[ad_1]
Nautilus Fishing and Skeleton Coast Trawling formed a joint venture in 2007, but relations between the two companies have since soured.
Last Monday, the Deputy Commissioner of Police seized the Skeleton Coast Trawling fishing vessels Kowares and Komukandi pursuant to a warrant issued by the Windhoek High Court.
Previously, Nautilus Fishing obtained an arbitration award that it was entitled to N$14.7 million in profits generated from its joint venture with Skeleton Coast Trawling.
The arbitration award became an order of the court on October 26, and a warrant was issued to a deputy sheriff on November 1, as Skeleton Coast Trawling apparently failed to pay.
Although the vessels have been seized, they will not be executed at public auction as Skeleton Coast Trawling has appealed the court order.
“We have filed a notice of appeal and made an application to release the vessels and hand over the certificates so they can continue on their journey,” said Deputy Chief Constable Pieter van Heerden.
According to a notice of appeal filed with the court, the application was based on allegations that Judge George Coleman had erred.
“They are repairing the boat, and they were not supposed to sail until November 13th.”
arbitration
Nautilus Fishing and Skeleton Coast Trawling formed a joint venture in 2007. The agreement concerned the development of fishing rights granted to Nautilus and contained an arbitration clause.
The joint venture gave rise to a dispute and entered arbitration proceedings. The arbitration award supported Nautilus’s claims. The arbitration results showed that Nautilus was entitled to 50% of the joint venture’s profits, equivalent to approximately N$14.7 million.
[ad_2]
Source link
