Agribank guns for its former CEO

12 September 2019 | Justice

Agribank is suing its former CEO, Leonard Iipumbu, for four loans on which he defaulted, one of which was for a Porsche Cayenne SUV.

Iipumbu was appointed as chief of protocol attached to the international relations ministry on 1 August 2016 after he had left Agribank on 31 July of the same year.

In court papers filed on 21 May this year, Agribank asks for payment of N$4.8 million.

Iipumbu is being sued along with his wife Hilma, to whom he is married in community of property.

On 18 June, through their counsel Margaret Malambo of Sibeya and Partners, the Iipumbu couple filed their notice of intention to defend the matter.

They are yet to file any papers.

In its particulars, the bank says that on 24 November 2008, the Iipumbu couple took a loan of N$2 482 655 at an interest rate of 12% with a 25-year repayment period.

The loan would be paid in annual instalments for 24 years. N$100 000 of the total amount was lent over a period of two years with 12% interest, payable in annual instalments of N$100 000 and the next year, the remaining outstanding amount.

With this loan, Iipumbu purchased Farm Amor in the Otjozondjupa Region, measuring

7 028 hectares.

On 16 April 2009, Iipumbu took out a second loan of N$100 000 for drilling a borehole. This loan, at 13.24% interest, was repayable in 14 equal instalments.

This loan was then amended on 18 September 2014 to grant Iipumbu a deferment of the instalment payment due on his farm in 2013. This was added as an addendum on the mortgage bond loan.

The bank says that notwithstanding several demands, Iipumbu has not made payment of the required instalments on the two loans.

On 5 February this year, the first loan for Farm Amor stood at a balance of N$3 804 817.66 due. The N$100 000 loan stood at a balance of N$147 186.23 due.

Although Iipumbu had not honoured either of his first two loans while he was the CEO of the bank, the bank in May 2014 granted him a third loan of N$482 000 for two boreholes, water tanks and pipes. This loan was over a period of 15 years at 4% interest. A second bond was registered over Farm Amor for this amount.

On 5 February this year, the amount outstanding was N$397 279.92 with varying interest rates on different outstanding balances.

The bank asked that Farm Amor, the primary residence of the Iipumbu couple, be sold in execution and said the Iipumbus would be given 10 days to tell the court why an order of execution should not be granted.

Just over three years before Ipumbu left Agribank, on 14 July 2012, he took out a loan of N$1 237 160 from the bank for the purchase of a Porsche Cayenne GTS Tiptronic. That loan would be repayable over a period of five years at a paltry interest rate of 5%. According to the agreement, Agribank would remain the legal owner of the vehicle until the loan was fully repaid and should Iipumbu breach the agreement or terminate his services with the bank, the full outstanding amount would become payable.

“In the instance that [Iipumbu] fails to settle the outstanding loan amount on or before his last working day, [Agribank] shall repossess, sell the vehicle and claim the balance, if any, from [Iipumbu].

“[Iipumbu] left the employ of [Agribank] on 31 July 2016 and failed to settle the full outstanding amount.”

The balance of that loan on 5 February this year was N$452 098.75 with varying interest rates.

The bank asked for the car back and moreover, in this regard, it also asked the court for “leave to apply for judgment at a later stage on the same papers duly amplified for damages, if any, in an amount to be calculated by subtracting the current market value of the 2013 Porsche, or the sale price of same, as well as a rebate on unearned finance charges from the balance outstanding.”

In the event of the vehicle not being found, it asked for payment of the sum owed and an order for a sale in execution of Farm Amor to settle the debt.

In all instances, Agribank also asked for costs.

Yesterday, before Judge Marlene Tommasi, a case management conference was held to plot the way forward in the matter.

Charles Visser of Lorentz Angula Incorporated appeared for Agribank.


Similar News


Fishrot accused Ricardo Gustavo's bail appeal denied

1 week ago - 30 July 2020 | Justice

OGONE TLHAGEWINDHOEKFishrot accused Ricardo Gustavo has been denied bail yet again after his appeal to the High Court was rejected.In his second bail bid, Gustavo...

'I will finish what I started'

1 week ago - 24 July 2020 | Justice

OGONE TLHAGEWINDHOEK Johannes Stefansson, the Icelandic national who lifted the veil on the corruption in Namibia's fishing industry, has told Namibian Sun he will...

