Swapo company denies bankruptcy claims

The managing director of Gendev Fishing Resources, a fishing company partially owned by Swapo, says allegations that the company is on the brink of bankruptcy circulating on social media are horrible and unfounded.

In a statement yesterday, the company’s managing director, George Pieters, said baseless claims of bankruptcy, unethical bonuses, kickbacks from supplier deals and inappropriate personal gains have been spread on line, with the intent to tarnish the reputation and integrity of the company.

“First and foremost, we denounce the statement that Guinas Investments is the managing company of Gendev Fishing Group. Instead, Gendev Fishing Resources and its management manages Gendev Fishing Group,” Pieters said.

He said the company and its subsidiaries are not on the verge of bankruptcy.

“This is shown in the latest annual financial statements, which were recently approved and signed off on,” he said, adding that the allegations made in a lengthy text shared on WhatsApp are completely false and without merit.

The anonymous author of the message claims that four directors of another Swapo company, Guinas Investments, were paid N$250 000 bonuses.

The anonymous person questions if Swapo approved these huge bonuses, and on what grounds they were granted.

“Why are there bonus payments when a company is almost on the brink of liquidation?” the person wrote.

Pieters said the directors of Gendev Fishing Resources have always conducted themselves with utmost professionalism and integrity, and adherence to ethical standards.

Pieters said Gendev Fishing company operates with transparency and complies with all legal and ethical standards, and any suggestion to the contrary is baseless and defamatory.

“On allegation of bonus payments, it must be noted that each director of Gendev Fishing Resources provided leadership to about six or eight subsidiaries of Gendev Fishing Resource as a board of directors. These directorships come with an intense amount of responsibility. The corporate governance provides that board members must be remunerated. It’s on the basis that directors are remunerated through board seating fees and retainer fees,” Pieters said.

Pieters said claims that directors have used these alleged kickbacks to build houses and purchase cars is particularly malicious and untrue.

“The directors of Gendev Fishing Group have achieved their personal assets through hard work, dedication and legitimate means, and any implication of impropriety in their personal affairs is wholly false,” he said.

He said he and his directors work in a very hostile industry controlled by a cartel and individuals that do not want to see the success of Gendev’s new board and management.
“We unapologetically cite them to be the masterminds of circulating this claim, because this new board has denied them access to increase their shareholding in Gendev Fishing Resources. They have tried to liquidate the company before and, through their cartel, are monopolising the industry with price fixing and controlling the market,” Pieters said.