Iipumbu paid for his Porsche

26 September 2019 | Banking

On September 12, Namibian Sun reported on a N$4.8 million claim by Agribank against its former CEO, Leonard Iipumbu, for unpaid loans against farmland, as well as a Porsche Cayenne on a staff loan of which just over N$452 000 was outstanding.

A statement was released on 16 September by Agribank indicating that Iipumbu had in fact paid the full outstanding amount on the staff loan for the vehicle by March 2017.

Namibian Sun spoke with current CEO Sakaria Nghikembua yesterday, who confirmed that the car loan had been settled. He provided Namibian Sun with documentary evidence from Fisher, Quarmby and Pfeiffer to this effect.

The firm had issued a letter to Iipumbu in December 2016 regarding the outstanding payment following his departure from Agribank at the end of July that same year.

The loan was fully settled, according to the law firm, in a letter dated 28 March 2017.

The error, Nghikembua told Namibian Sun, crept in when the vehicle's loan was included in the documents to the lawyers for the outstanding farm loan balance. An amended particular of claim has been filed in the meantime.

YANNA SMITH