By: Uaueza Kanguatjivi
Myrtle Growth Capital has won a court battle in which the Government Institutions Pension Fund (GIPF) filed an urgent application to stop it selling or liquidating shares worth N$450 million held by the Namibia Mid-Cap Fund (NMCF).
The High Court dismissed GIPF’s urgent application to block the sale, ordering GIPF to cover Myrtle’s legal costs.
The NMCF operates as a Bewind trust and special-purpose vehicle, managing assets like shares in portfolio companies for GIPF’s benefit.
While the trust administers unlisted funds on behalf of GIPF, Myrtle Growth Capital earned management fees through the NMCF.
GIPF had invested over N$400 million in portfolio companies through its investment trust, with the NMCF acquiring shares in return.
However, a dispute arose when Myrtle Growth Capital pursued N$15 million in unpaid fees.
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