Staff Writer
Trustco Group Holdings Limited says its legal disputes with Helios Oryx Limited and the Namibia Revenue Agency (NamRA) remain unresolved.
In an update to shareholders, the company said both matters, first disclosed in its 2023 financial statements, are still before the courts or under review.
Trustco said the Helios case is ongoing and subject to further legal processes.
A British court earlier ordered Trustco to pay about N$371 million to Helios. The judgement was later allowed to be enforced in Namibia. Trustco has appealed the ruling.
The company stated that legal channels are still handling related proceedings and factual disputes.
Trustco said it continues to engage the matter through its legal advisers and will defend its position.
The company also confirmed that its dispute with NamRA remains unresolved.
Trustco said it is engaging the tax authority through legal and formal processes as the matter continues.
In May last year, Trustco lost a High Court case against NamRA.
In 2022, NamRA froze bank accounts of 42 entities linked to Trustco over more than N$200 million in tax claims.
Trustco challenged the decision in court. It argued that sections of the Income Tax Act and the Value-Added Tax Act, which allow tax authorities to appoint agents to collect tax, are unconstitutional.
The board said both matters remain under dispute and have not reached a final outcome.
It cautioned shareholders not to assume that either case has been resolved or quantified.
Trustco said further updates will be provided in its upcoming financial statements and through additional announcements where required.
