Trustco Group Holdings, led by Namibian businessman Quinton van Rooyen, dismissed a boardroom challenge from Riskowitz Value Fund RVF, saying the requisition did not meet legal and governance standards for a publicly traded company. The board said its review found the filing invalid on its face and not sufficient to prompt shareholder action.
Legal and governance failures
According to Trustco, the requisition violates mandatory provisions of the Namibian Companies Act, contradicts the companys founding documents, and disregards governance rules that apply to entities listed on both the Johannesburg Stock Exchange and the Namibian Stock Exchange.
