September 14, 2005

Government bails out Windhoek garment factory

Cabinet has rescued a failing BEE deal, that of uniform-manufacturing company Tropitex, which is controlled by well-known businessman David Imbili. In terms of a Cabinet Action Letter dated June 28, Government is converting Tropitex's N$2,8 million Development Bank of Namibia (DBN) loan - which has now soared to N$3,5 million with interest - into equity and moving it into the military-owned company. Tropitex was set up by the Ministry of Trade and Industry and Cuba's Ministry of Basic Industry in 2002 as part of a Namibian-Cuban co-operation programme.

Imbili, a son-in-law of former President Sam Nujoma, appeared to have been bankrolled by means of a US$300 000 (about N$2,8 million at the time) loan from the Development Fund of Namibia (DFN). The Cabinet move to rescue Tropitex comes after the DBN instituted legal moves to foreclose on the beleaguered joint venture between Imbili's Davitex (51 per cent) and the Cuban-owned Sebradel (49 per cent), for failing to repay Davitex's loans. (The Namibian, Windhoek)

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