Staff Reporter
WHEN it rains, it pours, as Namibian-based Chinese businesswoman Qiaoxia ‘Stina’ Wu faces financial battles on multiple fronts. The First National Bank of Namibia (FNB) has lodged legal proceedings against African New Era Investments, an entity represented by Wu, to recover an unpaid loan of N$ 35 million.
This comes while Wu is still embroiled in a court case over a N$ 68 million loan with the Development Bank of Namibia (DBN). Now, Wu and her business partners could face the auctioning of properties, as FNB claims that the loan amount is substantial and that the only way it could recover the amount is through the sale of immovable property.
In November 2024, in a replying affidavit in the DBN matter, Wu stated that she had sought an N$ 40 million loan from FNB Namibia to pay off her debt with the Development Bank of Namibia (DBN).
FNB Namibia has lodged legal proceedings against African New Era Investments (first defendant), as well as the second to sixth defendants: Wu, businessman Min Xie, businesswoman Yiling Huang, First Wall Industrial Park CC, and AT Helmsman Group Holding (Pty) Ltd, who had signed surety for the loan.
In the particulars of claim, court documents filed towards the end of January 2025, FNB Namibia claimed that, on or about 2 August 2022, at Windhoek, the plaintiff (FNB Namibia), duly represented by Thirston Fransman, and the first defendant (African New Era Investments), duly represented by the second defendant (Wu), concluded a written loan agreement.
It was agreed that the plaintiff would loan to the first defendant, who borrowed from the plaintiff, an amount of N$ 35,750,000.00. It was further agreed that the first defendant would repay the loan, together with interest and any costs and/or fees payable, in 60 monthly instalments of N$ 457,784.39 each, amortised over 120 months.
“The first defendant has breached its obligation in terms of the loan agreement since about 3 October 2024 and, as a result, is in arrears with its loan account. Notwithstanding the written notice and demand dated 12 November 2024 dispatched by the plaintiff to the first defendant to make payment of such outstanding amount, the first defendant has failed, neglected, and/or refused to remedy the breach. The plaintiff is therefore entitled to the relief as pleaded above, for payment in the amount of N$ 34,421,106.69 (Thirty-Four Million Four Hundred and Twenty-One Thousand One Hundred and Six Namibia Dollars and Sixty-Nine Cents), together with interest thereon at the prime rate (11.00%) plus 0.75% per annum from 20 October 2024 until the date of full and final settlement of the outstanding balance, which has become due and payable,” Shikongo Law Chambers wrote on behalf of FNB Namibia.
They further added that no alternative reasonable means exist by which the first, third, and fifth defendants (African New Era Investments, Min Xie, and Yiling Huang) can satisfy the debt owing to the plaintiff, other than declaring the immovable properties executable.
The plaintiffs’ lawyers added that declaring the immovable properties executable will dispose of all or at least a substantial portion of the first, third, and fifth defendants’ indebtedness to the plaintiff.
The executable immovable properties include five erven in Kavango East, as well as one property in Walvis Bay.
The High Court has ordered that, in the event that no amicable resolution is reached, the plaintiff must lodge its summary judgment application on or before 17 April 2025, and the defendants must deliver their opposing affidavit in resisting summary judgment on or before 24 April 2025.
