Daron defends role in N$40m DRC fishing scandal

Daron Namibia has denied allegations that it misappropriated funds from a N$40-million Democratic Republic of Congo (DRC) fishing venture now at the centre of a High Court battle involving Standard Bank Namibia and Hodago Fishing.

Daron managing director Luther Mostert last week rejected the claims via social media, saying the company was being wrongly portrayed as having control over investor funds.

The money deposited by DRC’s state social fund into a Standard Bank account from 2025 was to be used to catch fish in Namibian waters through a partnership involving the three entities.

By the beginning of May this year, that account was empty and the fish was never fully caught.

Daron Namibia, which is a maritime supply and logistics company, is now being accused of using N$10 million from a protected account to settle its loan with Standard Bank.

Hodago Fishing, which is 45% owned by Swapo, is accused of misappropriating N$13.5 million from that account.

In written responses to The Namibian yesterday, Mostert rejected any suggestion of wrongdoing.