DRC state fund sues Standard Bank Namibia over N$40 million fishing deal dispute
via The Namibian5 min read
The Democratic Republic of Congo's state social fund FSRDC has initiated legal action against Standard Bank Namibia, Daron Namibia, and Hodago Fishing, alleging the misappropriation of N$13 million from a protected bank account. The lawsuit, filed on May 26, centers on a N$40 million transaction related to a horse mackerel fishing venture in Namibian waters involving Hodago Fishing, a company in which Swapo holds a 45% stake. The FSRDC claims Standard Bank allowed changes to the account mandate, removed its representative as a signatory, and permitted unauthorized fund transfers. The dispute originated from an initial N$25 million payment made by the FSRDC in 2025 into a Standard Bank escrow account, intended to secure funds for the fishing operation. The fund alleges that N$10 million was transferred to Daron Namibia to repay a loan to Standard Bank without its approval, and an additional N$13.5 million was misappropriated by Hodago. Despite a subsequent N$30 million deposit by the FSRDC in February 2026, made under assurances of stricter escrow conditions, the fund terminated its agreements with Hodago and Daron shortly thereafter. Hodago Fishing denies any misappropriation, stating that all funds were applied as agreed and that some funds were received by Daron Group, which handled the escrow differently than instructed. Standard Bank Namibia declined to comment on the ongoing legal matter. Daron Group and its managing director, Luther Mostert, have not responded to inquir
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This summary was AI-generated from a story originally published by The Namibian.
Namibia is reconsidering its restriction on importing vehicles older than 12 years, a policy that has divided motor industry stakeholders. Finance minister Ericah Shafudah indicated the policy might have increased costs without achieving its goals. Pupkewitz Motors managing director Anton Westraadt supports policy review but emphasizes the need for consumer protection, citing concerns about roadworthiness, parts availability, and dealer networks for vehicles from markets like Japan. He questions if such vehicles are suited for Namibia's climate, fuel quality, and dusty conditions. Westraadt stated the current restriction has not significantly impacted Pupkewitz Motors, which deals in inspected new and used vehicles. The 12-year restriction, introduced in 2022, applies to passenger and light commercial vehicles, with exceptions for special-purpose vehicles. In contrast, HVR Auto owner Handie van Rensburg, an importer for 10 years, believes removing the ban would make quality, affordable vehicles more accessible. He argues many older Japanese vehicles are well-maintained and suitable for Namibia, rejecting claims that lifting the restriction would turn Namibia into a "scrapyard." Van Rensburg suggests increased competition would lower prices, offer more consumer choices, and allow the government to collect revenue from properly regulated imports currently entering via other countries.
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