibian waters.

This follows after their Namibian partner, Sinco Fishing launched an urgent application on Friday afternoon following a decision to sell the vessel and liquidate the company was made during an extra-ordinary shareholders meeting on Friday, in Windhoek. 

Sinco Fishing owns 42 percent in the vessel for which they paid N$280 million said that they were never consulted and were kept in the dark about the sale of the vessel, despite them having legal and binding shareholders agreements with Esja Holdings.

This resulted in Sinco Fishing approaching the High Court on Friday and granted the interim order with cost by Judge Prinsloo at around 20h00 on Friday. 

In the interim order, Judge Prinsloo said the shareholders agreement as submitted by Sinco Fishing was binding and that the resolution for selling the vessel is thus null and void.
Prinsloo also declared the attend resolution authorising Egill Heigi Arnason to implement and execute the selling of the vessel is null and void.

Based on that Prinsloo granted an interdict and restricted Egill Arnasson and any of the ESJA directors from implementing and executing the resolutions of the meeting and removing the vessel from Namibian waters and Namibian Jurisdiction.

According to papers files by Sinco fishing, their Islandic partner have already identified a buyer and the vessel was set to be delivered in time for the Russian fishing season starting in August.
Esja Holdings according to online reports, is owned by the Samherji Group in Iceland which principle owners are Kristjan Vilhelmsson and Thorsteinnmar Baldvinsson. 

The directors in Esja Holdings are Egill Arnason (, Ingvar Júlíusson and Adell Pay/Wilken. 
The directors of ESJA  are being accused of allegedly cheating their Namibian partners by changing  the joint venture (JV) arrangement in 2017 to introduce a foreign loan from a sister company, Esja Mauritius .  

This allegedly indebted the Namibian quota holders (Epango, Sinco and Yukor) in such a way that they actually never own the vessel since as it was mortgaged as security against the disputed loan.

 According to previously filed court papers by Sinco Fishing, 2017 agreements and resolutions except the shareholders’ agreement was signed only by the Esja directors defying proper corporate governance.
Esja Holdings on Friday have to state their case in the High court as to why the order of Judge Prinsloo should not be made final.


Eveline de Klerk
2019-08-07 06:43:07 | 3 months ago

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