11 February 2021 | Transport
OGONE TLHAGE
WINDHOEK
Cabinet has approved the voluntary liquidation of Air Namibia, and a three-person board of directors has been appointed to help safeguard the airline’s assets from being attached in case of failure to pay Challenge Air N$107 million next week.
Lawyer Norman Tjombe, businesswoman Hilda Basson-Namundjebo and economist James Cumming have been appointed in part to assist interim CEO Theo Mberirua in ensuring the airline’s assets are protected.
“All efforts must be made to protect the assets of the company,” public enterprises minister Leon Jooste wrote yesterday.
“The resolution must be registered by the Business and Intellectual Property Authority (for voluntary liquidation) before 18 February to ensure that Challenge cannot attach any Air Namibia assets,” the minister further wrote.
WINDHOEK
Government has finally pronounced that it will liquidate Air Namibia. To make sense of the announcement, Namibian Sun - through the help of analysts - unpacks the move and its consequences.
Liquidation is entered into when a company is unable to meet its obligations or when its liabilities (what it owes), exceeds its assets (what it owns).
Air Namibia’s voluntary liquidation simplified: · Independent registered liquidator to take control of Air Namibia so its affairs can be wound up in an orderly and fair way to benefit creditors. · Challenge Air and other creditors cannot commence or continue legal action against Air Namibia.
04 February 2021 | Transport
HE SAID, SHE SAID: The board of directors of Air Namibia has accused government of gross interference. PHOTO: NAMPA
OGONE TLHAGE
WINDHOEK
Less than a week after committing Air Namibia to a last-ditch settlement agreement worth N$178 million, which the shareholder claims to not have endorsed, all four of the national airline’s board members tendered their immediate resignations yesterday.
They are Escher Luanda, Heritha Muyoba, Willy Mertens and presidential pilot Alois Nyandoro.
Last Friday, the board reached a last-minute settlement agreement with Belgian company Challenge Air, which applied to the High Court for the liquidation of Air Namibia.