Hodago’s N$65 million vessel heads to auction

Patience Makwele

A fishing company linked to the Swapo Party’s business interests is facing mounting financial pressure after its flagship freezer trawler, Venus 1, was put up for auction following unpaid debts, wage disputes and a string of legal battles.

The auction of the vessel, valued at approximately N$65 million, is scheduled to take place in Walvis Bay on 30 June after the High Court granted an application by Standard Bank Namibia to recover millions of dollars owed by Hodago Fishing.

According to an auction notice published on 5 June, prospective bidders will be required to make a refundable upfront payment of US$50,000 (approximately N$800 000) to participate in the bidding process.

Court documents seen by the Windhoek Observer indicate that Hodago Fishing secured a loan facility from Standard Bank Namibia in October 2024.