As Trustco losses widen it files court review of JSE request to restate 2019 results

TRUSTCO Group Holdings increased headline losses by 201 percent to Namibian dollar (NAD) 766 million in the 11 months to August 31, 2021, the group said in a regulatory notice to the JSE yesterday.

Basic losses increased 228 percent to a NAD872m loss compared to the basic loss of NAD266m in the previous results. Revenue fell by 49 percent to NAD313m. The taxed loss increased by 188 percent to a loss of NAD988m.

The company has filed a court review against the JSE, after the JSE’s Proactive Monitoring Process saw the JSE instruct Trustco to restate the annual financial statements for the period ended March 31, 2019 and the unaudited interim results for the six month ended September 30, 2019, as well as management’s steps taken with regard to the instruction.

Trustco was also in litigation against Helios Oryx relating to a facility agreement amounting to NAD332m, the security provided against the facility and a counter-claim against Helios in favour of Trustco, both in the UK and in Namibia.

BUSINESS REPORT