Samherji dismisses N$18.3 billion Fishcor lawsuit as baseless

Icelandic fishing company Samherji has labeled a lawsuit filed against it by Scottish firm Restitution Litigation Limited, on behalf of Namibia’s state-owned Fishcor, as baseless. Restitution Litigation Limited is seeking up to US$1 billion over N$18.3 billion from Samherji and related parties in British courts. According to the claim, Fishcor would receive 75% of any awarded damages, with the remaining 25% going to Restitution Litigation Limited and its funders. Katherine Mulhern, Restitution chief executive, states the case is based on allegations that Samherji, through corruption and unlawful conduct, took money from Fishcor and other Namibians during its fishing activities in the country between 2012 and 2019. She claims Samherji used bribes and corruption to illegally obtain benefits from Namibia, including fishing quotas. Fishcor has ceded its claim against Samherji to Restitution Litigation Limited to pursue the lawsuit. The defendants include Samherji hf., Samherji Holding ehf., British subsidiaries Onward Investment Limited, Onward Fishing Company Limited, UK Fisheries Limited, and former Samherji chief executive Thorsteinn Már Baldvinsson. Samherji chief executive Baldvin Thorsteinsson maintains the action is unfounded and the company is defending itself. Mulhern noted the case largely relies on information from the Fishrot investigations, which have been ongoing in Namibia and Iceland since 2019, involving allegations of Samherji-linked companies paying bribes for