Justicia Shipena
The High Court has ordered that N$779 666 held in a bank account linked to the late managing director of the Aquamarine Fishing Company of Namibia, Manfred Uxamb, be frozen, pending the outcome of a civil case brought by the company.
In a recent judgement, the court confirmed part of an earlier interim order that allows Aquamarine to secure funds it claims were misappropriated while Uxamb served as its managing director.
The court rejected broader attempts to freeze additional funds and assets, finding that only one specific amount was supported by evidence.
Aquamarine alleges that between 2018 and 2022, millions of dollars meant for the company were diverted into personal and related business accounts controlled by Uxamb and other parties. The company claims total losses of more than N$8.7 million and has filed a civil action to recover the money.
In May 2023, the court granted an urgent interim order, known as a rule nisi, allowing the temporary attachment of several bank accounts and assets linked to Uxamb and other respondents. Most respondents did not oppose the order, and it was confirmed against them in June 2023.
Manfred Uxamb died shortly after the interim order was issued.
His son, Nelson Uxamb, was later appointed executor of the deceased’s estate and substituted in the proceedings.
The return day before the court focused on whether the order should be confirmed or discharged in relation to the late Uxamb.
After reviewing the matter, the court found that Aquamarine had made a sufficient case to preserve the N$779 666 paid into Uxamb’s personal First National Bank account in Otjiwarongo.
The court described this part of the claim as “quasi-vindicatory”, meaning it relates to specific funds allegedly taken from the company and does not require proof that Uxamb intended to hide assets.
The court ordered the deputy sheriff to attach up to N$779 666 in the account and barred First National Bank from releasing the funds until the civil case is finalised.
The court discharged the remainder of the interim order against Uxamb. It refused to freeze amounts beyond the N$779 666, to attach shares allegedly held by him, or to grant wider relief, finding that Aquamarine had not met the required legal thresholds.
The court also clarified that Namibia does not apply the English law Mareva injunction used to freeze assets but relies on common-law interdicts that balance the protection of a claimant’s rights with limits on interference with a respondent’s property.
Furthermore, the court ordered the deceased estate to pay ordinary legal costs linked to the confirmed relief and declined to impose punitive costs.
The dispute between Aquamarine and the Uxamb estate will now proceed through the normal civil trial process, where the merits of the alleged misappropriation will be decided.
