Air Namibia liquidators paid N$16m in four years
• More than 600 ex-staff owed around N$105 million
Air Namibia liquidators David Bruni and Ian McLaren, who are currently locked in a court battle to block severance payments to the airline’s former employees, have themselves been paid N$16 million for work done up to September 2024, according to documents seen by Namibian Sun.
More than 600 ex-workers are reportedly owed about N$105 million.
Government grounded Air Namibia in March 2020, and the Windhoek High Court placed the airline under provisional liquidation in February 2021.
The Namibia Airports Company (NAC), which was owed over N$708 million, secured a liquidation order.
At a creditors' meeting held on 5 May 2021, three claims amounting to more than N$896 million were lodged, and Bruni and McLaren were confirmed as the airline's liquidators.
The job involves managing the company's assets and liabilities during the liquidation process, aiming to settle debts and distribute any remaining assets to creditors and stakeholders.
This included assessing the airline's financial state, selling off assets and settling outstanding claims.
The pair were also tasked with ensuring that employee benefits, such as severance pay and accrued leave, were calculated and paid out in accordance with the law.
Employees benefits
Bruni and McLaren are currently appealing a Windhoek High Court ruling from August 2024, which ordered that the final severance packages for former staff must include employer contributions to pension, medical aid and social security. The case is now before the Supreme Court.
The High Court also ordered the liquidators to recalculate the total amounts due to each former employee, using their full remuneration, including benefits, to determine the total payable for accumulated leave days, pro rata 13th cheque (bonus), severance pay and notice pay.
In September 2024, the liquidators approached the Supreme Court, arguing that employer contributions are not considered remuneration under the Labour Act.
They further contend that former employees are not preferred creditors, like NamRA and the Namibia Airports Company, among others.
The former airline workers, who have been waiting for over four years to receive their severance packages, must now await the Supreme Court’s ruling.
N$32m stuck in foreign accounts
Meanwhile, the liquidators have yet to repatriate Air Namibia's more than N$32 million held in foreign accounts and shares.
This includes more than N$27 million in Zimbabwe, around N$1.5 million in an Angolan bank, and N$3.92 million in shares in SITA software.
As of 31 May this year, the Air Namibia liquidation account held a total of N$74.4 million.
This comprised N$4.83 million in a Nedbank account, US$184 943 (approximately N$3.28 million) in a Nedbank CFC account, and N$66.3 million across two Cirrus Capital Investment accounts.
Interest earned totalled N$17.7 million, broken down as follows: Cirrus Capital N$16.8 million and N$906 710 at Nedbank.
NamRa debt amounting to N$289.8 million has been settled, while the liquidators are scheduled to meet with the South African Revenue Service on 18 June.
Air Namibia properties
The liquidators are still holding Air Namibia's properties, including two houses near Hosea Kutako International Airport and the Windhoek office building.
The two houses, located on Farm Ondekaremba No. 78, have a combined market value of N$2.86 million.
When the properties were put up for sale, the liquidators received offers for N$900 000 and N$2.1 million.
The lawyers are yet to finalise the transfer documents to allow for final payments.
The liquidators reportedly hit a wall when they discovered that the Air Namibia Windhoek office belonged to Air Namibia Properties. To auction the property, they needed to consolidate the companies.
A 2022 evaluation places the building's value at approximately N$53.9 million. The liquidators have received an offer of N$52 million.
In one of their reports, the liquidators indicated that the last bond payment was made in April 2024.
According to a letter dated 6 June 2025, the liquidators informed the NAC that they could not estimate how long the sale process for the Air Namibia building in Windhoek would take.
They added, however, that progress was being made in meeting the regulatory compliance requirements stipulated by the City of Windhoek.
Foreign accounts
The documents show that the liquidators chased Air Namibia's US$1 523 021 (around N$27 million) in Zimbabwe. The money was part of the IATA clearing houses.
According to the report seen by the Namibian Sun, the liquidators reached out to Zimbabwe. They were informed that the treasury had proposed a repayment plan involving five equal quarterly payments of US$304 694, starting July 2024.
However, by August, Zimbabwean authorities had not paid, and the liquidators wrote a reminder demanding immediate payment.
Despite the efforts made, including involving the Zimbabwe embassy in Windhoek for assistance, the liquidators have not been able to recover the money to date.
In the 6 June 2025 letter, the liquidators stated that the Zimbabwean embassy in Windhoek had agreed to meet, but no date had been set yet.
Angolan accounts
Air Namibia also had an account with N$1.5 million at the Banco de Formento Angola. In the report, the liquidators acknowledged that they encountered difficulties in transferring the funds.
According to the liquidators, the bank is demanding original documents previously submitted, which seems to be untraceable in its system.
The liquidators said on 6 June that they engaged an agent to assist with the closure and transfer of the funds.
Air Namibia had acquired SITA shares as a component of its use of the SITA software. The shares were valued at US$126 484 as of 15 July 2024. The liquidators noted that they enlisted the services of BNY Mellon bank to facilitate the sale of the shares; however, the bank was unable to trade the shares.
"We have now engaged the services of a local broker to assist in the trading of these shares," the liquidators explained.
Ground-handling equipment
Paragon Investment Holdings is leasing the Air Namibia ground handling equipment for a monthly fee of N$86 250. Initially, Paragon was renting the equipment for N$115 000 but requested that the rental fee be revised downwards.
