Profile Investments has reached an agreement with Bank Windhoek to repay a N$5.7 million debt and make one of its properties in the capital executable should the company fail to honour its obligations.
This was after Bank Windhoek had approached the High Court seeking an order declaring one of Profile Investments Director Vaino Nghipondoka’s Windhoek properties executable, as well as payment of N$5 713 929.31.
According to a Settlement Agreement in the High Court seen by The Brief, Profile Investment and Nghipondoka agreed to settle the remaining arrears as at 22 March 2022 plus interest and costs, in installments of N$78 000.00, with the first installment due on or before 25 March 2022, and thereafter on or before the 7th day of every following month until the balance plus interest and legal costs are settled in full.
“The Defendants irrevocably and unconditionally agree that should they breach any term of this agreement, they herewith consent to judgement being granted against the Defendants as acknowledged herein and sought in the Plaintiff’s particulars of claim without the need for any further proof thereof,” read part of the document.
Profile Investments reportedly took the overdraft in March 2018, which would expire in September the same year. It is the bank’s position that the overdraft was subsequently extended seven times and the final exportation date was 25 April 2021.
In October last year, the bank said it demanded payment from Profile Investments and Nghipondoka, to no avail.
The bank then approached the High Court seeking to recover N$5 713 929.31, together with compound interest calculated on the aforesaid amount daily and capitalized monthly at the bank’s prime rate of interest from time to time, currently 7.5% per year, plus 1.5% calculated from 5 October 2021 to date of final payment, and together with costs of suit on a scale of attorney and own client.
