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Fish deal quickly vanishes into empowered directors’ pockets

Dear sir,
Labour Investment Holdings (LIH) has 51% shareholding in Gazania Investments 128 (Pty) Ltd (Gazania 128) and Avant-Garde Investments CC has 49% interest in Gazania 128.
Gazania 128 was awarded certain fishing rights last year and entered into a joint venture with other parties. Gazania 128 received a lucrative amount from this deal. The board of directors of Gazania 128 consists of four directors who appear to have appointed themselves.
Whilst LIH was still in negotiations with Avant-Garde on the manner in which to distribute the moneys received, it came to the attention of LIH that a substantial amount was arbitrarily transferred to unknown bank account(s) from the Gazania 128 account. LIH deems this transaction not to have been in the interest of LIH as majority shareholder or in the interest of Gazania 128 itself. LIH immediately met with the relevant banking institution but could not make headway due to the banking institution not being able to release information on the transaction without a court order or other legal basis authorising them to release confidential information pertaining to their clients.
As the investment arm of the National Union of Namibian Workers (NUNW), LIH is mindful thereof that one of its main purposes is to serve the interest of union members and to generate money which can be applied to the benefit of union members. LIH will not tolerate the abuse of its resources by any party.
In the (premise) LIH will continue to protect the interest of its stakeholders and will take such steps as are necessary in order to ensure that where any irregularities appear, such are immediately investigated and referred to the appropriate authorities. LIH has for this reason referred the aforesaid matter to the Anti-Corruption Commission (ACC) requesting further investigation. LIH has resolved to leave no stone unturned to investigate this and any other transaction by any current or past officer or director that could possibly have been to the detriment of LIH and/or involve a situation where such officers/directors used position(s) in LIH for personal benefit and/or the detriment of LIH.
LIH gives its assurance that it will continue to act in the best interest of the Namibian workers.
Jacqueline Prince
On behalf of LIH Board of Directors

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