Agribank secures N$11.5m judgment in ex-board chair debt battle
Agribank has secured a favourable High Court summary judgment to recover more than N$11.5 million in outstanding loans from its former board chairperson, northern businessman Michael Iyambo.
The case, filed in the High Court in July 2021 by the bank, sought to recover funds from Iyambo and his companies, Oshikoto Fruit and Vegetables (Pty) Ltd and Concordia Farming (Pty) Ltd, which were also listed as defendants. Agribank later applied for summary judgment to fast-track the recovery of the debt without proceeding to a full trial.
In his defence, Iyambo, through his lawyer Himeekua Ketijere, did not dispute owing the money.
Iyambo’s legal team argued that the debt had already been settled through a board resolution and related correspondence, which he claimed constituted a compromise or novation.
However, in a ruling delivered on Tuesday, acting judge Deon Obbes held that the correspondence Iyambo relied on did not constitute a valid settlement, compromise or novation.
“In my considered view, the opposing affidavit has not established a ‘settlement agreement’ as contended by the defendants [Iyambo]".
Initial demands
Court records also show that Agribank initially approached the court in 2022, demanding N$55.8 million from Iyambo and his businesses.
At the time, Agribank sought to have the 3 241-hectare Concordia farm declared executable, along with movable assets such as tractors, irrigation equipment and a solar system. The claim was revised to just over N$20 million in the current amended particulars of claim.
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The case, filed in the High Court in July 2021 by the bank, sought to recover funds from Iyambo and his companies, Oshikoto Fruit and Vegetables (Pty) Ltd and Concordia Farming (Pty) Ltd, which were also listed as defendants. Agribank later applied for summary judgment to fast-track the recovery of the debt without proceeding to a full trial.
In his defence, Iyambo, through his lawyer Himeekua Ketijere, did not dispute owing the money.
Iyambo’s legal team argued that the debt had already been settled through a board resolution and related correspondence, which he claimed constituted a compromise or novation.
However, in a ruling delivered on Tuesday, acting judge Deon Obbes held that the correspondence Iyambo relied on did not constitute a valid settlement, compromise or novation.
“In my considered view, the opposing affidavit has not established a ‘settlement agreement’ as contended by the defendants [Iyambo]".
Initial demands
Court records also show that Agribank initially approached the court in 2022, demanding N$55.8 million from Iyambo and his businesses.
At the time, Agribank sought to have the 3 241-hectare Concordia farm declared executable, along with movable assets such as tractors, irrigation equipment and a solar system. The claim was revised to just over N$20 million in the current amended particulars of claim.
[email protected]
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