Local partners swindled in Heinaste deal

By Hilary Mare

THE sale of Samherji’s controversial fishing vessel, the Heinaste to Tunacor late last year has resulted in local partners losing at least N$176 million as they were disregarded in the sale, Confidente can reveal.

The vessel was owned by a joint venture (JV) in which Samherji’s subsidiary Esja Holdings (Heinaste Investments)  held 58 percent ownership, while local partners consisting of Sinco Fishing (Pty) Ltd, Gazania Investments 179 (Pty) ltd t/a Epango Fishing (Pty) (Ltd) and Yukor Fishing Joint Venture Company (Pty) Ltd owned 42 percent of the vessel.

Documents seen by Confidente show that the partnership purchased the vessel through a USD20 million loan facility from Heinaste Investment (Cyprus) of which the local partners were obliged to pay their share of the loan amount.

Sharon Neumbo, one of the local partners in the JV this week told Confidente that it was sad that they face losing investments that they had made over a long time.

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