Trustco secures High Court order to freeze Riskowitz Value Fund shares

The Namibian High Court has issued an interim attachment order against the US-based Riskowitz Value Fund LP (RVF), preventing the fund from selling, transferring, or disposing of its holdings in Trustco Group Holdings Limited.

The order, granted on 25 September, places 200 million Trustco shares and 1,135 unlisted Legal Shield Holdings Limited shares under court control. The legal battle stems from a dispute over the control of the Namibian investment group.

The conflict is linked to a N$468 million transaction previously approved by Trustco shareholders. Under this deal, Trustco was to acquire an additional 11.35% stake in Legal Shield Holdings from RVF in exchange for 400 million Trustco shares, provided the deal did not result in a change of control of Trustco.

Trustco Group CEO Quinton van Rooyen stated that no foreign actor will take control of the company through hostile means or an abuse of process. The dispute follows two unsuccessful attempts by the Riskowitz group to change the Trustco board in February and August. Additionally, the Namibian Competition Commission has indicated that any arrangement allowing RVF to appoint or remove a majority of Trustco’s directors would require formal merger notification and approval.