Fishrot a daylight robbery, says court

2 weeks ago - 23 July 2020 | Justice

JEMIMA BEUKES WINDHOEKWindhoek magistrate Duard Kesslau yesterday described evidence presented before him during the bail hearing of Fishrot accused Bernhardt Esau and his son-in-law Tamson...

Esau and Fitty: ACC has nothing on us

2 weeks ago - 22 July 2020 | Justice

JEMIMA BEUKES WINDHOEK It is not in the interest of justice to keep former fisheries minister Bernhardt Esau or his son-in-law...

'Taxa' wants fresh magistrate

2 weeks ago - 21 July 2020 | Justice

OGONE TLHAGE WINDHOEKFishrot accused Pius Mwatelulo has launched a bail application in the Windhoek Magistrate's Court, and has asked that magistrates who presided in other...

Gustavo adds properties to new bail offer

2 weeks ago - 20 July 2020 | Justice

OGONE TLHAGEWINDHOEKFormer Investec Namibia business manager Ricardo Gustavo has offered two of his properties to his N$100 000 bail offer in a fresh bid heard...

Ruling on Namandje's books postponed to August

3 weeks ago - 16 July 2020 | Justice

STAFF REPORTERWINDHOEKJudgment in the court case between lawyer Sisa Namandje and the Law Society of Namibia (LSN), which was due to be delivered tomorrow, has...

Ruling on Namandje’s financial books postponed to August

3 weeks ago - 15 July 2020 | Justice

Staff ReporterWindhoekJudgement in the court matter between lawyer Sisa Namandje and the Law Society of Namibia, which was due to be delivered on Friday, has...

Wife killer's brutality 'unsurpassed'

3 weeks ago - 15 July 2020 | Justice

JANA-MARI SMITHWINDHOEKHigh Court Judge Naomi Shivute has described Andries Hermanus Johannes Scott's brutal trampling to death of his wife, Anna Scott, in August 2017 as...

Alleged wife-beating councillor to plead in August

3 weeks ago - 13 July 2020 | Justice

Kenya KamboweRUNDU Swapo Ndiyona constituency councillor and National Council member, Eugen Likuwa, who allegedly assaulted and threatened to kill his wife last year during a...

Latest News

Nacc prohibits proposed Chinese merger

19 hours ago | Business

Phillepus Uusiku The Namibia Competition Commission (NaCC) made a decision to prohibit the acquisition of Schwenk Namibia Pty Ltd by West China Cement Limited due...

River-crossing fugitive in custody

19 hours ago | Crime

OGONE TLHAGEWINDHOEKImmanuel David, a Namibian-born South African passport holder who entered the country illegally by crossing the Orange River in a canoe in June, has...

Harambee goal down the toilet

19 hours ago | Government

Jo-Maré Duddy WINDHOEK Of the 50 000 toilets in informal settlements in rural areas President Hage Geingob promised in his Harambee Prosperity Plan (HPP)...

Contraceptive shortage: 27 900 unintended...

19 hours ago | Health

JEMIMA BEUKESWINDHOEKA study predicts that up to 27 900 unintended pregnancies may occur in Namibia because of a shortage of contraceptives brought about by the...

RFA spend massive amounts

19 hours ago | Economics

The Road Fund Administration (RFA) has over the past five-years allocated N$ 177.2 million to the City of Windhoek towards road maintenance and traffic law...

Rid Namibian police of rogue...

19 hours ago | Opinion

Videos of Namibian police officers assaulting alleged illegal immigrants from Zambia are a continuation of many violations that have become common place within the national...

'Covid-19 used for hidden agendas'

19 hours ago | Labour

ELLANIE SMIT WINDHOEK The Trade Union Congress of Namibia (Tucna) yesterday accused government of purposefully using the Covid-19 pandemic to clandestinely and deliberately destroy parastatals,...

Otavi man commits suicide by...

19 hours ago | Crime

NAMPAOTJIWARONGOA 30-year-old man from Otavi committed suicide by allegedly drinking acid on Monday.Otjozondjupa police spokesperson, Inspector Maureen Mbeha, said yesterday the deceased has been identified...

N$5.5m for wildlife protection

19 hours ago | Environment

ELLANIE SMIT WINDHOEK The Game Product Trust Fund (GPTF) has become increasingly important in protecting wildlife due to a lack of funding from government. The...

Load More