Bank Windhoek after Mulunga’s house, car
Banks seeks to attach Rehoboth property
Bank Windhoek has dragged former Namcor managing director Imms Mulunga to the High Court over more than N$1.39 million in unpaid debt, seeking to attach and sell his Rehoboth home and repossess a Toyota Tundra after alleged persistent defaults on both a mortgage loan and a vehicle finance agreement.
Mulunga is among the former Namcor executives arrested in July 2025 in connection with the Namcor–Enercon oil scandal and has been in custody for the past six months.
In summons issued on 19 November 2025, the bank cites Mulunga as the first defendant and Admiral Investments Close Corporation — in which he holds a 100% members’ interest — as the second defendant. The close corporation is cited as surety and co-principal debtor for Mulunga’s obligations.
Mortgage claim
The bank’s primary claim arises from a mortgage loan agreement concluded on 29 January 2016, under which Bank Windhoek advanced N$1.7 million to Mulunga. The loan was secured by a first covering mortgage bond registered over Erf 967, Block A, Extension 1, Rehoboth, measuring 713 square metres.
The bond was registered for N$1.7 million, together with an additional N$340 000.
According to the summons, Mulunga defaulted on his repayment obligations on 51 occasions since the loan’s inception. The bank alleges that he has been in continuous arrears since 31 July 2025, with outstanding arrears amounting to N$68 065.77 at the time of demand.
After issuing a formal letter of demand on 15 September 2025, which allegedly went unanswered, Bank Windhoek terminated the loan agreement. It now claims an outstanding balance of N$1.3 million, together with interest at the mortgage lending rate of 11.25% plus an additional 1% per annum, calculated from 4 November 2025 until final payment.
Vehicle finance dispute
The bank has also instituted a second claim arising from a vehicle instalment sale agreement concluded on 9 October 2020, under which Mulunga purchased a Toyota Tundra 5.7 V8 for N$925 045.80, payable over 60 months.
Bank Windhoek alleges that Mulunga defaulted on the vehicle repayments from 1 August 2025, leaving arrears of N$49 450.12. Mulunga was arrested in July 2025 and has remained in custody since.
Following statutory notices issued in terms of the Credit Agreements Act, the bank cancelled the agreement and now claims N$50 242.32, together with interest at the prime rate of 10.50% plus 1.50% per annum, capitalised monthly.
The bank has asked the court to confirm the cancellation of the vehicle agreement, authorise the repossession of the vehicle, and declare all payments already made forfeited in its favour.
Property attachment sought
Bank Windhoek is further seeking an order declaring the Rehoboth property executable, stating that it was expressly hypothecated as security for the loan. The bank contends that the property’s market value — estimated at N$2.15 million based on October 2025 valuations — would be sufficient to extinguish the debt.
The defendants have been advised of their right to oppose the application and to place relevant financial circumstances before the court, including whether the property constitutes a primary residence and whether alternative means exist to satisfy the judgment debt.
Bank Windhoek is seeking judgment jointly and severally against both defendants, costs on an attorney-and-client scale, and further relief as the court may deem appropriate.
Mulunga is among the former Namcor executives arrested in July 2025 in connection with the Namcor–Enercon oil scandal and has been in custody for the past six months.
In summons issued on 19 November 2025, the bank cites Mulunga as the first defendant and Admiral Investments Close Corporation — in which he holds a 100% members’ interest — as the second defendant. The close corporation is cited as surety and co-principal debtor for Mulunga’s obligations.
Mortgage claim
The bank’s primary claim arises from a mortgage loan agreement concluded on 29 January 2016, under which Bank Windhoek advanced N$1.7 million to Mulunga. The loan was secured by a first covering mortgage bond registered over Erf 967, Block A, Extension 1, Rehoboth, measuring 713 square metres.
The bond was registered for N$1.7 million, together with an additional N$340 000.
According to the summons, Mulunga defaulted on his repayment obligations on 51 occasions since the loan’s inception. The bank alleges that he has been in continuous arrears since 31 July 2025, with outstanding arrears amounting to N$68 065.77 at the time of demand.
After issuing a formal letter of demand on 15 September 2025, which allegedly went unanswered, Bank Windhoek terminated the loan agreement. It now claims an outstanding balance of N$1.3 million, together with interest at the mortgage lending rate of 11.25% plus an additional 1% per annum, calculated from 4 November 2025 until final payment.
Vehicle finance dispute
The bank has also instituted a second claim arising from a vehicle instalment sale agreement concluded on 9 October 2020, under which Mulunga purchased a Toyota Tundra 5.7 V8 for N$925 045.80, payable over 60 months.
Bank Windhoek alleges that Mulunga defaulted on the vehicle repayments from 1 August 2025, leaving arrears of N$49 450.12. Mulunga was arrested in July 2025 and has remained in custody since.
Following statutory notices issued in terms of the Credit Agreements Act, the bank cancelled the agreement and now claims N$50 242.32, together with interest at the prime rate of 10.50% plus 1.50% per annum, capitalised monthly.
The bank has asked the court to confirm the cancellation of the vehicle agreement, authorise the repossession of the vehicle, and declare all payments already made forfeited in its favour.
Property attachment sought
Bank Windhoek is further seeking an order declaring the Rehoboth property executable, stating that it was expressly hypothecated as security for the loan. The bank contends that the property’s market value — estimated at N$2.15 million based on October 2025 valuations — would be sufficient to extinguish the debt.
The defendants have been advised of their right to oppose the application and to place relevant financial circumstances before the court, including whether the property constitutes a primary residence and whether alternative means exist to satisfy the judgment debt.
Bank Windhoek is seeking judgment jointly and severally against both defendants, costs on an attorney-and-client scale, and further relief as the court may deem appropriate.
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