Staff Reporter<\/p>\n\n\n\n
THE former Agribank Board Chairperson, Michael Iyambo, has been ordered to pay a debt of around N$20 million in a summary judgment granted in favour of Agribank.<\/p>\n\n\n\n
In the past, Agribank had refuted claims of favouritism in the awarding of its loan to a board member, adding that the bank treats Iyambo\u2019s account in exactly the same way as it treats all other accounts.<\/p>\n\n\n\n
In the judgment delivered in the Windhoek High Court, Acting Judge Deon Obbes said that the plaintiff, Agribank, applied for summary judgment under High Court Rule 60(1) for amounts due under several loan agreements and related suretyship undertakings.<\/p>\n\n\n\n
\u201cThe defendants did not dispute the plaintiff\u2019s cause of action, computation of amounts, or liability at the time action was instituted, but opposed summary judgment on the basis that the matter was allegedly settled through a resolution of the plaintiff\u2019s Board communicated in correspondence, which they contended constituted a compromise and\/or novation,\u201d Obbes said.<\/p>\n\n\n\n
The defendants in the matter are listed as businesses of Iyambo, which include Oshikoto Fruit and Vegetables Pty Ltd and Concordia Farming Pty Ltd.<\/p>\n\n\n\n
\u201cThe plaintiff alleged that the first defendant (Oshikoto Fruit and Vegetables Pty Ltd), in material breach of its repayment obligations towards the plaintiff, failed to pay instalments as and when same became due and payable and, as of 25 June 2020, was indebted to the plaintiff in the total sum of N$20,188,716.36 in respect of the loan agreements. The plaintiff proceeded to set out what it alleged the first defendant was and remains indebted to the plaintiff in respect of as at 30 April 2021, and further that despite demand, the first defendant failed and\/or neglected to pay the said amounts to the plaintiff despite being due and payable,\u201d Obbes said.<\/p>\n\n\n\n
He added that the court ruled that the opposing affidavit of Iyambo did not establish a \u2018settlement agreement\u2019 as contended.<\/p>\n\n\n\n
\u201cThe court held that, mindful of the principles pertaining to compromise and novation, these have simply not been duly and properly established in the opposing affidavit sufficient for this court to conclude that the defendants have disclosed facts on which they appear to have a defence which is bona fide and good in law. The court held further that the defendants have failed to put forward a triable and arguable issue on this score,\u201d Obbes said, granting the summary judgment in favour of Agribank.<\/p>\n","protected":false},"excerpt":{"rendered":"
Staff Reporter THE former Agribank Board Chairperson, Michael Iyambo, has been ordered to pay a debt of around N$20 million in a summary judgment granted in favour of Agribank. In the past, Agribank had refuted claims of favouritism in the awarding of its loan to a board member, adding that the bank treats Iyambo\u2019s account …<\/p>\n","protected":false},"author":10,"featured_media":382189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,24],"tags":[],"class_list":["post-382188","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"yoast_head":"\n