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.


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