Boardroom battle over fishing firm’s future
Publish date: 14 May 2018
Issue Number: 773
Diary: IBA Legalbrief Africa
Minority shareholders in one of Namibia's biggest fishing firms, have complained of being bulldozed into giving control of company assets to Bidvest Fisheries Namibia. Documents reviewed by The Namibian show that minority owners are questioning how Namsov Fishing’s assets which were valued at US$43m in 2017 suddenly fell to US $36m this year. Namsov Fishing (previously known as the Namibia and the Soviet Union joint venture), which employs nearly 1 200 people, is owned by Bidvest Namibia Fisheries and five other entities. Its future is in doubt after Bidvest Fishing Namibia decided to pull out of the fishing sector, partly because of government’s decision to reduce its fishing quotas. However, efforts to exit the fishing sector has resulted in a boardroom fight between Namsov shareholders.