🇳🇦NamibiaSouthern Africa
Elindi brothers ordered to pay N$28 million to Development Bank of Namibia
via The Namibian5 min read
Windhoek High Court acting judge James Devittie has ordered businessmen Peter and Malakia Elindi, along with close corporations Wholesale Purchasing, Bonsec Investments 174, and Bonsec Investments 175, to pay N$28.8 million to the Development Bank of Namibia DBN. The summary judgment was granted on Friday after the DBN sued the Elindis and the close corporations in July last year. The DBN applied for the summary judgment in April, alleging the defendants lacked a bona fide defense and were attempting to delay legal action. Malakia Elindi disputed this, claiming the DBN incorrectly calculated the amount. The DBN's claim stems from loan agreements with Enercon Namibia, a company where the Elindis are former directors and shareholders. The DBN stated it lent N$2.8 million to Enercon in February 2011, and an additional N$18.07 million and N$7.2 million in May 2015. Enercon allegedly failed to make monthly installments on these loans, with arrears amounting to N$19.4 million and N$9.4 million respectively by the end of last May. The Elindis provided suretyship for all loans, while the state-owned August 26 Holding Company and the three close corporations provided suretyship for the second and third loans. The judge refused to grant a summary judgment against August 26 Holding Company, postponing that action to July 23. Enercon is currently being wound up after Namcor Petroleum Trading and Distribution sought a winding-up order last June due to unpaid fuel products, with Enercon ow
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This summary was AI-generated from a story originally published by The Namibian.
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