Fishrot whistleblower rubbishes Samherji's loss-making claims

12 August 2020 | Crime

OGONE TLHAGE

WINDHOEK

Whistleblower Johannes Stefansson, who formerly headed Icelandic seafood giant Samherji’s Namibian business interests, has cast doubt on claims by his former employer that its Namibian fishing operations, now at the centre of the Fishrot bribery saga, had made losses over the years.

Samherji recently released a statement saying that it had not been able to turn a profit while it operated in Namibia.

According to Samherji, the company made a loss of 950 000 000 Icelandic krone (N$123 million) in Namibia.

“The net loss for the period, adding depreciation, finance costs, income tax etc. amounted to 950 million Icelandic krone. Samherji believes that this shows that one of the most serious allegations made against the company, about exploitation in Namibia, is not rooted in facts,” Samherji said.

Creative accounting

Stefansson disputed this, saying that Samherji was concealing information related to its financial statements.

“When other fishing companies in Namibia in the horse mackerel industry made big profits from 2012 to 2018, Samherji made a loss according to themselves,” Stefansson said.

“They say they made loss in the operation in Namibia from 2012 to 2018 of N$121 million, they are basically proving the point as all the profits were shifted out illegally and Samherji made huge profits from the Namibian operation outside of Namibia from its subsidiaries in Poland, the United Kingdom, Cyprus and Mauritius. This they did to avoid taxes in Namibia as we have said and is money laundering, tax evasion and fraud,” Stefansson said.

“They give misleading information by taking different cost items and making them as one ... which makes no sense and they don’t show any documents, just throw some numbers out and some media,” he said.

“For sure there are big numbers missing in their turnover from 2012 to 2018,” he added.

Misinformation

Samherji’s CEO, Björgólfur Jóhannsson, said claims that the company’s operations in Namibia were profitable were misleading.

“The results show that the allegations that Samherji walked away from Namibia with large profits are grossly misleading. Serious accusations about exploitation in Namibia deeply affected our management,” he said.

According to Johannsson, the most significant part of operating expenses during the period were salaries, payments to Namibian partners and quota fees to the Namibian government.

Payments to joint ventures owned by Namibians, the Namibian government and other quota holders were 29.3% of total revenues, and these payments amounted to a total of 12 billion Icelandic krone, he said.

According to him, quota fees and salaries during the period were 51% of the company’s domestic operating expenses. The most substantial part of operating costs outside Namibia was salaries paid to crew members, fuel, and charter and maintenance fees for vessels.

Similar News

 

Without a trace

2 days ago - 25 September 2020 | Crime

ELLANIE SMIT WINDHOEKAs the family of Shannon Darlikie Wasserfall battles to deal with the trauma of her disappearance - without a trace - nearly...

Human trafficking, rape suspect ‘bribes’ prosecutor

2 days ago - 25 September 2020 | Crime

Erwin Leuschner SWAKOPMUNDThe two defendants, Farhan Khatri (31) and investigator Jafet Simon, who have...

'Tupac' in court for human trafficking

3 days ago - 24 September 2020 | Crime

ELLANIE SMIT WINDHOEK Businessman Simon 'Tupac' Andjamba has been arrested on human trafficking charges and appeared before the Windhoek Magistrate's Court...

The evil that men do

4 days ago - 23 September 2020 | Crime

JEMIMA BEUKESREHOBOTH The mother of two-week-old Charmaine Moss, who died after allegedly being raped by her father, has revealed shocking details about what had transpired...

Teenager raped in quarantine

5 days ago - 22 September 2020 | Crime

JEMIMA BEUKES AND ADOLF KAURESWAKOPMUND/WINDHOEKSwakopmund State Hospital driver, 26-year-old Glenn Clifford Leister, has been denied bail by the local magistrate's court after appearing in connection...

We watched him die

6 days ago - 21 September 2020 | Crime

JEMIMA BEUKESWINDHOEKThe elder sister of a 29-year-old man who was killed on Saturday in the Havana informal settlement has narrated how her brother was shot...

Havana rape spree continues

6 days ago - 21 September 2020 | Crime

NAMPAWINDHOEKA man from Havana informal settlement in Windhoek was shot dead early Saturday morning when he tried to come to the aid of his sister...

Grootfontein fraud probe drags on

1 week ago - 18 September 2020 | Police And Crime

Kenya KamboweRUNDU Eighteen months after a case was opened with the police, no arrests have yet been made in a fraud case that...

Robbers rape girl while mother watching

1 week ago - 17 September 2020 | Crime

DENVER KISTINGWINDHOEKThe Namibian police are in pursuit of two unidentified men who raped a 12-year-old girl in front of her mother and eight-year-old sister on...

ACC reacts to strict Fishrot deadline

1 week ago - 16 September 2020 | Crime

OGONE TLHAGEWINDHOEKThe Anti-Corruption Commission (ACC) says it is determined to finalise investigations into Fishrot before 14 December as ordered by a Windhoek magistrate on Monday.Magistrate...

Latest News

Government wage index increases in...

2 days ago - 25 September 2020 | Economics

PHILLEPUS UUSIKU The government wage index stood at 133.0 basis points during the second quarter of 2020, an increase of 0.9 percent, compared to an...

No English cucumbers will be...

2 days ago - 25 September 2020 | Economics

ELLANIE SMITNo English cucumbers will be imported into Namibia until further notice. This was announced to horticulture producers earlier this week by Namibia Agronomic Board...

Millennials thrive in learning organisations

2 days ago - 25 September 2020 | People

Chaze NalisaMillennials, those born between 1981 and 1996, are dynamic, with a wealth of potential to contribute to the transition, sustainability and growth of an...

Attitude is everything

2 days ago - 25 September 2020 | People

Mariselle StofbergWith his people relationships and excellent communication skills, Chris Matthee understands the importance of listening and communicating clearly and with the appropriate level of...

Attitude is everything

2 days ago - 25 September 2020 | Banking

Mariselle StofbergWith his people relationships and excellent communication skills, Chris Matthee understands the importance of listening and communicating clearly and with the appropriate level of...

Without a trace

2 days ago - 25 September 2020 | Crime

ELLANIE SMIT WINDHOEKAs the family of Shannon Darlikie Wasserfall battles to deal with the trauma of her disappearance - without a trace - nearly...

DBN seeks interim replacement for...

2 days ago - 25 September 2020 | Business

OGONE TLHAGEWINDHOEKThe Development Bank of Namibia (DBN) will find a temporary replacement for its senior manager for corporate communications Jerome Mutumba until his return from...

Economy loses nearly N$6bn in...

2 days ago - 25 September 2020 | Economics

Jo-Maré Duddy WINDHOEKAbout N$5.7 billion less flowed through the economy in the second quarter due to the lockdown and related Covid-19 measures...

DBN Innovation Award winner makes...

2 days ago - 25 September 2020 | Economics

PHILLEPUS UUSIKUWinner of the Development Bank of Namibia (DBN) 2019 Innovation Award, Pulsar Electronics, is making strides with a DBN enterprise development and support package...

Load More