Corporate Scandals. NovaNam Reduces Ties with Pescanova

It’s not quite a Unilateral Declaration of Independence (UDI) such as Rhodesia’s breaking away from Britain more than a half century ago, but NovaNam Limited, the Namibian/South African fishing and maritime group, is clearly intent on reducing ties and reliance on its beleaguered Spanish parent, Pescanova.

As the financial rain in Spain continues to fall heavily on the Pescanova plain, NovaNam, a group of 23 maritime-related Southern Africa businesses which include significant hake fishing interests in Namibia contributing 39% of catches to the group through 18 vessels and two processing plants at Luderitz and Walvis Bay, outperformed its Mozambican and Angolan counterparts by reporting earnings of EUR4.6 million, before interests, taxes, depreciation and amortization (ebitda) for the first four months of 2013, according to a Deloitte bankruptcy report on Pescanova.

NovaNam ‘s profit in 2012 was EUR39 000.