DRC’s N$40m fishing deal lands Standard Bank in court
Swapo company accused of misappropriating N$13m from DRC A Democratic Republic of Congo (DRC) state fund has taken Standard Bank Namibia to court over a N$40-million transaction that allowed a fishing company Swapo owns to misappropriate N$13 million from a protected bank account. High Court documents show the DRC’s state social fund, formally known as […] The post DRC’s N$40m fishing deal lands Standard Bank in court appeared first on The Namibian .
Swapo company accused of misappropriating N$13m from DRC
A Democratic Republic of Congo (DRC) state fund has taken Standard Bank Namibia to court over a N$40-million transaction that allowed a fishing company Swapo owns to misappropriate N$13 million from a protected bank account.
High Court documents show the DRC’s state social fund, formally known as the Fond Social de la République Démocratique du Congo (FSRDC), filed papers on 26 May.
FSRDC is suing Standard Bank Namibia, Daron Namibia, owned by businessman Luther Mostert, and Hodago Fishing, of which the shareholders include Swapo with 45%.
The fund claims Standard Bank allowed the account mandate to be changed, removed its representative as a signatory, and permitted funds to be transferred without its consent.
Standard Bank Namibia spokesperson Elzita Beukes yesterday declined to respond, saying the company is unable to comment on an ongoing legal matter.
This transaction dates back to 2025 when the DRC state fund initially paid N$25 million for the Swapo partly owned company to catch horse mackerel in Namibian waters.
The money was paid into a Standard Bank escrow (holding) account – established by the DRC’s state social fund, Daron Namibia and Hodago Fishing – to protect millions meant for a horse mackerel fishing venture in Namibia.
