Fishing vessels seized over N$14.7m standoff
Notice of appeal filed
Nautilus Fishing and Skeleton Coast Trawling entered into a joint venture in 2007, but relations between the two entities have since soured.
Last Monday, the deputy sheriff seized Skeleton Coast Trawling’s Kowares and Komukandi fishing vessels in fulfilment of a writ of execution issued by the Windhoek High Court.
This comes after Nautilus Fishing obtained an arbitration award ruling that it is entitled to N$14.7 million of the profits in respect of a joint venture with Skeleton Coast Trawling.
The arbitration award was made an order of the court on 26 October and a warrant was issued to the deputy sheriff on 1 November after Skeleton Coast Trawling apparently failed to pay the amount.
Although the ships have been seized, they will not yet be sold on execution during a public auction, as Skeleton Coast Trawling has brought an appeal against the court order.
"A notice of appeal was filed and an application was brought for the release of the vessels and the handing over of certificates so that they can proceed,” deputy sheriff Pieter van Heerden said.
According to the notice of appeal submitted to the court, the application was brought on the basis of an allegation that Judge George Coleman made a mistake.
“They are working on the boats, and they would not have set sail until 13 November anyway."
Arbitration
Nautilus Fishing and Skeleton Coast Trawling entered into a joint venture in 2007. This agreement relates to the exploitation of a fishing right granted to Nautilus and contains an arbitration clause.
A dispute arose regarding the venture, and the matter went through an arbitration process. The arbitration award was in favour of Nautilus. In terms of the award, it was decided that Nautilus is entitled to 50% of the joint venture's profits, which amounts to approximately N$14.7 million.
This comes after Nautilus Fishing obtained an arbitration award ruling that it is entitled to N$14.7 million of the profits in respect of a joint venture with Skeleton Coast Trawling.
The arbitration award was made an order of the court on 26 October and a warrant was issued to the deputy sheriff on 1 November after Skeleton Coast Trawling apparently failed to pay the amount.
Although the ships have been seized, they will not yet be sold on execution during a public auction, as Skeleton Coast Trawling has brought an appeal against the court order.
"A notice of appeal was filed and an application was brought for the release of the vessels and the handing over of certificates so that they can proceed,” deputy sheriff Pieter van Heerden said.
According to the notice of appeal submitted to the court, the application was brought on the basis of an allegation that Judge George Coleman made a mistake.
“They are working on the boats, and they would not have set sail until 13 November anyway."
Arbitration
Nautilus Fishing and Skeleton Coast Trawling entered into a joint venture in 2007. This agreement relates to the exploitation of a fishing right granted to Nautilus and contains an arbitration clause.
A dispute arose regarding the venture, and the matter went through an arbitration process. The arbitration award was in favour of Nautilus. In terms of the award, it was decided that Nautilus is entitled to 50% of the joint venture's profits, which amounts to approximately N$14.7 million.
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