Bank guns for RCC headquarters
Bank Windhoek would neither confirm nor deny whether it had set its sights on the property.
Bank Windhoek is said to be eyeing the attachment of the Roads Contractor Company's headquarters to recover about N$80 million owed to it. The building in question is said to have a value of N$2 billion.
While the bank did not confirm or deny the planned attachment, local weekly Confidente reported it was considering the attachment of the property located in Windhoek's southern industrial area along Lazarett Street.
When approached for comment, Bank Windhoek said it had a pending High Court matter against the beleaguered parastatal and would neither confirm nor deny whether it had set its sights on the property.
“Bank Windhoek does have a pending High Court matter against RCC and it is under judicial consideration, therefore prohibited from public discussion elsewhere. Regulatory guidelines on client privacy further prohibit us from sharing client details,” it said. Judicial consideration and judicial management are two different concepts,” it added.
Nedloans, which is reportedly said to owe the RCC N$400 000, also did not respond to a query.
It will not be the first time the bank has tried to attach the RCC's building. In June 2018, former acting CEO Seth Herunga had to write to transport minister John Mutorwa informing him that the bank had given it 30 days to pay approximately N$80.2 million.
“Lawsuits have worsened the company's dire situation for the non-payment of creditors' obligations,” he stated in the letter.
Public enterprises minister Leon Jooste, who at one point advocated for the beleaguered parastatal to be placed under judicial management to avoid its assets being attached, did not respond to a query when contacted.
Government ditched Jooste's proposal in favour of implementing a turnaround strategy at the RCC. The turnaround strategy is being formulated under the watch of the executive directors of the finance, works and public enterprises ministries, according to Mutorwa. He further confirmed that the RCC risked losing its building.
It is not the first time that the RCC's assets have been attached. In 2018, Namibia Protection Services managed to attach its assets in Keetmanshoop over a N$4 million debt while the RCC's plant and machinery have already been auctioned at Keetmanshoop and Ondangwa in forced disposals, for far below the market value of the assets, Nampa reported last year.
OGONE TLHAGE
While the bank did not confirm or deny the planned attachment, local weekly Confidente reported it was considering the attachment of the property located in Windhoek's southern industrial area along Lazarett Street.
When approached for comment, Bank Windhoek said it had a pending High Court matter against the beleaguered parastatal and would neither confirm nor deny whether it had set its sights on the property.
“Bank Windhoek does have a pending High Court matter against RCC and it is under judicial consideration, therefore prohibited from public discussion elsewhere. Regulatory guidelines on client privacy further prohibit us from sharing client details,” it said. Judicial consideration and judicial management are two different concepts,” it added.
Nedloans, which is reportedly said to owe the RCC N$400 000, also did not respond to a query.
It will not be the first time the bank has tried to attach the RCC's building. In June 2018, former acting CEO Seth Herunga had to write to transport minister John Mutorwa informing him that the bank had given it 30 days to pay approximately N$80.2 million.
“Lawsuits have worsened the company's dire situation for the non-payment of creditors' obligations,” he stated in the letter.
Public enterprises minister Leon Jooste, who at one point advocated for the beleaguered parastatal to be placed under judicial management to avoid its assets being attached, did not respond to a query when contacted.
Government ditched Jooste's proposal in favour of implementing a turnaround strategy at the RCC. The turnaround strategy is being formulated under the watch of the executive directors of the finance, works and public enterprises ministries, according to Mutorwa. He further confirmed that the RCC risked losing its building.
It is not the first time that the RCC's assets have been attached. In 2018, Namibia Protection Services managed to attach its assets in Keetmanshoop over a N$4 million debt while the RCC's plant and machinery have already been auctioned at Keetmanshoop and Ondangwa in forced disposals, for far below the market value of the assets, Nampa reported last year.
OGONE TLHAGE
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