Baobab to appeal Namfisa’s decision

16 September 2020 | Business

Jo-Maré Duddy - The Namibia Financial Institutions Supervisory Authority (Namfisa) is busy finalising the deregistration of Baobab Capital Pty Ltd and the Baobab Growth Fund, an unlisted Special Purpose Vehicle (SPV) in which, among others, the Government Institutions Pension Fund (GIPF) has invested millions.
In a notice published in the media, Namfisa told the public “not to engage in any unlisted activities” with both Baobab Capital and the Baobab Growth Fund.
“The public is invited to submit any possible claims relating to unlisted investment activities rendered by the above-mentioned entities to the Registrar of Pension Funds,” Namfisa said, adding that all claims should be admitted on or before 16 October 2020.
GIPF
The chief executive officer of the GIPF, David Nuyoma, told Market Watch that the Fund “will respond in due course”.
According to the GIPF’s latest integrated annual report on its website, the Fund had about N$61.2 million invested in Baobab Capital on 31 March 2019, up from around N$22.3 million at the end of March 2018.
“The Baobab Growth Fund is an unlisted SPV structured as a company. The fund is the GIPF’s only venture capital fund targeting start-up businesses. The fund has to date invested into Dore pharmaceuticals and various payments and technology firms,” according to the report.
‘Safe’
The founder of Baobab Capital, Jerome Kisting, told Market Watch that investors’ money was “absolutely safe”.
Kisting said Baobab is busy filing an appeal against Namfisa’s decision, but wouldn’t elaborate on the grounds thereof.
On its website, Boabab describes itself as “an Africa-focused alternative investment firm”.
“Baobab Capital is an alternative investment manager that invests in early stage businesses in Southern Africa, growing them into medium and large-scale enterprises, through its three funds,” the company says.

Similar News

 

What I need to know about VAT as a...

14 hours ago | Business

A little place to call one’s own and to hopefully retire in is a goal many of us share. Whether your intention is to buy...

Company news in brief

14 hours ago | Business

Glencore in nickel supply talksGlencore CEO Ivan Glasenberg said on Friday that the company is talking with carmakers and battery makers about nickel - a...

Nothing beats The Bakery Den

3 days ago - 16 October 2020 | Business

Monique Adams “If baking is any labour at all, it’s a labour of love. A love that gets passed from generation to generation.” – Regina...

Company news in brief

3 days ago - 16 October 2020 | Business

Ryanair slashes winter flightsRyanair said yesterday that it will slash more flights this winter, temporarily shutting bases in Cork and Shannon in Ireland, and Toulouse...

Agriculture offers attractive monetary returns

4 days ago - 15 October 2020 | Business

PHILLEPUS UUSIKUAgriculture is one of Namibia’s most important sectors and is a significant source of economic growth and industrial transformation.Most of Namibia’s population is dependent...

COMPANY NEWS IN BRIEF

4 days ago - 15 October 2020 | Business

Apple enters 5G race with iPhone 12 Apple Inc launched its next-generation iPhone 12, with faster 5G connectivity that the California company hopes will spur...

Caught in controversy

5 days ago - 14 October 2020 | Business

Jo-Maré Duddy – Namibia’s fishing sector continues to find itself in stormy waters and is set this year for its first contraction since 2015.The Bank...

Housing project opens doors for timber

5 days ago - 14 October 2020 | Business

Two local businesses have come up with a solution to utilise locally harvested timber which cannot be exported.The Ministry of Environment, Forestry and Tourism in...

High level tax considerations for the banking sector

5 days ago - 14 October 2020 | Business

Carmen Fransman - The value-added tax implications for the banking sector is regulated Schedule IV(2)(a) of the VAT Act, 2000, with the definitions. This schedule...

Pandemic spurs illegal gold rush in Zim

5 days ago - 14 October 2020 | Business

Farai Shawn Matiashe - Known for their rugged ranges, grassy plains and forest waterfalls, the Chimanimani mountains in eastern Zimbabwe have long been a popular...

Latest News

PDK bags Song of The...

2 hours ago | Art and Entertainment

Windhoek • Michael Kayunde The Namibian Annual Music Awards (NAMAs) hosted another exciting edition of its premium live stream concerts on Saturday, 17 October.Featuring the...

Agribank disburses loans worth millions

14 hours ago | Banking

Agribank disbursed loans worth over N$246 million in the financial year ended 31 March 2020.At its virtual annual general meeting on Thursday, Agribank said more...

1nvest gold, platinum ETFs list...

14 hours ago | Economics

Staff Reporter - Specialist index tracking fund provider 1nvest, a collaboration between Standard Bank, Liberty and STANLIB, on Friday announced the listing of its gold...

RCC’s 254 workers still paid...

14 hours ago | Labour

OGONE TLHAGEWINDHOEKEmployees of the Roads Contractor Company (RCC) continue to be paid from the government’s contingency fund, with Cabinet yet to reach a decision about...

State withdraws GBV case over...

14 hours ago | Justice

KENYA KAMBOWERUNDUThe State has withdrawn charges of gender-based violence (GBV) against the Swapo councillor for Rundu Rural Constituency, Michael Shikongo, on the grounds that the...

Geingob ‘attack’ on whites condemned

14 hours ago | Politics

JEMIMA BEUKESWINDHOEKPresident Hage Geingob has been roundly condemned for equating white Namibians registering for next month’s election to an act of ‘war’.Officially opening Swapo’s campaign...

What I need to know...

14 hours ago | Business

A little place to call one’s own and to hopefully retire in is a goal many of us share. Whether your intention is to buy...

Criminalise long suspensions

14 hours ago | Opinion

Hundreds of government and public enterprise employees are currently on suspension with full pay.Some of them have been on suspension for as long as two...

Air Namibia creditor rejects settlement...

14 hours ago | Transport

OGONE TLHAGEWINDHOEKBelgian company Challenge Air SA has rejected a settlement offered by Air Namibia, citing mistrust in the airline’s ability to make good on its...

Load More