Fishing company accuses partner of financial mismanagement

Fishing company Cidalia's Investment has called on the fisheries ministry to intervene in its joint venture with Thallasiic Fishing, citing serious concerns about financial mismanagement, including improper handling of funds and a lack of transparency. Cidalia, which holds a 200-metric-tonne fishing right, argued that Thallasiic has repeatedly failed to honour its financial obligations and governance standards. Shareholder Cecily Sherally further alleged that Thallasiic has not paid outstanding taxes to the Namibia Revenue Agency (NamRA), and has ignored requests for critical financial updates. The Cidalia shareholders are demanding immediate payment of all outstanding amounts, including a settlement for a Volkswagen Amarok bakkie and an investment sum of N$140 000. Additionally, they are calling for the return of a N$1.3 million investment promised to be released by the end of May.“The shareholders want their money from [Thallasiic board chairperson] Gordon Elliott who is running the company as if it is his own private company. All remaining balances as well assets should be distributed before the end of September, and bank statements from 2020 till today are still requested,” Sherally said. Unnecessary expenditureCidalia accused Thallasiic of unnecessary expenditure, such as the use of a chartered accountant for routine financial tasks that could be handled in-house. It argued that board members based in Windhoek should not receive sitting allowances after meetings, as these costs are unjustified.It has further criticised the joint venture's accountant for failing to keep audits up to date, and has requested that the audits be completed immediately."Thallasiic's bank account should start with [a] zero balance [in] 2025 to clean up this mess. Our next [move] will be to involve the Anti-Corruption Commission and the Namibian Police to do a proper investigation,” Sherally said. Elliott pour cold water over claims that the company has not provided financial reports to its shareholders.“Dividends are declared to shareholders/companies whenever possible, based on certified accountant statements and special resolutions of the board. A recent distribution was made to Cidalia members with their consent and without question after thorough consultation and approvals. Clarifications were provided to them... If they have further queries, they can approach the board formally at any time. Any shareholder of the company has right of access to our financial affairs,” he said. He added that tax returns show more than N$12 million in value-added tax and income tax paid to NamRA.jemima@nmh-hub.com.na

Fishing company accuses partner of financial mismanagement

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Namibian Sun 2025-03-07

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Fishing company accuses partner of financial mismanagement

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Namibian Sun 2025-03-07

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