Raymond Heathcote

Also known as: Senior advocate Raymond Heathcote · Adv Raymond Heathcote · Adv Raymond Heathcote SC · Raymond Heathcote SC · advocate Raymond Heathcote

Chairman of Trustco Group Holdings who invalidated shareholder votes to remove the board in February and April 2026; senior advocate who critiqued Namibia's investment promotion bill as unconstitutional.

2025-01-232026-09-20

What’s been said

Key points drawn from coverage. Tap a point to see the original sentence.

February 2026
2 FebInformanté
Raymond Heathcote warns legislation could discourage foreign investment and undermine rule of law
Source
“SENIOR advocate Raymond Heathcote SC has raised serious constitutional and economic concerns over Namibia's proposed Investment Promotion Bill, warning that the legislation, if passed in its current form, could discourage foreign investment and undermine the rule of law.”
Heathcote Says Investment Promotion Bill Risks Being Unconstitutional
January 2025
24 JanThe Namibian
Raymond Heathcote informed the judge will apply for dismissal of Amupanda's claim
Source
“Lawyers Herman Steyn, representing the government and minister of agriculture, water and rural development, and Raymond Heathcote, representing the Livestock and Livestock Products Board of Namibia, informed judge Shafimana Ueitele on Friday that they will apply for the dismissal of Amupanda's claim.”
Government to ask for dismissal of Amupanda's redline case
23 JanThe Namibian
Raymond Heathcote described the case as comical and a mere political campaign
Source
“Amupanda was undergoing cross-examination by advocate Raymond Heathcote in the Windhoek High Court, who on Wednesday described the case as "comical" and a mere political campaign.”
We have a solid case – Amupanda on redline

Business

Supreme Court orders recalculation of Air Namibia severance payments

The News

The Supreme Court has ordered Air Namibia's liquidators to recalculate amounts owed to 81 former employees for accumulated leave, annual bonuses, severance pay, and notice period pay, and to pay the difference between recalculated amounts and payments already made in December 2022. The court upheld the liquidators' appeal regarding the interpretation of "remuneration" under employment agreements.

7 September 2026 · The Namibian →

Monday 7 September

Supreme Court orders recalculation of Air Namibia severance payments
The Supreme Court has ordered Air Namibia's liquidators to recalculate amounts owed to 81 former employees for accumulated leave, annual bonuses, severance pay, and notice period pay, and to pay the difference between recalculated amounts and payments already made in December 2022. The court upheld the liquidators' appeal regarding the interpretation of "remuneration" under employment agreements.
7 September 2026 · The Namibian →

Wednesday 2 September

N$49.4 million frozen in accounts over SA coal mining
A Namibian High Court judge has confirmed a property preservation order freezing N$49.4 million in eight bank accounts belonging to Jacobus and Elza Jordaan and their entities, following allegations of illegal coal mining at their farm in South Africa's Mpumalanga province from November 2021 to September 2023.
2 September 2026 · The Namibian →

Thursday 16 July

Windhoek sues Namibia Dairies for N$24.5m water pollution damages
The Municipal Council of Windhoek is suing Namibia Dairies for N$24.5 million over a February 2019 heavy fuel oil spill at the company's factory that contaminated the city's Gammams Water Care Works and caused damage to water treatment processes. The hearing before the Windhoek High Court began on Tuesday, with Namibia Dairies opposing the council's claim.
16 July 2026 · The Namibian →

Monday 13 July

Labour Court remits Mulunga-Namcor dispute to arbitrator
The Labour Court has referred a dispute between state-owned Namcor Petroleum Trading and Distribution and its former managing director Imms Mulunga back to arbitration, after ruling that an arbitrator wrongly dismissed the case in June. Mulunga was dismissed in August 2024 after being found not guilty in a disciplinary hearing, and Namcor subsequently referred claims against him for breach of contract and financial losses to the Labour Commissioner in October 2024.
13 July 2026 · The Namibian →

Friday 3 July

Windhoek oil spill case advances toward trial in High Court
The Municipal Council of Windhoek's multimillion-dollar environmental damage case against industrial and fuel companies, including Namibia Dairies, over a 24,000-litre heavy fuel oil spill in February 2019 that contaminated wastewater infrastructure has advanced following a High Court pre-trial order and conference.
3 July 2026 · Windhoek Observer →

Wednesday 17 June

Trustco faces shareholder demand for new board appointment
Trustco Group Holdings has received a formal demand from major shareholder Riskowitz Capital Management LLC to convene a shareholders' meeting to appoint a new board. This follows a contentious February shareholder meeting where a majority voted to remove the current board, but the outcome was invalidated by board chairman Raymond Heathcote on procedural grounds.
17 June 2026 · The Namibian →

Tuesday 24 February

Trustco board removal vote ruled invalid over notice period
Trustco shareholders voted by 43.75% to remove the current board, but chairman Raymond Heathcote invalidated the meeting on the grounds that it lacked the required 21-day notice period under the Companies Act. The Riskowitz Value Fund, which proposed five replacement directors, says it will take the matter to court.
24 February 2026 · The Namibian →

Thursday 19 February

Trustco rejects hostile takeover bid by minority shareholder RVF
Trustco Group Holdings' largest minority shareholder, Riskowitz Value Fund LP (RVF), failed in its attempt to remove and replace the board at a general meeting on Monday. The meeting was ruled illegally convened under the Namibian Companies Act; a condonation vote to remedy defects failed, and RVF could not secure majority support even on the merits, according to the company.
19 February 2026 · The Namibian →

Tuesday 17 February

Trustco rejects hostile takeover bid by foreign fund on procedural grounds
Trustco Group Holdings rejected a hostile takeover bid by Riskowitz Value Fund LP at a shareholders' general meeting. The Chairman ruled the meeting illegally convened under Namibian law, a condonation vote to cure the defect failed to achieve the required majority, and even on the substance of the proposal, the fund could not secure board reconstitution support.
17 February 2026 · Informanté →

Wednesday 4 February

Senior advocate warns investment promotion bill unconstitutional, vague
Senior advocate Raymond Heathcote has submitted an opinion arguing that Namibia's investment promotion bill is unconstitutional, grants the minister excessive discretion, and replaces the rule of law with bureaucratic uncertainty. Heathcote advises a strategic pause on the bill, warning that its current form would discourage rather than encourage foreign investment.
4 February 2026 · The Namibian →

Monday 2 February

Senior advocate warns Investment Promotion Bill may breach Constitution
Senior advocate Raymond Heathcote has raised constitutional concerns that Namibia's proposed Investment Promotion Bill may contradict Article 99 of the Constitution and create legal uncertainty through excessive ministerial discretion. Heathcote argues the Bill could discourage foreign investment and impermissibly transfer Parliament's legislative authority to the executive.
2 February 2026 · Informanté →

Wednesday 28 January

Trustco minority shareholder calls February vote to remove board
Riskowitz Value Fund, a 23% shareholder in Trustco Group Holdings, has called a general meeting for 16 February to elect five new directors and remove founder Quinton van Rooyen and the current board after they refused to convene the meeting. The board claims the requisition is invalid and accuses the proposed directors of value destruction, but Section 189 of the Namibian Companies Act allows members holding at least 5% of voting shares to require such a meeting.
28 January 2026 · The Namibian →