Novanam not at risk

WINDHOEK DENVER ISAACS
Local fishing company Novanam yesterday distanced itself from the seemingly sinking position of its Spanish parent company, Pescanova SA.
The local company yesterday rushed to set at ease workers and its own business partners, saying Novanam continues to operate normally and independently .
The local company's books are healthy , personal assistant to the board secretary, Roberta Jansen, said yesterday.
In a statement released to the company's stakeholders, the Novanam Board of Directors held the banking crisis in Europe responsible for the parent company's woes, and that this has coincided with the challenges of funding its very intensive and large aquaculture investments, which have taken longer than expected to mature .
The Spanish company last month filed for insolvency, amid reports of heated disputes between chairman Manuel Pescanova and the company's shareholders.
Following that announcement, it then reportedly suspended its auditors, BDO, and said it would instigate an independent forensic examination of its accounts.
Only the holding company in Spain is implicated, and it is doing so in order to protect itself from all creditors during the forthcoming months wherein it will be negotiating for a way forward to find solutions to meet its past, due and future payment obligations and put it in a sound financial footing again, Novanam's communiqué to its stakeholders reads.
We are very grateful for the support given to us by those stakeholders who have committed to stand by our side during these challenging times, the company added.