"Discussions are ongoing regarding a potential outright purchase by the lessee," Bruni and McLaren said.
More than 600 ex-workers are reportedly owed about N$105 million.
Government grounded Air Namibia in March 2020, and the Windhoek High Court placed the airline under provisional liquidation in February 2021.
The Namibia Airports Company (NAC), which was owed over N$708 million, secured a liquidation order.
At a creditors' meeting held on 5 May 2021, three claims amounting to more than N$896 million were lodged, and Bruni and McLaren were confirmed as the airline's liquidators.
The job involves managing the company's assets and liabilities during the liquidation process, aiming to settle debts and distribute any remaining assets to creditors and stakeholders.
This included assessing the airline's financial state, selling off assets and settling outstanding claims.
The pair were also tasked with ensuring that employee benefits, such as severance pay and accrued leave, were calculated and paid out in accordance with the law.
Employees benefits
Bruni and McLaren are currently appealing a Windhoek High Court ruling from August 2024, which ordered that the final severance packages for former staff must include employer contributions to pension, medical aid and social security. The case is now before the Supreme Court.
The High Court also ordered the liquidators to recalculate the total amounts due to each former employee, using their full remuneration, including benefits, to determine the total payable for accumulated leave days, pro rata 13th cheque (bonus), severance pay and notice pay.
In September 2024, the liquidators approached the Supreme Court, arguing that employer contributions are not considered remuneration under the Labour Act.
They further contend that former employees are not preferred creditors, like NamRA and the Namibia Airports Company, among others.
The former airline workers, who have been waiting for over four years to receive their severance packages, must now await the Supreme Court’s ruling.
N$32m stuck in foreign accounts
Meanwhile, the liquidators have yet to repatriate Air Namibia's more than N$32 million held in foreign accounts and shares.
This includes more than N$27 million in Zimbabwe, around N$1.5 million in an Angolan bank, and N$3.92 million in shares in SITA software.
As of 31 May this year, the Air Namibia liquidation account held a total of N$74.4 million.
This comprised N$4.83 million in a Nedbank account, US$184 943 (approximately N$3.28 million) in a Nedbank CFC account, and N$66.3 million across two Cirrus Capital Investment accounts.
Interest earned totalled N$17.7 million, broken down as follows: Cirrus Capital N$16.8 million and N$906 710 at Nedbank.
NamRa debt amounting to N$289.8 million has been settled, while the liquidators are scheduled to meet with the South African Revenue Service on 18 June.
Air Namibia properties
The liquidators are still holding Air Namibia's properties, including two houses near Hosea Kutako International Airport and the Windhoek office building.
The two houses, located on Farm Ondekaremba No. 78, have a combined market value of N$2.86 million.
When the properties were put up for sale, the liquidators received offers for N$900 000 and N$2.1 million.
The lawyers are yet to finalise the transfer documents to allow for final payments.
The liquidators reportedly hit a wall when they discovered that the Air Namibia Windhoek office belonged to Air Namibia Properties. To auction the property, they needed to consolidate the companies.
A 2022 evaluation places the building's value at approximately N$53.9 million. The liquidators have received an offer of N$52 million.
In one of their reports, the liquidators indicated that the last bond payment was made in April 2024.
According to a letter dated 6 June 2025, the liquidators informed the NAC that they could not estimate how long the sale process for the Air Namibia building in Windhoek would take.
They added, however, that progress was being made in meeting the regulatory compliance requirements stipulated by the City of Windhoek.
Foreign accounts
The documents show that the liquidators chased Air Namibia's US$1 523 021 (around N$27 million) in Zimbabwe. The money was part of the IATA clearing houses.
According to the report seen by the Namibian Sun, the liquidators reached out to Zimbabwe. They were informed that the treasury had proposed a repayment plan involving five equal quarterly payments of US$304 694, starting July 2024.
However, by August, Zimbabwean authorities had not paid, and the liquidators wrote a reminder demanding immediate payment.
Despite the efforts made, including involving the Zimbabwe embassy in Windhoek for assistance, the liquidators have not been able to recover the money to date.
In the 6 June 2025 letter, the liquidators stated that the Zimbabwean embassy in Windhoek had agreed to meet, but no date had been set yet.
Angolan accounts
Air Namibia also had an account with N$1.5 million at the Banco de Formento Angola. In the report, the liquidators acknowledged that they encountered difficulties in transferring the funds.
According to the liquidators, the bank is demanding original documents previously submitted, which seems to be untraceable in its system.
The liquidators said on 6 June that they engaged an agent to assist with the closure and transfer of the funds.
Air Namibia had acquired SITA shares as a component of its use of the SITA software. The shares were valued at US$126 484 as of 15 July 2024. The liquidators noted that they enlisted the services of BNY Mellon bank to facilitate the sale of the shares; however, the bank was unable to trade the shares.
"We have now engaged the services of a local broker to assist in the trading of these shares," the liquidators explained.
Ground-handling equipment
Paragon Investment Holdings is leasing the Air Namibia ground handling equipment for a monthly fee of N$86 250. Initially, Paragon was renting the equipment for N$115 000 but requested that the rental fee be revised downwards.
"Discussions are ongoing regarding a potential outright purchase by the lessee," Bruni and McLaren said.
Comments
Namibian Sun
No comments have been left on this article