Business plan stalls Erindi takeover
Other key processes consequently delayed
Submission of the business plan was originally deferred due to Covid-19.
The estate of late Mexican billionaire Alberto Baillères is yet to submit a business plan to complete the takeover of the Erindi Private Game Reserve, an official in the ministry of industrialisation has said.
The submission of the business plan will see an investment certificate being handed to Baillères’ estate to complete all the processes necessary regarding the sale of the reserve.
“Whomever is running the estate will probably come back in terms of whether they are going to continue the investment certificate. The sale was done a long time ago,” the official said.
Covid-19 related delay
The finalisation of the sale had been delayed by the onset of the Covid-19 pandemic in 2020, which resulted in the late Baillères asking to submit the business plan at a later stage.
“The sale was finalised; from our side they were just looking for an investment certificate for which they had to provide a business plan. Covid-19 came so they asked that it be deferred until they come back with a business plan,” the official added.
On sale since 2013
The sale of the game reserve has been dragging on since 2013, when majority owner Gert Joubert first announced his intention to sell the 75 000-hectare ranch for a price of N$1.1 billion.
At a later stage, this was upped to N$1.3 billion, but the intended sale never went through due to legal confusion over the status of the land.
In 2014, the sale was effectively scuttled when government insisted that Erindi is agricultural land and not a tourism investment.
The late Baillères had to await approval from the Namibia Competition Commission before finalising a sales agreement with the South African owners of the game reserve.
Erindi is situated between Omaruru and Okahandja and was bought for N$2 billion by Baillères’ estate.
The submission of the business plan will see an investment certificate being handed to Baillères’ estate to complete all the processes necessary regarding the sale of the reserve.
“Whomever is running the estate will probably come back in terms of whether they are going to continue the investment certificate. The sale was done a long time ago,” the official said.
Covid-19 related delay
The finalisation of the sale had been delayed by the onset of the Covid-19 pandemic in 2020, which resulted in the late Baillères asking to submit the business plan at a later stage.
“The sale was finalised; from our side they were just looking for an investment certificate for which they had to provide a business plan. Covid-19 came so they asked that it be deferred until they come back with a business plan,” the official added.
On sale since 2013
The sale of the game reserve has been dragging on since 2013, when majority owner Gert Joubert first announced his intention to sell the 75 000-hectare ranch for a price of N$1.1 billion.
At a later stage, this was upped to N$1.3 billion, but the intended sale never went through due to legal confusion over the status of the land.
In 2014, the sale was effectively scuttled when government insisted that Erindi is agricultural land and not a tourism investment.
The late Baillères had to await approval from the Namibia Competition Commission before finalising a sales agreement with the South African owners of the game reserve.
Erindi is situated between Omaruru and Okahandja and was bought for N$2 billion by Baillères’ estate.
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