Trustco legal battles with NamRA, Helios remain unresolved

Trustco Group Holdings, the investment firm founded by Namibian businessman Quinton van Rooyen, has issued a fresh update on two ongoing legal disputes, confirming that its legal disputes with Helios Oryx Limited and the Namibia Revenue Agency (NamRA) remain unresolved, with both cases still moving through courts and regulatory processes.

The disputes stem partly from a NAD136 million ($7.44 million) VAT refund claim that escalated into tax demands exceeding NAD201.7 million ($11.03 million), placing the company under sustained legal and financial scrutiny.

Helios dispute still before the courts

The company said the case involving Helios Oryx Limited is still ongoing and has not reached a final determination. Several proceedings and related factual disputes remain before the courts, with no conclusive ruling delivered.

Trustco stated it continues to defend its position through legal counsel and will pursue its rights in line with applicable judicial processes as the matter progresses.

NamRA tax dispute remains active

The second matter involving the Namibia Revenue Agency also remains unresolved, according to the company. Trustco said it is still engaging with NamRA through legal and formal administrative channels, with the dispute continuing to move through adjudication and regulatory review processes. No outcome has been reached, the company added.

Background to the disputes

Trustco’s tax troubles began with a NAD136 million ($7.44 million) VAT refund claim, which quickly snowballed when NamRA issued revised assessments. The agency demanded NAD201.7 million ($11.03 million) in taxes, alongside NAD103.8 million ($5.68 million) in interest on income tax, VAT, and withholding tax. In October 2022, NamRA froze 42 Trustco-linked accounts, demanding partial payment within weeks. Trustco responded with accusations of irrational conduct and claims that the payment deferral agreement had been breached.

The company said the latest update is intended to keep shareholders informed of developments, while cautioning that neither matter has been concluded or quantified for final settlement purposes. Trustco emphasized that further updates will be provided in its upcoming financial statements or through regulatory announcements where required under listing rules.

Broader pressure on governance and expansion plans

The legal update comes at a time when Trustco continues to navigate regulatory and financial scrutiny across its operations. The group, which has interests in banking, insurance, real estate, and wealth management, has been managing multiple governance and expansion-related challenges.

The company is led by Namibian businessman Quinton van Rooyen, whose family holds a controlling stake of about 69.8%. Despite domestic headwinds, Trustco has continued to signal international ambitions, including plans tied to U.S. capital markets, as it seeks to diversify its investor base and strengthen its global positioning.