Creditors hunt Walvis property firm
Creditors are lining up to recover their money from PAM Tree Investments, a Walvis Bay property developer.
22 February 2021 | Business
Service providers are hot on the heels of a Walvis Bay property development firm that has failed to develop a 14-hectare piece of land for over six years now.
While the Walvis Bay municipality has been lenient on PAM Tree Investments, despite being owed N$1.9 million in rates and taxes, other creditors have decided to take a hardline approach to recover their money.
On 10 February 2021, R Munyonga Land Surveyors, through their lawyers Pieter Hamann Legal Practitioners, wrote to the directors of PAM Tree demanding that N$304 000 due to it for services rendered must be settled within 14 days.
The surveying entity was appointed as the surveyor to attend to the cadastral and topographical survey in regard to Kuisebmond Extension 16 township.
The plan was to service 215 plots and build 205 low-cost houses.
“In terms of the appointment of our client, it was agreed that the professional fees incidental to our client’s mandate would be repaid to our client from the proceeds of the development, which development would have been commenced with and completed within a reasonable time.
“Since 2015 your company has now twice attempted the development and has twice failed with same, which leaves our client with no other conclusion other than that intended development shall not be commenced with and completed within a reasonable time as agreed,” reads the letter.
It further reads: “Our client duly performed its obligations in terms of the agreement between the parties whilst your company has dismally failed to fulfil its obligations.”
Another creditor, Stubenrauch Planning Consultants, also demanded money owed to them by the politically connected property firm. They too have Pieter Hamann Legal Practitioners as their lawyers.
“During or about 2018, Pam Tree Investments duly represented by Mr Shatilwe, appointed our client as town planner to all statutory requirements for the establishment of a township,” reads the letter.
They are demanding payment of N$245 000.
Pieter Hamann Legal Practitioners are also the lawyers for Conselect Engineering, a company owed N$3.7 million by PAM Tree Investments.
Last year the PAM Tree Investments wrote to the municipality pleading for more time to settle their bill, saying the progress of the project was hampered by the Covid-19 pandemic.
Conselect, owned by businessman Wiseman Molatzi, earlier this month also wrote to the directors of PAM Tree Investments demanding payment.
Molatzi is a 10% shareholder in PAM Tree Investments through another company of his, Sinco Investments 82.
The other directors are deputy labour minister Hafeni Ndemula, Shatilwe Uutoni, Joshua Kaumbi, Charmaine Matheus, Tino Hanabeb, Ellis Egumbo and Michael Nalili Kawiwa.
Sources privy to the land deal, which has since turned sour, said there seems to be a plot by Molatzi to push out his partners so that he can take ownership of the land.
“Molatzi thinks he is smart, after all these years only now is, he hellbent on asking for his money knowing very well why the project has failed to kick off. We are aware that he is working with other property developers and a real estate agent to get rid of the other directors so that they can take over the project,” said the source, who chose to remain anonymous.
Molatzi had in the past accused his partners of not telling the truth about the reasons that led to the project never seeing the light of day.