The High Court has authorised the attachment and possible sale of shares in Swapo-linked Hodago Fishing over a N$7.5-million fish supply debt.
The commercial dispute also involves Naras Investment (Pty) Ltd and its subsidiary Kuiseb Fishing Enterprises (Pty) Ltd.
The order, dated 12 May, was granted in favour of Corridor Logistics (Pty) Ltd against the two entities, as well as Daron Namibia (Pty) Ltd, owned by Walvis Bay businessman Luther Mostert, and Eluwa Properties (Pty) Ltd.
Hodago Fishing, in which Swapo has a 45% stake, and Kuiseb Fishing Enterprises are co-owned by Naras Investment’s Kuiseb Fishing Enterprises and Gendev Fishing Resources.
Naras was established in 1991 by liberation war veterans Maxton Mutongolume, Moses //Garoëb, John Hamutumwa, Pashukeni Shoombe, Ernst Kubirske and Festus Naholo.
Swapo holds a 97% stake in Gendev Fishing Resources through its business investment arm Guinas Investments.
The court order comes weeks after Democratic Republic of Congo-linked entity Fond Social de la République Démocratique du Congo threatened to take Hodago Fishing and Daron Namibia to court over a US$3-million legal dispute over a horse mackerel exploration quota agreement.
The company has also been taken to court by a Zambian company, Delmare Group Limited, in a bid to stop it from delivering or offering 600 tonnes of horse mackerel to Fond Social de la République Démocratique du Congo.
In the latest case, the High Court directed the deputy sheriff for Windhoek to attach 100% of shares held by !Naras Investment in Kuiseb Construction Supplies as part of efforts to recover a judgement debt of N$7.5 million plus interest and costs.
The writ states that the sheriff must recover the full amount of N$7.5 million together with interest thereon at the rate of 20% per year from 25 September 2024.
It further states that recovery must include “all other costs and charges of the judgement creditor in the said case”.
The court authorised execution against incorporeal property, meaning ownership rights in shares rather than physical assets.
It further instructs the deputy sheriff to notify all interested parties and secure the shares for possible sale.
Court documents show the case stems from a fish supply and financing agreement concluded on 11 December 2024 between Corridor Logistics and Hodago Fishing.
Under the agreement, Corridor Logistics made advance payments in exchange for exclusive rights to fish stock caught by the vessel Venus 1 that belongs to Hodago Fishing.
The applicant told the court that ownership of the catch would be vested in it once payment was made.
“Clause 7.1 provides that ownership of the stock vests in the applicant immediately upon catching where an advance payment has been made,” the document states.
DISPUTED BALANCE
It further says more than N$17 million was paid upfront, while only about N$5 million worth of fish was delivered, leaving a disputed balance of about N$12 million. The vessel later caught about 523 tonnes of fish valued at approximately N$12 million, which Corridor Logistics claimed formed part of its property under the agreement.
The court was also told that the vessel was anchored outside Walvis Bay and that control of the stock became disputed on the ground.
In supporting affidavits, the applicant alleged that the stock was at risk of being diverted to third parties.
It cited a recorded statement in which a representative said: “I am not going to give you the fish.”
The applicant further told the court that the fish was perishable and required immediate cold storage, warning that without proper preservation “the fish will spoil”.
In January, the High Court granted an urgent interim order in favour of Corridor Logistics, restraining the respondents from disposing of the fish stock pending final determination.
The court ordered that the companies were restrained from delivering the fish stock.
The stock was subsequently ordered to be transported to Walvis Bay and placed in cold storage under the control of Corridor Logistics.
