馃嚦馃嚘NamibiaSouthern Africa
Trustco faces new boardroom challenge from major shareholder
via The Namibian2 min read
Trustco Group Holdings has received a formal demand from Riskowitz Capital Management LLC, a major shareholder, to convene a shareholders' meeting to appoint a new board of directors. This development follows a contentious shareholder meeting in February where a majority of shareholders voted to remove the current board. However, the outcome was declared invalid by board chairman Raymond Heathcote, citing improper constitution due to unmet statutory notice requirements. An independent scrutineer's report indicated that 43.75% of proxied shares supported the board's removal, while 42.96% voted against it. Riskowitz Value Fund RVF is leading the shareholder campaign, advocating for the respect of majority shareholder wishes and has proposed a new board including Grant Pattison, Dee Sauls-Deckenbrock, Jerome Davis, Sepo Haihambo, and Robert Hutchinson-Keip. The relationship between Trustco and RVF, once strong with a US$100 million investment agreement in 2024, deteriorated after a failed share sale in Legal Shield Holdings, leading to disagreements over governance and a proposed transaction.
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This summary was AI-generated from a story originally published by The Namibian.
Namibia's government has introduced amendments to the Income Tax Act to establish an independent tax court, aiming to improve fairness, transparency, and public confidence in the country's tax administration system. Finance minister Erica Shafudah presented the proposed changes in the National Assembly, stating the bill will create a dedicated court for income tax and value-added tax appeals. This initiative follows a 2021 High Court ruling that found provisions of the former special tax court unconstitutional, specifically regarding the minister's powers in administering tax legislation and appointing court members, which compromised the principle of a fair trial. The new tax court will operate within the High Court structure as an independent judicial institution, delivering objective and impartial decisions. The bill also clarifies the distinct roles of the minister and the commissioner in tax law administration and reaffirms the hierarchy where tax disputes are first heard by a tribunal, with appeals then directed to the new tax court. The administration of the tax court will fall under the High Court, with the judge president designating judges and staff. Pending appeals from the defunct special tax court will be transferred to the new court upon the bill's approval. Shafudah urged parliamentary support, emphasizing it as a crucial step towards a fair and constitutionally compliant tax dispute resolution system.
First National Bank FNB Namibia and the Central Procurement Board of Namibia CPBN have partnered to improve efficiency, transparency, and accountability in Namibia's public procurement system. During a recent stakeholder engagement in Windhoek, the institutions discussed the role of performance guarantees in public procurement and explored ways to reduce project implementation delays. FNB Namibia provided insights into the process of issuing performance guarantees, covering application requirements, credit assessment, and processing timelines. The discussion also addressed common challenges faced by bidders and best practices for more efficient issuance. Both institutions agreed on the need for closer cooperation between financial institutions and procurement authorities to resolve bottlenecks that can delay public projects. Leonard Hamunyela, FNB Namibia head of enterprise banking, stated that performance guarantees are crucial for economic participation, enabling businesses to engage in procurement opportunities with greater certainty and supporting the timely delivery of public sector projects. FNB views this engagement as part of its commitment to working with stakeholders to find practical solutions that support participation, growth, and strengthen Namibia's procurement value chain.
Netflix's series 'The Polygamist' explores themes beyond polygamy, focusing on the emotional consequences of power, absent fathers, generational trauma, and the pursuit of status. The story follows wealthy businessman Jonasi Gomora, whose secrets unravel, impacting his family and professional connections. The show addresses the significant issue of fatherlessness in South Africa, depicting children navigating confusion, rejection, and emotional neglect, and highlighting that a father's absence can be emotional even when physically or financially present. It also delves into "daddy issues," showing characters seeking affection and identity in destructive relationships. The series examines "blessers" and transactional relationships, questioning the genuineness of love when power dynamics are skewed by wealth. The pressure to maintain appearances, as seen in Joyce Gomora's marriage, and the exploration of generational trauma, where one person's decisions affect future generations, are also central. Viewers recognize echoes of their own lives, as the show brings to light private conversations about absent fathers, infidelity, financial dependence, toxic masculinity, and the emotional cost of maintaining family structures. Ultimately, 'The Polygamist' is presented as social commentary, prompting viewers to confront uncomfortable truths about love, family, power, and accountability in modern South Africa.