BUSINESSMAN Aaron Mushimba stipulated in his last will and testament that most of the assets in his estate should go into a family trust, which was registered last year.
A provisional inventory of Mushimba’s estate puts the value of his assets in Namibia at more than N$139,7 million at this stage – a figure that could change as claims against his estate and in its favour are registered and processed during the administration of the estate.
Mushimba, who built up a wide range of business interests in Namibia over the past 24 years, died at the age of 67 in Cape Town on 31 August.
He signed his last will and testament, which has been filed at the Office of the Master of the High Court, on 17 April this year.
In the three-page will, Mushimba recorded that since he and his wife, Adolphine Mushimba, were married in community of property, she would be entitled to half of their joint estate.
Mushimba stipulated that a nephew of his, Daniel Mushimba, should inherit N$1 million from him. The remainder of his estate should go to the Mushimba Family Trust, which was registered last year, to be held in trust for the benefit of his children and any other beneficiaries named in the trust documents, he directed.
Mushimba was the father of four children – two sons and two daughters – according to a document lodged at the Master’s office.
The assets in Mushimba’s estate consist of cash totalling N$18,6 million and investments with a total value of N$121,1 million, according to the provisional inventory. The investments are spread over 14 companies and close corporations in which Mushimba had an interest.
An investment of N$31,4 million and N$5,5 million in cash in a close corporation, Katutura Investments CC, account for the biggest single component of assets in the estate. Farming assets in Mushimba’s name are valued at N$9,15 million, while an investment in a company, Eris Farming (Pty) Ltd, is valued at N$11,9 million.
The value of other investments include an amount of N$10,8 million in the company Edelweiss Investments 8 (Pty) Ltd, N$8,97 million in a close corporation, Tuakondja Properties CC, N$6,02 million in the company /Ae //Gams Financial Services (Pty) Ltd, N$5 million in Sykes Investment CC, N$4,4 million in Independence Catering (Pty) Ltd, N$2,25 million in Mukorob Fishing Company (Pty) Ltd, and N$3 million in Pendtros Investment 9 (Pty) Ltd.
Assets in cash include N$5,6 million with First National Bank of Namibia, insurance policies worth N$1,9 million, and other cash investments totalling N$6,58 million.
The value of claims in favour of the estate are put at N$8,1 million at this stage. Mushimba directed that Windhoek-based lawyer Maren de Klerk should be appointed as the executor of his will.
