Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Samherji significant net loss in Namibia and taxes paid

Click on the flag for more information about Iceland ICELAND
Monday, August 10, 2020, 17:00 (GMT + 9)

Last week Samherji announced that the investigation into the company's operations in Namibia, conducted by Norwegian law firm Wikborg Rein, had been completed. The announcement outlined the next steps in the process. It was stated that Samherji would soon explain further the individual allegations that have been made against the company and its employees.

The Pro forma consolidated financial statements of companies affiliated with Samherji in Namibia for the years 2012-2018 have been finalized. Last year, serious allegations were made about the operations of the companies in question. For this reason, special efforts were made to perform an in-depth analysis of the companies accounts to investigate these allegations and give an accurate account of the business.

Samherji Heinaste trawler during transhipment in Namibia area

The revenues of subsidiaries in Namibia in the period 2012-2018 amounted to the equivalent of ISK 41.1 billion, and operating expenses were ISK 38.9 billion. Net loss for the period, adding depreciation, finance costs, income tax etc. amounted to ISK 950 million. When all operating expenses in Namibia were broken down exactly, it was revealed that 55% was paid to Namibian parties or ISK 21.4 billion at today's exchange rate. Samherji believes that this shows that one of the most serious allegations made against the company, about exploitation in Namibia, is not rooted in facts.

The most significant part of operating expenses during the period were salaries, payments to Namibian partners and quota fees to the Namibian government. Payments to joint ventures owned by Namibians, the Namibian government and other quota holders were 29.3% of total revenues, and these payments amounted to a total of ISK 12 billion. Quota fees and salaries during the period were 51% of domestic operating expenses. The most substantial part of operating costs outside Namibia was due to salaries paid to crew members, fuel, and charter and maintenance fees for vessels.

"The results show that the allegations that Samherji walked away from Namibia with large profits are grossly misleading. Serious accusations about exploitation in Namibia deeply affected our management. However, the financials show that payments to Namibian parties during the period amounted to over ISK 21 billion at today's exchange rate. We sincerely hope that the disclosure of this information will lead to factually accurate and fair reporting about the operations," says Björgólfur Jóhannsson, co-CEO of Samherji.

Samherji has always emphasized strongly that its subsidiaries fulfil their obligations regarding the payment of salaries, taxes and fees. The same applies to agreements with Namibian partners, including the Joint ventures. Disputes with the Joint ventures were resolved before Namibian courts, and their claims against Samherji were rejected. 

Through the years, companies within the Samherji group have had to lend working capital to subsidiaries in Namibia, and a substantial portion of the loans has not been repaid. All operations in Namibia were discontinued at the end of 2019, and the subsidiaries are under closure. The companies have not been liquidated, but it is anticipated that a significant part of the aforementioned loans will not be recovered.

Samherji summarized what the companies in Namibia paid in taxes to the Namibian treasury while they were in operation in the years 2012-2019. Total taxes paid by Samherji's companies in Namibia over the years, including income tax, employee taxes, export duties, import duties, and a number of other payments to the Namibian state, amounted to a total of ISK 4 billion at today's exchange rate. Income tax and employee taxes weigh the most, as these two items make up 66% of the total tax payments for the period.
 
 
Samherji also summarized what the Namibian companies paid the Namibian state for the utilization of catch quotas during the same period. Companies affiliated with Samherji were not allocated catch quotas but bought and leased them from others and then paid special levies to the state for their utilization. These levies amounted to a total of ISK 2.5 billion at today's exchange rate. These two items, total tax payments and levies for the utilization of catch quotas, are therefore a total of ISK 6.5 billion. If payments for the purchase and lease of catch quotas are included, the amount for catch quotas is significantly higher, or a total of ISK 12 billion, which was 29.3% of total revenues in Namibia. A substantial part of that amount went to state-owned institutions and companies.
 
As previously reported, companies related to Samherji paid a total of ISK 21.4 billion to Namibian parties in the period 2012-2018. This information is based on the Pro forma consolidated financial statements of Samherji's companies in Namibia, but figures for 2019 are not available. Samherji's management hopes that the publication of this information, on payments to Namibian parties and the Namibian treasury, will lead to fact-based reporting about the operations in Namibia.
 
"It is important to note that the tax payments, as well as other payments made to Namibian parties during the period, show that there is no basis for allegations about exploitation in Namibia, which affected us deeply," says Björgólfur Jóhannsson.
 
Companies affiliated with Samherji ceased operations in Namibia in 2019. In the coming weeks, Samherji will publish further information on its business activities in Namibia.

 
Related news:

[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
Norway
Sep 20, 18:00 (GMT + 9):
Akvaplan-niva contributes to aquaculture broodstock of lumpfish and wolffish
Denmark
Sep 20, 00:00 (GMT + 9):
Other Media | FiskerForum: Astrid designed for long-distance operation
Japan
Sep 19, 23:00 (GMT + 9):
Bluefintuna in the Sea of ​​Okhotsk and yellowtail off the coast of Otaru
Argentina
Sep 19, 00:10 (GMT + 9):
Malvinas-Falkland and the owners of the truth
Worldwide
Sep 19, 00:00 (GMT + 9):
Other Media | EuropaAzul: Seafarers: at the heart of the future of maritime transport ', IMO motto
United States
Sep 19, 00:00 (GMT + 9):
Bristol Bay │Resource situation, catch quota and volume │ King crab and Tanner crab │ 2016-21
United States
Sep 19, 00:00 (GMT + 9):
Weekly catches │ GOA/BSAI | Black cod / sablefish | 2019-20
United States
Sep 19, 00:00 (GMT + 9):
Result of captures │ GOA / BSAI | Black cod / sablefish | 2018-19-20
Worldwide
Sep 18, 17:00 (GMT + 9):
World Bank IFC and WOC Partner on Investing in Pacific Blue Economy
United States
Sep 18, 16:00 (GMT + 9):
Marketplace to industry, governments: Solve shrimp diseases
Spain
Sep 18, 15:00 (GMT + 9):
OPROMAR organizes a working day on selectivity of fishing gear: projects and initiatives
Namibia
Sep 18, 07:00 (GMT + 9):
Fishcor told to divorce 'parasitic' partner
Australia
Sep 18, 06:40 (GMT + 9):
Wild Barra Fisheries hooks majority share in Northern Territory's barramundi industry
Spain
Sep 18, 02:00 (GMT + 9):
Pescanova and Ángel León will collaborate to investigate the seafood innovation
Spain
Sep 18, 01:00 (GMT + 9):
Other Media | SeafoodSource: Pablo Múgica named new CEO, Salvador Ramón Mateo appointed chairman at FRIME



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Green light for a new tuna fishing harbour in Chennai
India As per the Detailed Project Report, the proposed harbour will have fish handling halls, auction hall, cold storage, ice factory, fuelling station, power backup centres and dormitory for workers. CH...
Malvinas-Falkland and the owners of the truth
Argentina Since President Alberto Fernandez took office, different events have taken place regarding the Malvinas issue and the strategy to be executed by the current government in the future, for a claim that ...
Fishcor told to divorce 'parasitic' partner
Namibia The following is an excerpt from The Namibian MINISTER of public enterprises Leon Jooste has instructed the state-owned National Fishing Corporation of Namibia (Fishcor) to terminate its partnership ...
Crabbers at Southeast ALaska and Kodiak haul up best Dungeness hauls in decades, price sinks
United States   Crabbers at Southeast Alaska and Kodiak are pulling up good Dungeness catches although prices have sunk. At the Panhandle, a fleet of 192 permit holders hauled up nearly six million pounds of d...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2020 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER