Fishing partners hit back after being reported to Swapo
Tensions have erupted between two fishing entities linked to the ruling Swapo Party after Hodago Fishing (Pty) Ltd accused its partner, Gendev Fishing Resources (Pty) Ltd, of circulating a misleading report suggesting that Hodago was on the brink of voluntary closure.
In a strongly worded letter dated 20 October and addressed to Gendev’s chairperson, Paulina Haindongo, Hodago’s chairperson Sedi /Gaoseb expressed “deep disappointment” over a document titled “Report to Shareholders of Gendev Fishing Resources (Pty) Ltd”, which appeared on social media and was reported on by Namibian Sun the same day.
The letter was copied to top Swapo leaders, including party secretary-general Sophia Shaningwa, President Netumbo Nandi-Ndaitwah and senior officials in the party’s economic affairs department, signalling the political sensitivity of the dispute.
'False and damaging' claims
According to Hodago, the report referenced its financial situation and claimed there were “talks of voluntary closure” – assertions the company flatly denied.
“These claims are unfounded and misleading and have raised alarm among Hodago’s shareholders, Kuiseb Fishing Enterprises (KFE) and Venmar Fishing, as well as its creditors and financial partners,” /Gaoseb wrote.
He said the report, if authentic, reflected “poor partnership conduct”, as Gendev’s board had never raised such concerns in prior shareholder meetings.
Financial strain but continued operations
Hodago acknowledged financial and operational challenges but insisted it remains functional.
The company’s vessel underwent expensive dry-dock maintenance between July and November 2024 at a cost exceeding N$59 million, financed largely through a N$47.9 million Standard Bank loan.
Following the maintenance, Hodago faced further technical setbacks, including refrigeration and sonar system failures, which were repaired at significant cost.
Despite poor fishing conditions that limited catches to about 47% of the allocated quota, the company still generated around N$20 million from late 2024 landings and secured pre-purchase financing of N$17 million from Corridor Logistics to ease cash flow pressures.
In addition, KFE – Hodago’s main shareholder – raised N$9 million from private financiers to settle creditor debts and N$4.7 million through the sale of quota allocations. A lucrative US$8.7 million contract in the Democratic Republic of Congo (DRC), with a first payment of US$1.4 million already due, was also cited as proof of ongoing business activity.
“These concerted efforts demonstrate Hodago’s continued survival and operational resilience,” the letter stated, emphasising that the company’s stability was “entirely attributable to KFE’s proactive support.”
Meeting requested
Hodago has called for an urgent shareholders’ meeting with Gendev to verify the authenticity of the leaked report and to discuss “corrective measures” to repair the reputational damage.
The company warned that the report’s circulation had “created unnecessary doubt among creditors, financiers, and partners, thereby jeopardising ongoing contracts.”
In a pointed remark, /Gaoseb reminded Gendev that Hodago had even returned a quota valued at around N$11 million at Gendev’s insistence – an act done “in good faith” despite it not being in Hodago’s best interest.
In a strongly worded letter dated 20 October and addressed to Gendev’s chairperson, Paulina Haindongo, Hodago’s chairperson Sedi /Gaoseb expressed “deep disappointment” over a document titled “Report to Shareholders of Gendev Fishing Resources (Pty) Ltd”, which appeared on social media and was reported on by Namibian Sun the same day.
The letter was copied to top Swapo leaders, including party secretary-general Sophia Shaningwa, President Netumbo Nandi-Ndaitwah and senior officials in the party’s economic affairs department, signalling the political sensitivity of the dispute.
'False and damaging' claims
According to Hodago, the report referenced its financial situation and claimed there were “talks of voluntary closure” – assertions the company flatly denied.
“These claims are unfounded and misleading and have raised alarm among Hodago’s shareholders, Kuiseb Fishing Enterprises (KFE) and Venmar Fishing, as well as its creditors and financial partners,” /Gaoseb wrote.
He said the report, if authentic, reflected “poor partnership conduct”, as Gendev’s board had never raised such concerns in prior shareholder meetings.
Financial strain but continued operations
Hodago acknowledged financial and operational challenges but insisted it remains functional.
The company’s vessel underwent expensive dry-dock maintenance between July and November 2024 at a cost exceeding N$59 million, financed largely through a N$47.9 million Standard Bank loan.
Following the maintenance, Hodago faced further technical setbacks, including refrigeration and sonar system failures, which were repaired at significant cost.
Despite poor fishing conditions that limited catches to about 47% of the allocated quota, the company still generated around N$20 million from late 2024 landings and secured pre-purchase financing of N$17 million from Corridor Logistics to ease cash flow pressures.
In addition, KFE – Hodago’s main shareholder – raised N$9 million from private financiers to settle creditor debts and N$4.7 million through the sale of quota allocations. A lucrative US$8.7 million contract in the Democratic Republic of Congo (DRC), with a first payment of US$1.4 million already due, was also cited as proof of ongoing business activity.
“These concerted efforts demonstrate Hodago’s continued survival and operational resilience,” the letter stated, emphasising that the company’s stability was “entirely attributable to KFE’s proactive support.”
Meeting requested
Hodago has called for an urgent shareholders’ meeting with Gendev to verify the authenticity of the leaked report and to discuss “corrective measures” to repair the reputational damage.
The company warned that the report’s circulation had “created unnecessary doubt among creditors, financiers, and partners, thereby jeopardising ongoing contracts.”
In a pointed remark, /Gaoseb reminded Gendev that Hodago had even returned a quota valued at around N$11 million at Gendev’s insistence – an act done “in good faith” despite it not being in Hodago’s best interest.
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