N$4.7m bank loan haunts Angula
The High Court has dismissed an application for absolution stemming from proceedings instituted by Nedbank against former deputy executive director in the finance ministry, Ally Angula, for a personal loan agreement amounting to overN$4.7 million.
Angula recently indicated her intention of becoming a contender for the 2024 national presidential election.
Her ex-husband, Manna Matswetu, is named as the second defendant in the case, as they were married in community of property at the time of the loan approval, and Nedbank argues that he consented to entering into the loan agreement.
Indebted to Nedbank
According to court documents, the loan agreement was signed on 13 December 2014 to advance Angula a sum of N$4.7 million at a floating interest rate of 9.25% per annum, which was linked to the prevailing rate at that time.
Such interest was to be calculated on the daily balance of the amount of the loan plus any interest thereon outstanding from time to time.
In its claim, Nedbank noted that a certificate of indebtedness issued to Angula and her then-husband on 10 November 2017 indicated that they owed the bank just over N$1.2 million plus the agreed interest of 13.75%.
"In the circumstances, she is indebted to Nedbank in the amount of N$1 250 249.34 as well as interest at the rate of 13.75% per annum compounded from 10 November 2017 to date of payment," Nedbank said in court papers.
Repayment terms
The original N$4.7 million personal loan, signed in December 2014, was to be repaid with a lump sum of N$650 000 on 21 December of that year and thereafter, N$45 000 annually on 30 November until the debt was settled.
At the end of each calendar month, Angula also agreed to pay a structured commitment fee, and payments were to be made by debit order from her account held at Nedbank.
On 9 March, the couple, through their lawyer, Sisa Namandje, filed a notice of their intention to defend. No further papers were filed before the court, save the proposed joint case plan, where Nedbank indicated it would make an application for a summary judgment on 12 April.
Application rejected
Judge Hannelie Prinsloo found that Nedbank tendered evidence "upon which a court, properly directed and applying its mind reasonably to such evidence, could or might find for the plaintiff."
Accordingly, the application for absolution is dismissed.
"I am satisfied that the plaintiff successfully crossed the threshold set at the close of the plaintiff’s case in order for the case to advance further. The first defendant relies on calculations and an amortisation schedule in defence of the claim of the plaintiff. I am of the view that for reasons advanced on behalf of the plaintiff set out above that there is indeed an onus of rebuttal on the first defendant," she said.
The case has been postponed for hearings to take place from 31 June until 4 August.
Angula recently indicated her intention of becoming a contender for the 2024 national presidential election.
Her ex-husband, Manna Matswetu, is named as the second defendant in the case, as they were married in community of property at the time of the loan approval, and Nedbank argues that he consented to entering into the loan agreement.
Indebted to Nedbank
According to court documents, the loan agreement was signed on 13 December 2014 to advance Angula a sum of N$4.7 million at a floating interest rate of 9.25% per annum, which was linked to the prevailing rate at that time.
Such interest was to be calculated on the daily balance of the amount of the loan plus any interest thereon outstanding from time to time.
In its claim, Nedbank noted that a certificate of indebtedness issued to Angula and her then-husband on 10 November 2017 indicated that they owed the bank just over N$1.2 million plus the agreed interest of 13.75%.
"In the circumstances, she is indebted to Nedbank in the amount of N$1 250 249.34 as well as interest at the rate of 13.75% per annum compounded from 10 November 2017 to date of payment," Nedbank said in court papers.
Repayment terms
The original N$4.7 million personal loan, signed in December 2014, was to be repaid with a lump sum of N$650 000 on 21 December of that year and thereafter, N$45 000 annually on 30 November until the debt was settled.
At the end of each calendar month, Angula also agreed to pay a structured commitment fee, and payments were to be made by debit order from her account held at Nedbank.
On 9 March, the couple, through their lawyer, Sisa Namandje, filed a notice of their intention to defend. No further papers were filed before the court, save the proposed joint case plan, where Nedbank indicated it would make an application for a summary judgment on 12 April.
Application rejected
Judge Hannelie Prinsloo found that Nedbank tendered evidence "upon which a court, properly directed and applying its mind reasonably to such evidence, could or might find for the plaintiff."
Accordingly, the application for absolution is dismissed.
"I am satisfied that the plaintiff successfully crossed the threshold set at the close of the plaintiff’s case in order for the case to advance further. The first defendant relies on calculations and an amortisation schedule in defence of the claim of the plaintiff. I am of the view that for reasons advanced on behalf of the plaintiff set out above that there is indeed an onus of rebuttal on the first defendant," she said.
The case has been postponed for hearings to take place from 31 June until 4 August.
Comments
Namibian Sun
No comments have been left on this article