Agribank claims N$10 million from Nambahu

Agribank claims N$10 million from Nambahu ELLANIE SMIT



Agribank is suing the deputy minister of labour, Tommy Nambahu, for more than N$10.6 million in three claims.

The bank has also asked the court to allow the sale in execution of two properties, including one farm.

The matter is being heard in the High Court before Judge Boas Usiku.

In fact, a summary judgment was already issued in favour of Agribank but Nambahu’s lawyers yesterday submitted they were unable to reach their client to complete a settlement agreement.

In its first claim, Agribank says Nambahu owes N$24 877 for a loan made on 9 August 2010 in Windhoek.

Agribank had advanced Nambahu an amount of N$204 900 at an interest rate of 9.25%, to be repaid over a period of five years.

According to Agribank, Nambahu has been in arrears with his payments since November 2017 to the amount of N$23 232, plus interest.

The bank also says that it is the fifth bond holder on a property in Pionierspark Extension One, measuring 900 square metres, and asked the court that this property be declared executable.

The second and third claims demand N$9.4 million and N$1.25 million respectively, as well as the sale in execution of a farm in the Otjozondjupa Region.

In the second claim the bank says that Nambahu entered into an agreement with Agribank on 4 September 2015 for more than N$7.3 million. The loan had to be repaid within 25 years.

Agribank says Nambahu has been in arrears with his payments since 24 May last year and owes the bank N$9.4 million plus interest.

“In the event of Nambahu defaulting, the entire amount outstanding would immediately become due and payable on such default,” Agribank states in its claim.

The third claim against Nambahu also relates to a loan agreement made on 4 September 2015 to the amount of N$1.11 million.

Nambahu has been in arrears with his payments since 4 April 2018 and is indebted to the bank for N$1.255 million plus interest.

The bank also asked the court that in terms of the second and third claims, Farm Venenatum in the Otjozondjupa Region, measuring 5 179 hectares, be declared executable. Agribank is the holder of the first bond over the farm. The bond was registered as security by Nambahu in terms of the money lent in respect of claims two and three, Agribank says.

All three claims by Agribank against Nambahu were granted in a summary judgment made by Usiku on 5 February and the two properties were declared executable.

Nambahu was ordered to pay the more than N$10.6 million to Agribank.

However, counsel for Nambahu approached the court to explain that while it was their client’s intention to settle the matter, they had not been able to consult with him.

In a status report, Kadhila Amoomo said they had proposed a settlement to Agribank as it was Nambahu’s intention to settle.

This was accepted by Agribank and Nambahu was to submit a detailed settlement agreement for further consideration.

However, Nambahu’s legal team said they had tried to obtain instructions from him on four different occasions, but that proved futile.

This was on 12, 22 and 28 January, as well as 11 February this year.

“Attempts to obtain instructions from Nambahu pertaining to Agribank’s proposed course of action have also failed.”

Amoomo concluded that they would abide by the court’s direction.