Staff Reporter
CHINESE-BORN business mogul and self-proclaimed associate of the political elite, Stina Qiaoxia Wu, is facing legal action as the Development Bank of Namibia (DBN) demands that she repay N$68 million, which is owed from a restructured loan she received from the bank.
Wu, aged 47, is no stranger to the limelight and is regarded as a prominent property owner in Namibia, with properties in Windhoek, Oshakati, Rundu, Karibib, and Okahandja. Starting from humble beginnings as a kindergarten teacher in China, Wu migrated to Namibia and built an empire through her property ventures, with her net worth estimated to be around N$1 billion.
The DBN, in its particulars of claim, stated that it has taken Wu to court over a restructured consolidated property loan she entered into with the bank on 26 February 2024 for her business, Marigold Hotel Developer (Pty) Ltd.
Wu’s business partner, Songgen Huang, and the company they co-own, First Wall Property, are also listed as defendants in the matter, as they bound themselves as sureties and co-principal debtors. In addition, another entity owned by Wu, AH Helmsman Group Holdings, is also listed as a defendant.
“On 26 February 2021 in Windhoek, the Plaintiff, duly represented by Inkumbi, an authorized official, and the First Defendant (Marigold Hotel Developer (Pty) Ltd.), duly represented by the Second Defendant (Qiaoxia Wu), concluded a Restructured and Consolidated Property Finance Agreement. The First Defendant’s loans, as amended, were restructured and amounted to N$50,412,878.82,” the DBN said in its particulars of claim.
The DBN claimed that Marigold Hotel breached the Restructured Agreement entered into between the parties, as it failed to make monthly payments punctually, or at all, when due.
“As of 29 February 2024, the First Defendant was in arrears, and the total balance outstanding amounted to N$68,434,598.14, together with interest at the rate of prime (currently 11.50%) plus 3.5% (1.5% plus 2% additional finance charges), compounded monthly, viz 15.00%, calculated from 01 March 2024 until the date of full and final payment,” the DBN said.
The bank, in the matter before High Court Judge Esi Schimming-Chase, is seeking judgment against Marigold Hotel, Wu, and her co-defendants, demanding payment of N$68,434,598.14. Additionally, the bank is asking for the costs of the suit on a scale between attorney and own client, and such further and/or alternative relief as the Honourable Court may deem fit. This includes a request for an order declaring executable immovable property, including two erfs in Windhoek and one in Rundu Extension 10.
