Trustco is a Namibian business that has operated for decades, employs Namibians, has thousands of Namibian and international shareholders, and has played a visible role in the country’s development. That is precisely why what happens at Trustco now matters beyond any one shareholder, director or family. On 18 August 2026, Trustco shareholders will again have the opportunity to vote on changes to the company’s board. We believe that a reconfiguration of the board is in the interests of Trustco, its employees, its shareholders, its creditors and Namibia itself. This should not be viewed as a battle for control of the company. It is an opportunity to stabilise an important Namibian business, restore confidence, and give Trustco the best possible chance to grow again.
Trustco needs a fresh start
Trustco has faced serious difficulties for a prolonged period. Its shares have been suspended from trading on the JSE. The company is involved in disputes with regulators. There have been accounting restatements and censures. Important questions have been raised concerning related-party transactions, the company’s finances, and its governance. None of this is good for shareholders. It is not good for employees. It is not good for creditors, customers, or business partners. And it is not good for Namibia. The solution is not to destroy Trustco. The solution is to stabilise and rebuild it. That requires a board capable of independently examining what has happened, dealing constructively with regulators, protecting the company’s assets, and putting Trustco back on a sustainable path.
This is about protecting a Namibian business
We believe Trustco has valuable businesses, talented employees, and assets that are worth protecting. The objective of changing the board is therefore not to shrink the company or dismantle it. Quite the opposite. The objective is to preserve Trustco as a going concern, protect employment wherever reasonably possible, and create the conditions in which the company can again invest and grow. A company cannot grow sustainably when investors, regulators, and lenders lack confidence in its governance. Good governance directly affects whether a company can raise capital, retain employees, attract business partners, and make long-term investments. A fresh board can help protect jobs rather than threaten them.
Shareholders must be allowed to vote
There is a basic principle at stake: Trustco belongs to its shareholders. Directors are appointed to serve the company; the company does not belong to its directors. When shareholders properly exercise their rights to elect or remove directors, those rights should be respected. The previous shareholder meeting in February was brought to an end before the proposed resolutions were put to a vote. There was also a serious issue concerning a 9% shareholder, Germinate (SL) Limited. Those shares were not counted in the manner their owner had instructed. Trustco’s own records and communications recognised the ownership and voting rights associated with those shares. It remains to be seen whether those votes will be properly recognised and counted at the 18 August meeting. They should be. Whatever anyone’s views about the proposed board changes, every valid shareholder vote should count. That is the essence of shareholder democracy.
Governance matters for Namibia
This issue is bigger than Trustco. Namibia has worked hard to build a reputation as a country governed by laws and institutions. Foreign and domestic investors look at how companies are governed, how shareholder rights are respected, and how regulators are treated. When a Namibian listed company faces serious governance questions, the answer should not be to avoid scrutiny. The answer should be more transparency, stronger governance, and independent oversight. That strengthens Namibia. Capital flows to markets where the rules are clear and fairly applied. Namibia benefits when investors know that boards are accountable, minority shareholders have rights, and companies must answer questions about how shareholder money is used. Good corporate governance supports economic growth.
Difficult questions must be answered
A new board will inherit difficult issues. Questions have been raised about related-party transactions involving Trustco and entities associated with insiders. These matters should not be prejudged. But neither should they be ignored. A properly constituted independent board should examine them carefully, obtain independent legal and financial advice, and determine what is in the best interests of Trustco. If transactions were proper, an independent investigation can establish that. If mistakes were made, they can be corrected. If money or opportunities properly belonging to Trustco can be recovered, the board should pursue them. That is simply what responsible directors are supposed to do.
Change does not mean hostility
This is not a personal campaign. Trustco has been associated with the Van Rooyen family for many years, and that history should be acknowledged. But no founder, executive, or shareholder is indispensable to a public company. Successful companies develop institutions that are stronger than any individual. That is particularly important where a business has public shareholders, employees, lenders and regulators whose interests must also be considered. Independent governance is not an attack on entrepreneurship. It is one of the foundations that allows entrepreneurial businesses to survive.
The priority should be stability
If shareholders vote for change on 18 August, the new board should act responsibly. Its immediate priorities should be straightforward: stabilise the company; protect jobs and viable operating businesses; safeguard cash, assets and records; work constructively with regulators; complete outstanding financial reporting; investigate unresolved legacy issues independently; rebuild relationships with shareholders, lenders and business partners; and develop a credible plan for sustainable growth.
Namibia should want Trustco to succeed
Trustco’s problems should not be celebrated. Namibia gains nothing from the failure of a Namibian company. The country benefits when businesses survive, employees remain employed, shareholders receive fair treatment, and companies are able to attract new capital. We want Trustco to succeed. But genuine recovery requires trust. And trust requires transparency, accountability and independent governance. The 18 August meeting presents an opportunity to turn a page. Every shareholder should be allowed to vote. Every vote (including the Germinate shares) should be counted. The result should be respected. Then everyone involved should focus on the same objective: protecting Trustco, protecting its people, and rebuilding a company that can again contribute positively to Namibia’s economy. Namibia deserves strong companies. Strong companies require strong governance. And sometimes, protecting an institution requires the courage to change the people entrusted with governing it.
Sean Riskowitz is the founder of Riskowitz Capital Management and can be contacted on sean@riskowitzcapital.com