Embattled Samherji CEO and founder Thorsteinn Mar Baldvinsson has stepped down from the board of Norwegian harvesting company Nergard group, according to a report in E24.

Samherji holds 39.9 percent in Nergard.

Replacing Baldvinsson on the board will be his son, Baldvin Thorsteinsson, according to Nergard CEO Tommy Torvanger.

Baldvinsson's exit from the Nergard board is the latest in the executive's departures from key positions as Samherji undergoes investigations by Namibian authorities for bribery.

Baldvinsson temporarily stepped down from his CEO role in Samherji earlier this month, and this week resigned a board post at Faroese firm Framherji.

Namibian Fisheries minister Bernhard Esau and justice minister Sacky Shanghala resigned following accusations of receiving massive kickbacks in return for doling out fishing licenses, including for Samherji.

James Hatuikulipi, the managing director of South Africa-based Investec Asset Management also resigned amid the corruption probe.

The cash-for-quotas scandal has led Iceland’s government to draw up a raft of proposals aimed at preventing damage to Iceland’s global reputation.

Under the plans, the Minister of Fisheries will take up an initiative put forward by the International Food Agency to audit fisheries trading practices engaged in fishing quotas, including in developing countries.

The Minister of Fisheries and Agriculture plans to carry out an audit of fisheries trading practices related to fishing and trading in catch quotas.