MD blasts Namib­ian-run busi­nesses

The Star Early Edition - - COMPANIES -

A BUSI­NESS­MAN has blasted the Namib­ian govern­ment for its high stake in lo­cal busi­nesses, and run­ning those busi­nesses badly to boot. Man­ag­ing di­rec­tor of Trustco Group Hold­ings (TGH) Quin­ton van Rooyen said it is pri­vate sec­tor’s duty to run a prof­itable com­pany and not govern­ment’s, at a pre­sen­ta­tion of his com­pany’s fi­nan­cial re­sults for the 2016/2017 fi­nan­cial year in March 2017. Re­fer­ring to data in his pre­sen­ta­tion, Van Rooyen said the govern­ment owns 58 per­cent net worth of the 30 top com­pa­nies in Namibia, while 29 per­cent are owned by for­eign­ers and 13 per­cent by Namib­ians. “If you have a govern­ment that owns 58 per­cent net worth of the top-30 com­pa­nies in Namibia and we are in a re­ces­sion, it seems the govern­ment is not so good at do­ing busi­ness.” Van Rooyen said the govern­ment’s duty is to make the growth of pri­vate busi­nesses eas­ier by as­sist­ing them to cre­ate wealth with fewer ob­sta­cles. – ANA-Nampa

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