{"id":316588,"date":"2022-03-23T12:30:00","date_gmt":"2022-03-23T10:30:00","guid":{"rendered":"https:\/\/informante.web.na\/?p=316588"},"modified":"2022-03-23T11:46:37","modified_gmt":"2022-03-23T09:46:37","slug":"transnamib-faces-liquidation-over-challenger-debt-default","status":"publish","type":"post","link":"https:\/\/informante.web.na\/?p=316588","title":{"rendered":"TransNamib faces liquidation over Challenger debt default"},"content":{"rendered":"

Zorena Jantze<\/p>\n

<\/p>\n

THE debts accrued by now liquidated Air Namibia has come to haunt state-owned national railway company, TransNamib after it received a letter of demand from Challenger SA, a South African airliner which is demanding that TransNamib settle N$161 million in 15 days or face liquidation.<\/p>\n

<\/p>\n

The letter which was also addressed to the Minister of Works and Transport, John Mutorwa, and Public Enterprises Minister Leon Jooste was penned by Sisa Namandje & Co on behalf of Challenge Air.<\/p>\n

<\/p>\n

\u201cYou would recall that, in arbitration proceedings between our client Air Namibia Limited, (Air Namibia) and TransNamib Holdings Ltd (TransNamib), a partial final award on liability was made on 6 August 2018 as well as the final award on quantum. Pursuant thereto, an order of the Regional Court of Munich Germany was made against Air Namibia and TransNamib on 12 January 2015. Despite the awards having been brought to the knowledge of Air Namibia (now in liquidation) and TransNamib, the Awards had not been satisfied to this date as our client only received partial payments from Air Namibia before its liquidation. The amount of EUR 9,863,053.04 currently owing to our client by Air Namibia and TransNamib is reflected in the attached statement of the account marked annexure B,\u201d the letter read.<\/p>\n

<\/p>\n\n\n

\"\"
VEERING OFF THE RAILS: Picture for illustrative purposes only. Photo: Contributed<\/figcaption><\/figure><\/div>\n\n\n

<\/p>\n

Namandje further claimed that notwithstanding it having been brought to its attention it is clear that TransNamib is unable to pay its debts as they fail.<\/p>\n

<\/p>\n

TransNamib has been given 15 days to settle the debt or face a court application in the High Court seeking its liquidation.<\/p>\n

<\/p>\n

Questioned on whether or not government would rescue the railway liner from the same fate of Air Namibia, the Minister of Public Enterprises, Leon Jooste, could not respond. He further deferred questions back to the management of TransNamib. \u201cThis is not new. TransNamib has been aware of this matter for some time already. I believe that they will be opposing the demand,\u201d Jooste said.<\/p>\n

<\/p>\n

Johny Smith, the CEO of TransNamib, could not be reached for commentary.<\/p>\n

<\/p>\n

For the secretary-general of the National Union of Namibian Works, Job Muniaro, the current threats of liquidation spell doom for the Namibian economy adding that should the railway go under, close to 800 workers would face losing their jobs and that these would bring more pressure on Namibian roads in terms of movement of cargo.<\/p>\n

<\/p>\n

\u201cThe issue of liquidation is painful. This could have been avoided, the mismanagement of funds warranted a change in management, however, this was not done,\u201d Muniaro said.
He further noted that he warned that Air Namibia\u2019s liquidation would have rippling effects on the national railway company adding that most of Air Namibia\u2019s debts were signed in conjunction with TransNamib.<\/p>\n

<\/p>\n

Muniaro also shared that most of these deals were signed outside the country in foreign courts for which TransNamib is now held liable.<\/p>\n

<\/p>","protected":false},"excerpt":{"rendered":"

Zorena Jantze THE debts accrued by now liquidated Air Namibia has come to haunt state-owned national railway company, TransNamib after it received a letter of demand from Challenger SA, a South African airliner which is demanding that TransNamib settle N$161 million in 15 days or face liquidation. The letter which was also addressed to the …<\/p>\n","protected":false},"author":11,"featured_media":316589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-316588","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nTransNamib faces liquidation over Challenger debt default - Informant\u00e9<\/title>\n<meta name=\"description\" content=\"THE debts accrued by now liquidated Air Namibia has come to haunt state-owned national railway company, TransNamib after it received...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/informante.web.na\/?p=316588\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TransNamib faces liquidation over Challenger debt default - 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