STATE-OWNED enterprises minister Leon Jooste says while the government does not have any part to play in whether Air Namibia’s liquidators, David Bruni and Ian McLaren sell the airline’s assets, they expect due diligence to be followed.
“When the High Court places a company under formal liquidation and liquidators are appointed, the shareholder does not have further powers to play a role,” Jooste told The Namibian yesterday.
“They do not need the consent or approval from government or shareholders of Air Namibia to proceed.”
His comments come after the airline’s liquidators received a N$1,4 billion offer from South Africa’s BDS Airways.
In a letter dated 4 January 2022, BDS chairman Sabelo Williams wrote to Air Namibia’s joint liquidators, proposing to purchase 100% of the liquidated airline’s assets. However, in November last year, BDS had said it was in a position to offer N$3,2 billion for Air Namibia, with N$1,5 billion to be made available immediately for various disbursements to creditors on the instruction of the joint liquidators.
Bruni and McLaren wrote to the Pilots Association of Namibia’s Heino Jakob on Wednesday this week to inform him that they intend to accept the offer from BDS Airways.
“The previous offer was withdrawn,” the liquidators said in the letter. However, no reasons have been provided regarding the withdrawal.
BDS further indicated that they were ready for signing, funds and ownership transfer yesterday, however, The Namibian could not establish whether that had happened, as questions to the liquidators went unanswered.
The company on 2 October had a site/office visit to Air Namibia, and by 3 January, the legal documentation was drafted.
Air Namibia was formally liquidated on 26 March 2021, after no opposing papers were filed against a liquidation application brought by the Namibia Airports Company (NAC).
The national airline owed N$714 million to the NAC in outstanding aeronautical and ground handling charges, and has been in provisional liquidation since 6 February 2021.
At the time of the liquidation being approved, Air Namibia had assets valued at N$1,04 billion and liabilities amounting to nearly N$5,4 billion.
Meanwhile, the former employees are still owed roughly N$105 million in severance packages, which include leave days and pension.
