Millions in Punyu estate

THE late businessman Jairus ‘Punyu’ Shikale was one of Namibia’s wealthiest people when he died in late 2009, records filed with the Office of the Master of the High Court in Windhoek indicate.

A first liquidation and distribution account in the estate of Shikale is now open for inspection at the Office of the Master of the High Court in Windhoek.Documents filed with the office show that a preliminary inventory of the assets in Shikale’s estate put the value of the estate at more than N$124,5 million.In the first liquidation and distribution account, assets to the value of N$17,5 million are dealt with.Shikale designated his two sons, Jafet and Appolos Shikale, as his two main heirs. Their inheritance will however be held in trust until they are 30 years old, Shikale stipulated in his last will. His wife, Abia Shikale, is inheriting assets valued at N$3,07 million at this stage.Shikale, who was the driving force behind the Punyu business group, died at the age of 56 on October 29 2009. The Punyu group has interests in shops and fuel stations in northern Namibia, farming, a stone crusher at Tsumeb and a hotel and casino at Ondangwa.Shikale and his wife signed a joint will on April 1 1996. In the will, Shikale stipulated that his wife would inherit his house at Punyu International Hotel at Onethindi, Ondangwa, a vehicle of her choice and N$500 000 in cash when he dies.In terms of the first distribution account in the estate, the house, valued at N$2,5 million, a Toyota Hilux 2.7 bakkie and N$500 000 in cash will now be distributed to Mrs Shikale.Shikale also stipulated that his sons, now 21 and 18 years old, would inherit the remainder of his estate in equal shares. In the sons’ absence, his and his wife’s two daughters would have inherited the rest of his estate, Shikale stated.The assets inherited by his sons include a fixed property in Hochland Park in Windhoek that is valued at N$1,2 million, livestock, vehicles, firearms and the proceeds from investments that Shikale had.In terms of Shikale’s will his sons’ inheritance must be held in trust for them until they have turned 30 years of age. Each son’s share of his inheritance will be paid to him when he turns 30, Shikale stipulated.In a preliminary inventory of assets in the estate that was filed with the Master’s office, the value of ‘various fixed properties in Ondangwa and Tsumeb’ that were owned by Shikale is put at N$111 million. With the value of movable assets totalling about N$13,5 million, his estate was estimated to be worth about N$124,56 million at that stage.With the first liquidation and distribution account, fixed properties with a combined value of N$8,105 million are dealt with. These include six fixed properties at Tsumeb, with a combined value of N$4,405 million, as well as a property in Hochland Park and Shikale’s house at Onethindi.Movable assets dealt with in the account include trucks, trailers and vehicles valued at N$2,911 million, domestic livestock and game valued at N$2,64 million, firearms valued at N$68 400, and investments totalling N$2,09 million.The total assets reflected in the account amount to N$17,521 million. Liabilities in the estate amount to N$7,369 million. The liabilities include a claim of N$4,6 million in favour of Standard Bank Namibia, legal fees of N$449 477 and a claim of N$921 898 in favour of the Ondangwa Town Council. This has left assets valued at N$10,151 million for distribution in the first account in the estate.The executor of the estate, Marilyn Campbell, has reported to the Master that other properties in the estate still have to be sold. At least one more account will thus have to be filed with the Master’s office, she reported.

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