TransNamib 'blackmailed' Govt

LEADERS at the broke TransNamib threatened to cut jobs and declare bankruptcy earlier this year in what appears to be blackmail to arm-twist government into paying N$240 million as bailout.

This is according to details contained in confidential documents of a board meeting dated 23 February 2017. The meeting took place when the company only had around N$14 million in its bank account, a situation which made officials fear for the worst. People familiar with the finances at TransNamib said the salary bill is around N$28 million, and at the time, the company only had N$14 million. TransNamib is one of the biggest state-owned companies in the country with a property portfolio valued at over N$1,4 billion.