Court orders Swapo-linked Hodago to pay back N$1.2m

Embattled Swapo-linked fishing company Hodago Fishing has agreed to pay N$1.2 million to Namib Diesel CC for repair work and services on its fishing vessel Venus 1.A court-ordered settlement agreement was signed on 2 October.It followed legal action by Namib Diesel over unpaid invoices for goods supplied and repairs carried out.The companies entered into a credit arrangement in 2015, according to the civil case.“On or about 6 October 2015, and at Walvis Bay, Hodago, acting through its duly authorised representatives, completed and signed a written application for credit facilities dated 6 October 2015,” Namib Diesel states in court documents.“Payment was due strictly within 30 days from the date of our statement, and interest would be charged by our company at the rate of 24% per annum on all overdue accounts,” the company added.The agreement provided that legal fees incurred in recovering overdue money would be borne by Hodago on the attorney-and-client scale.The Venus 1 was built in 1988, is about 96 metres in length and has a gross tonnage of 4 407 tonnes.“Pursuant to the written agreement and following our acceptance of Hodago as a credit customer, we attended to various repair works on the vessel at the specific instance and request of Hodago,” Namib Diesel informed the court.Namib Diesel said it carried out a series of repairs on Venus 1 at Hodago's request and that the company issued 15 invoices between January 2025 and February 2026.Payment planThe invoices include N$11 184 from January 2025, N$50 062 from February and N$78 657 from August, as well as two issued on 30 October 2025, for N$363 883 and N$444 405. The final invoice, for N$128 565, is dated 24 February 2026.Namib Diesel alleged that the invoices were not settled within the required 30 days, and by 31 May it had calculated contractual interest of N$475 202."Hodago failed to pay the said amounts after they became due, thereby breaching the written agreement," Namib Diesel said in its court documents.According to the settlement, Hodago has agreed to pay back N$1 242 325 in instalments.The settlement stipulates that Hodago must pay N$200 000 by 30 September and another N$200 000 by 31 October, followed by N$100 000 each by 30 November and 31 December.From January 2027, it must pay N$100 000 a month, with a final instalment of N$42 325 due on 31 July 2027.The agreement also provides for contractual interest of 24% a year from 31 May until final payment. However, "Namib Diesel CC will not claim the interest referred to in clause 3.1, provided that Hodago complies with the terms of this settlement agreement," reads part of the deal.Namib Diesel was represented by Carli Schickerling and Hodago by lawyer Afrika Jantjies.Financial woesHodago acquired Venus 1 in 2015 as part of its establishment as a joint venture between Gendev Fishing Resources and Kuiseb Fishing Enterprises, in an investment reportedly valued at N$56 million.Hodago is 45% owned by Gendev Fishing Resources, which is linked to Swapo through Guinas Investments. Guinas holds a 96.5% stake in Gendev.In May this year, the High Court authorised the judicial sale of Venus 1 after Standard Bank pursued Hodago over debts totalling about N$36 million. The bank claimed N$18.4 million under a loan agreement and N$17.6 million under a facility agreement.The vessel was valued at approximately N$65 million.Delmare Group is challenging its planned delivery of 600 tonnes of horse mackerel, worth about N$15 million, while 22 fishermen have occupied a vessel, demanding months of unpaid salaries and answers from the company's directors.Contacted for comment, Hodago's board chairperson, Sedi /Gaoseb, said he could not comment as he was in a consultation.

Court orders Swapo-linked Hodago to pay back N$1.2m

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Namibian Sun 2026-10-09

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Court orders Swapo-linked Hodago to pay back N$1.2m

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Namibian Sun 2026-10-09

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