Controversial company to delist from JSE after executive killed

Trustco announced that it intended to delist from all exchanges shortly after its chief operating officer for its internal and forensics investigations unit, Max Endjala, was killed.

Trustco is a majority family-owned investment group listed on the Johannesburg Stock Exchange (JSE), Namibian Stock Exchange (NSX) and the OTCQX Market.

The company, headquartered in Windhoek, Namibia, has investments in insurance, education, real estate, mining, commercial banking, and microfinance.

The company has been struggling with financial reporting discrepancies and regulatory non-compliance.

The JSE previously found that Trustco had failed to comply with International Financial Reporting Standards (IFRS).

On Monday, 20 January 2025, Trustco announced that Endjala was killed during an armed robbery and shooting incident on 18 January 2025.

Endjala was a member of Trustco for more than 21 years. “Further details regarding the incident remain under investigation,” it said.

“The company has established an internal investigation team led by the head of its group legal, risk, and compliance unit and is cooperating fully with authorities,” it said.

The Namabian Sun reported that Endjala was involved in an attempted heist involving a huge consignment of diamonds, allegedly worth about R700 million.

“Max Endjala, one of the suspects, reportedly took his own life as police closed in,” the publication said.

It said that Endjala was allegedly working with his cousin, Joel Angula, a Namdia security officer on duty during the robbery.

Shortly after confirming Endjala’s death, Trustco announced that its board of directors are considering their options to delist from all exchanges.

“An independent expert, as prescribed under the JSE listings requirements, is being engaged to provide an updated fairness opinion on the proposed delisting,” it said.

“Management will be engaging the JSE regarding the formal delisting proposal and requesting the suspension of share trading on the JSE.”