Swapo-owned Gendev threatens N$96m suit against partner
Party to lose N$47 million if Hodago liquidated
Gendev Fishing Resources (Pty) Ltd, owned by the ruling party Swapo, is threatening to take its business partner to court over an escalating debt dispute exceeding N$96 million — a rift that has exposed deep cracks within one of Namibia’s most politically linked fishing enterprises.
Gendev Fishing, which is 96.5% owned by Guinas Investments (Pty) Ltd, a company fully controlled by the Swapo Party, has accused its 40% partner in Gendev Fishing Group, Eco Fishing Processors (Pty) Ltd, of years of non-performance and financial neglect.
According to a report addressed to top party and government officials — including President Netumbo Nandi-Ndaitwah, Swapo secretary general Sophia Shaningwa and party deputy secretary of economic affairs Iipumbu Shiimi — Gendev is now considering legal action to recover millions allegedly owed.
The 21 August 2025 report, signed by Gendev board chairperson Paulina Haindongo, details a deteriorating partnership and financial strain that the board says has left Gendev effectively bankrolling its minority partner. Gendev accuses Eco Fishing of failing to contribute both its agreed fishing quota and capital funding for three consecutive years, in violation of the shareholders’ agreement.
As a result, Gendev says it has had to shoulder the entire financial and operational burden to sustain the group’s horse mackerel processing operations — an arrangement it calls “unsustainable and unfair”.
Millions at stake
The board’s report shows that N$96 million is owed to Gendev Fishing Resources in inter-company loans across various entities. The largest portion of that debt — N$48 million — is owed by Hodago Fishing (Pty) Ltd, a joint venture that Gendev co-owns with Kuiseb Fishing Enterprises and Venmar Fishing (Pty) Ltd. Gendev Fishing Group itself owes N$24 million, while smaller amounts are due from Krossfjord and Zephyr Fishing.
The report further accuses Eco Fishing of depriving Gendev’s processing plant of raw material by withholding its quota allocations. This, the board says, has forced the company to source fish externally at higher cost and resulted in a loss of projected revenue estimated at N$280 million over three years.
In addition, Gendev says it covered N$36.3 million worth of financial contributions that Eco Fishing was contractually obliged to make. The company is now demanding reimbursement of that amount, along with compensation for lost income.
Threat of legal action and share dilution
The board has urged the shareholders to compel Eco Fishing and other partners in default to immediately settle their obligations. Failing that, the company says it will seek legal recourse, including the dilution of the non-performing shareholder’s stake equivalent to the amount owed.
“The imbalance created by their failure to contribute both financially and through quota allocations is unsustainable and has undermined the fairness of the partnership,” the report warns.
Gendev’s board argues that continued inaction would threaten both the financial sustainability of the company and the livelihoods of hundreds of workers at its Walvis Bay factory.
Jobs and national implications
Founded in 2015, Gendev Fishing Group employs about 700 Namibians, the majority of whom are women. The company plays a central role in the horse mackerel industry, with 78% of employment in the sector linked to its onshore processing operations. The report stresses that the dispute, if unresolved, could have broader implications for jobs, food processing, and value addition — key goals of the government’s National Development Plan 5 (NDP5).
Gendev’s majority owner, Guinas Investments, was created to enable the Swapo Party to participate in the economy and generate income for its operations. Information shows that the company invested more than N$480 million in the fishing sector, including a modern land-based factory and fishing vessels.
Hodago Fishing on the brink
The report also highlights the precarious state of Hodago Fishing (Pty) Ltd, a mid-water trawling joint venture involving Gendev. Its main fishing vessel has reportedly reached the end of its operational life, and high maintenance costs have eroded its finances. The company is described as insolvent, with liabilities exceeding assets and voluntary closure under consideration.
If Hodago is liquidated, Gendev — and by extension, the Swapo Party — stands to lose its N$47 million receivable and its initial investment.
Political sensitivity
The report’s findings and recommendations carry potential political weight, given Swapo’s ongoing scrutiny over its business interests and their alignment with national development priorities.
The board calls for “decisive action” to restore balance and hold defaulting partners accountable, warning that continued tolerance of the current arrangement would compromise both Gendev’s operations and Swapo’s reputation as a responsible shareholder.
