Govt under fire for selling Samherji vessel

OGONE TLHAGE

WINDHOEK

Local former minority shareholders of the Heinaste, a fishing vessel owned by Fishrot-embroiled Icelandic company Sahmherji, are challenging the decisions by the offices of the prosecutor-general (PG) and attorney-general (AG) to sanction the sale of the vessel to Tunacor Fishing for N$274 million without their involvement and consent.

Payment for the vessel would be made in instalments between now and the year 2023, documents reveal.

The former minority shareholders in the Heinaste, which has since been rechristened the Tutungeni, include Epango Fishing, Yukor Fishing and Sinco Fishing, while its majority shareholder is Samherji through local subsidiary, Esja Investments.

Board shenanigans

At the centre of the storm is how Samherji had been able to sideline its local partners by not recognising any of their representatives at board level and rather opted to install its own directors, who in turn, were able to negotiate the Heinaste’s sale to Tunacor after it had been attached by the PG.

The vessel was seized by government through the PG’s office after it was caught fishing in a restricted zone area near Walvis Bay.

The vessel was docked at Walvis Bay but the government struggled for its upkeep and repairs, a situation that is suspected to have helped government to agree to Tunacor’s offer to sell the trawler to it.

Samherji had replaced directors representing the three minority shareholders, allegedly after disagreements over transfers of money from Esja Investments to foreign banking accounts, according to Mino Gariseb, board chairperson of Epango Fishing.

This sparked a breakdown in relations between Samherji and the three minority shareholders in the Heinaste, Gariseb said in an affidavit filed in court.

The three companies, Yukor, Sinco and Epango Fishing each held 17% shareholding while Samherji through Esja Investments held 49% shareholding in the vessel prior to its sale to Tunacor.

Costly maintenance

While under her care, the PG decided to sell the vessel to Tunacor, allegedly because the government could no longer afford to pay for its maintenance while it was in dry dock in the Port of Walvis Bay and its value was depreciating fast.

“The manner and circumstances upon which any such attachment was executed remain unknown to the minority shareholders. The board also would not cooperate with any request for information,” Gariseb said.

According to Gariseb, the minority shareholders in the Heinaste were made aware that Esja Investments had entered into negotiations with the PG and attorney-general.

“To whom, and for how much, and on what terms, we did not know,” Gariseb said of discussions that were being held on the vessel’s sale.

Gariseb added that irregular, unlawful and prejudicial actions had been undertaken by Esja Investments’ board.

“The net effect is that the key partnership asset, the vessel, has purportedly been sold, and the terms of the attachment of the asset and its proceeds are being purportedly determined by persons who are in law not the true board of the company,” Gariseb said.

Attorney-general Festus Mbandeka yesterday told Namibian Sun: “Unfortunately I am unable to respond to you right away. We shall revert soonest after perusal of your questions and upon taking instructions from the client (office of the prosecutor-general).”

Prosecutor-general Martha Imalwa had not responded to questions on the matter by late yesterday.