Niël Terblanché
The Government Institutions Pension Fund (GIPF) has issued an urgent public cautionary notice regarding an ongoing legal battle against Myrtle Growth Capital (Pty) Ltd.
The GIPF, warning that the company has no authority to sell or dispose of shares held on behalf of the Namibia Mid Cap Fund (NMCF).
According to GIPF’s marketing and stakeholders engagement general manager, Edwin Tjiramba, the litigation currently before the High Court of Namibia seeks to prevent Myrtle Growth Capital from unlawfully handling shares in various unlisted investments.
“Myrtle Growth Capital is the former fund manager of the NMCF, but was deregistered as an unlisted investment manager by the Namibian Financial Institutions Supervisory Authority (NAMFISA) in August 2023,” he said.
He stressed that, following its deregistration, the company is legally prohibited from managing or administering the affairs of the NMCF.
Tjiramba reiterated that Myrtle Growth Capital has no authority to act on behalf of either the NMCF or the pension fund itself.
Furthermore, the company has no legal right to sell or dispose of any shares held by the NMCF in any portfolio companies.
These include 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 that in light of these developments, the GIPF and NMCF have strongly cautioned members of the public against engaging in any transactions with Myrtle Growth Capital concerning shares in any of the affected portfolio companies.
“Any dealings with Myrtle Growth Capital relating to shares in these portfolio companies, or in any company that owns shares in these entities, are done so at your own risk,” he warned.
He urged the public to report any approaches made by Myrtle Growth Capital or its representatives in connection with offers to sell or dispose of shares in the mentioned companies.
Reports should be made in writing to cbritz@gipf.com.na. Those who wish to remain anonymous can do so through www.gipf.ethicshelpdesk.com.
The GIPF, established under the Pension Funds Act of 1956, is responsible for managing pension funds for public service employees and ensuring financial security for its beneficiaries.
The NMCF, a special purpose vehicle (SPV) defined under the Pension Funds Regulations, holds assets such as shares in portfolio companies for the benefit of the GIPF.
“The GIPF and NMCF remain committed to protecting and safeguarding pension monies, and this cautionary notice is issued in the public interest,” Tjiramba said.
He added that efforts will continue to legally restrain Myrtle Growth Capital from any further attempts to interfere with NMCF-held investments.
