• April 5th, 2020

Tussle over N$280 million sale of fishing vessel

WALVIS BAY - Namibian fishing companies, Sinco Fishing and Epango Fishing have lodged an urgent application with the High Court to stop their Mauritius islander partners from selling a vessel worth N$280 million.  

The companies also want their partners to be stopped from liquidating Heinaste Investments Nambia, who co-owns the vessel with Sinco and Epango Fishing.

Documents filed in the High Court yesterday indicate that Sinco Fishing and Epango Fishing are seeking an order to stop their partners, Heinaste Investments Namibia (first respondent), Esja Holdings (second respondents), Esja Investments in Mauritius (third respondent) and Yukor Fishing as fourth respondent from going forward with the sale, pending a forensic investigation into the finances and business operations of the companies.

The vessel in question, Heinaste, was 100 percent financed by the islanders but the Namibians bought 45 percent of the vessel to the tune of N$140 million, of which only N$5 million was outstanding when the vessel was Namibian flagged in 2018 at Walvis Bay, court papers state.

Apart from that, Sinco Fishing and Epango also want an interdict to stop Esja Holdings from calling any extra-ordinary or ordinary shareholders meeting for the tabling and passing of resolutions relating to the sale of Heinaste vessel.

The two joint ventures also wants Esja Holdings to return the vessel to the first respondent within 30 days from date of the sought court order. 

Sinco Fishing and Epango are also seeking a court order to stop Esja from calling up the loan agreement entered into between Sinco Fishing and Esja Investments.

This is to finalise an investigation and legal proceedings of an extra-ordinary shareholders meeting scheduled for  August 2, 2019 and for a forensic investigation into the affairs of Heinaste Investments and related companies as reflected in their annual financial statements.

In an affidavit, the chairman of Epango Fishing Mino Gariseb states that the islanders made contradictory statements in terms of the loan made to buy the vessel as well as an overpayment of about N$23 million  from the Namibian partners.

In his statement, Gariseb says that their partners have failed to provide responses to all queries from their Namibian partners and, based on their conduct, it was clear they have no intention of providing the necessary clarification and information.


Kuzeeko Tjitemisa
2019-07-18 09:42:36 | 8 months ago

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