Daron Namibia denies N$40 million DRC fishing venture fund misappropriation claims

Daron Namibia has denied allegations of misappropriating funds from a N$40-million Democratic Republic of Congo DRC fishing venture, which is now the subject of a High Court dispute involving Standard Bank Namibia and Hodago Fishing. Daron managing director Luther Mostert stated that the company is being wrongly portrayed as having control over investor funds. The money, deposited by the DRC's state social fund into a Standard Bank account, was intended for a fishing partnership. By early May this year, the account was empty, and the fish were not fully caught. Daron Namibia, a maritime supply and logistics company, is accused of using N$10 million from a protected account to settle its loan with Standard Bank, while Hodago Fishing, 45% owned by Swapo, is accused of misappropriating N$13.5 million. Mostert rejected any suggestion of wrongdoing, stating Daron's role was limited to operating and maintaining the fishing vessel MV Venus 1. He clarified that Daron did not receive or control N$40 million for its own benefit, and funds that moved through Daron-related banking arrangements were used for operational costs. Daron also denied improperly benefiting from escrow funds or diverting them to settle its debt, asserting that Standard Bank was aware of the arrangements. The company claims it was brought in to assist a failing vessel operation and is now being blamed for a venture involving other parties. The DRC's state social fund, the Fond Social de la République Démocratique