{"id":24405,"date":"2022-07-09T08:40:36","date_gmt":"2022-07-09T08:40:36","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans"},"modified":"2022-07-09T09:05:10","modified_gmt":"2022-07-09T09:05:10","slug":"trustco-sued-for-n357m-in-england-over-unpaid-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans","title":{"rendered":"Trustco sued for N$357m in England over unpaid loans"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>LISTED company Trustco Holding Groups Limited is being sued for N$357,1 million (US$21,4) over unpaid loans in England.<\/p>\n

Trustco has indicated that it is appealing the judgement.<\/p>\n

If they lose the appeal, Trustco runs the risk of losing the subsidiary, Elisenheim Property Development Company (EPDC) Limited which has guaranteed those loans.<\/p>\n

The loans were given to the Quinton van Rooyen-majority owned company by Helios Oryx Limited in 2016 \u2013 a rosy deal which funded part of the flush Elisenheim settlement.<\/p>\n

The Elisenheim loan was worth over N$580 (US$35) million at today’s exchange rate, and was negotiated with Helios Oryx Limited, which has its roots in London.<\/p>\n

The Namibian reported in 2020 that Trustco and Helios were suing each other over this matter, with Trustco claiming Helios caused it damage, and Helios on the other hand demanding that it be paid back the money.<\/p>\n

According to Trustco’s recently released unaudited financial statements for the six-months ending February 2022, Helios declared all amounts outstanding under the facility agreement due, and demanded payment totalling US$19,6 million.<\/p>\n

In January last year, the High Court of Justice of England and Wales granted summary judgement in favour of Helios and against Trustco in the sum of N$357,1 million (US$21,4 million), along with costs, and struck the Trustco counterclaim.<\/p>\n

On 15 March 2022, Trustco, in their financial statement commentary, said it emailed the court an application for permission to appeal against the dismissal of its counter claim to the Supreme Court.<\/p>\n

The application to seek permission to appeal was refused on 23 March 2022.<\/p>\n

On 29 March 2022, Trustco filed another application, this time seeking to obtain leave to appeal against the dismissal of its counterclaim from the Supreme Court.<\/p>\n

This application is being opposed by Helios, and Trustco awaits a final ruling from the court.<\/p>\n

Helios has also reportedly instituted action in Windhoek against EPDC, in its capacity as the security provider for the obligations of Trustco, in respect of the facility agreement.<\/p>\n

EPDC instituted a counterclaim against Helios and the matter is still pending.<\/p>\n

FINANCIALS<\/p>\n

The interim financials indicate that the company performed poorly as compared to the six months ending February 2021.<\/p>\n

Revenue is down to N$51,6 million, from a high of N$213,3 million recorded for 2021.<\/p>\n

The bottom line shows different results however, \u2013 for the six months ending February 2022, Trustco reported that it made a profit of N$578 million.<\/p>\n

In 2021, Trustco made a loss of N$291 million.<\/p>\n

What changed in 2022 was the inclusion of income from a \u201cdeemed\u201d disposal and acquisition of subsidiaries to the tune of N$551 million in the profit and loss statement. This means, accounting recognition of some of the company’s assets were revalued, and that gain was considered as income, despite the company not having made any transaction.<\/p>\n

An accounting reconsideration in terms of policy also pushed up the company’s assets \u2013 reaching N$8,5 billion, most (89%) of which is classed as investments held at fair value through profit and loss.<\/p>\n

All other assets are now held at fair value, at consolidation level \u2013 leaving only a smaller balance of cash at N$38 million, and loans to investee companies at N$623 million.<\/p>\n

The equity and liabilities balance is strong, with a N$6,4 billion equities balance, with the share premium still dominant at N$3 billion.<\/p>\n

The financial statements are available on the company’s website<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. LISTED company Trustco Holding Groups Limited is being sued for N$357,1 million (US$21,4) over unpaid loans in England. Trustco has indicated that it is appealing the judgement. If they lose the appeal, Trustco runs the risk of losing the subsidiary, Elisenheim Property Development Company (EPDC) Limited which has guaranteed those loans. The […]<\/p>\n","protected":false},"author":84,"featured_media":24404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-24405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nTrustco sued for N$357m in England over unpaid loans - Namibia<\/title>\n<meta name=\"description\" content=\"LISTED company Trustco Holding Groups Limited is being sued for N$357,1 million (US$21,4) over unpaid loans in England. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trustco sued for N$357m in England over unpaid loans\" \/>\n<meta property=\"og:description\" content=\"LISTED company Trustco Holding Groups Limited is being sued for N$357,1 million (US$21,4) over unpaid loans in England. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-09T08:40:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-09T09:05:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_1-62c944a17f988.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trustco sued for N$357m in England over unpaid loans\",\"datePublished\":\"2022-07-09T08:40:36+00:00\",\"dateModified\":\"2022-07-09T09:05:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans\"},\"wordCount\":566,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_1-62c944a17f988.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-sued-for-n357m-in-england-over-unpaid-loans\",\"name\":\"Trustco sued for N$357m in England over unpaid loans - 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