If Gendev proceeds with its threat, the case could mark one of the most significant corporate disputes involving a Swapo-controlled business entity — with financial, political, and reputational ramifications extending far beyond the fishing industry.
Gendev Fishing, which is 96.5% owned by Guinas Investments (Pty) Ltd, a company fully controlled by the Swapo Party, has accused its 40% partner in Gendev Fishing Group, Eco Fishing Processors (Pty) Ltd, of years of non-performance and financial neglect.
According to a report addressed to top party and government officials — including President Netumbo Nandi-Ndaitwah, Swapo secretary general Sophia Shaningwa and party deputy secretary of economic affairs Iipumbu Shiimi — Gendev is now considering legal action to recover millions allegedly owed.
The 21 August 2025 report, signed by Gendev board chairperson Paulina Haindongo, details a deteriorating partnership and financial strain that the board says has left Gendev effectively bankrolling its minority partner. Gendev accuses Eco Fishing of failing to contribute both its agreed fishing quota and capital funding for three consecutive years, in violation of the shareholders’ agreement.
As a result, Gendev says it has had to shoulder the entire financial and operational burden to sustain the group’s horse mackerel processing operations — an arrangement it calls “unsustainable and unfair”.
Millions at stake
The board’s report shows that N$96 million is owed to Gendev Fishing Resources in inter-company loans across various entities. The largest portion of that debt — N$48 million — is owed by Hodago Fishing (Pty) Ltd, a joint venture that Gendev co-owns with Kuiseb Fishing Enterprises and Venmar Fishing (Pty) Ltd. Gendev Fishing Group itself owes N$24 million, while smaller amounts are due from Krossfjord and Zephyr Fishing.
The report further accuses Eco Fishing of depriving Gendev’s processing plant of raw material by withholding its quota allocations. This, the board says, has forced the company to source fish externally at higher cost and resulted in a loss of projected revenue estimated at N$280 million over three years.
In addition, Gendev says it covered N$36.3 million worth of financial contributions that Eco Fishing was contractually obliged to make. The company is now demanding reimbursement of that amount, along with compensation for lost income.
Threat of legal action and share dilution
The board has urged the shareholders to compel Eco Fishing and other partners in default to immediately settle their obligations. Failing that, the company says it will seek legal recourse, including the dilution of the non-performing shareholder’s stake equivalent to the amount owed.
“The imbalance created by their failure to contribute both financially and through quota allocations is unsustainable and has undermined the fairness of the partnership,” the report warns.
Gendev’s board argues that continued inaction would threaten both the financial sustainability of the company and the livelihoods of hundreds of workers at its Walvis Bay factory.
Jobs and national implications
Founded in 2015, Gendev Fishing Group employs about 700 Namibians, the majority of whom are women. The company plays a central role in the horse mackerel industry, with 78% of employment in the sector linked to its onshore processing operations. The report stresses that the dispute, if unresolved, could have broader implications for jobs, food processing, and value addition — key goals of the government’s National Development Plan 5 (NDP5).
Gendev’s majority owner, Guinas Investments, was created to enable the Swapo Party to participate in the economy and generate income for its operations. Information shows that the company invested more than N$480 million in the fishing sector, including a modern land-based factory and fishing vessels.
Hodago Fishing on the brink
The report also highlights the precarious state of Hodago Fishing (Pty) Ltd, a mid-water trawling joint venture involving Gendev. Its main fishing vessel has reportedly reached the end of its operational life, and high maintenance costs have eroded its finances. The company is described as insolvent, with liabilities exceeding assets and voluntary closure under consideration.
If Hodago is liquidated, Gendev — and by extension, the Swapo Party — stands to lose its N$47 million receivable and its initial investment.
Political sensitivity
The report’s findings and recommendations carry potential political weight, given Swapo’s ongoing scrutiny over its business interests and their alignment with national development priorities.
The board calls for “decisive action” to restore balance and hold defaulting partners accountable, warning that continued tolerance of the current arrangement would compromise both Gendev’s operations and Swapo’s reputation as a responsible shareholder.
If Gendev proceeds with its threat, the case could mark one of the most significant corporate disputes involving a Swapo-controlled business entity — with financial, political, and reputational ramifications extending far beyond the fishing industry.
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