The Government Institutions Pension Fund (GIPF) and the Namibia Mid Cap Fund (NMCF) have filed a lawsuit in the High Court of Namibia against Myrtle Growth Capital (Pty) Ltd to prevent the alleged unlawful sale or disposal of shares held on behalf of GIPF in unlisted investments.
“The NMCF and the GIPF wish to hereby notify the public that litigation is currently underway to prevent the unlawful disposal of shares in unlisted investments,” said Edwin Tjiramba, GIPF’s General Manager for Marketing and Stakeholder Engagement.
The NMCF operates as a Bewind trust and a special-purpose vehicle under pension fund regulations, holding assets such as shares in portfolio companies for the benefit of GIPF.
“Myrtle Growth Capital was previously the fund manager of the NMCF but was deregistered as an unlisted investment manager by the Namibian Financial Institutions Supervisory Authority (NAMFISA) in August 2023,” Tjiramba said.
He said due to its deregistration, Myrtle Growth Capital is legally barred from managing or administering NMCF’s affairs.
“Myrtle Growth Capital has no authority whatsoever to act for or on behalf of the NMCF or the GIPF. Myrtle Growth Capital has no authority whatsoever to privately deal with, offer for sale or dispose of any shares held by the NMCF in any companies, including the following portfolio companies: Greencrisp Farming (Pty) Ltd, Agrigro Namibia (Pty) Ltd, Amazing Kids Private School and Academy (Pty) Ltd, Chimezi Farming Enterprises (Pty) Ltd, Namibia Cables (Pty) Ltd, Swanib Cables (Pty) Ltd, and Trans Kalahari Group (Pty) Ltd,†Tjiramba said.
“Having regard to the aforementioned, the public is cautioned that any dealings with Myrtle Growth Capital relating to any shares held in any of the aforesaid portfolio companies or relating to any shares in a company that owns shares in a portfolio company, are done so at own risk.â€
GIPF, established under the Pension Funds Act of 1956, manages retirement and ancillary benefits for its beneficiaries.
