Bank Windhoek is suing Win Information Technology after the firm defaulted on a N$11 million loan.
In papers filed at the High Court, the bank said it entered into a written mortgage loan agreement with the defendant in June 2020 in South Africa.
The agreement was that the bank would lend and advance to Win Information Technology the amount of N$ 10 925 898 plus stamp duties, administration fees and other fees and charges.
Bank Windhoek further contends that the outstanding loan amount would bear interest as determined from time to time (11% at that time) per annum to be compounded daily and calculated monthly.
According to the bank, the agreement was further that they would be entitled to capitalize the interest and to vary the interest according to the increase or reduction in the Bank Windhoek’s published lending rate.
At the time, it was agreed upon that Win Information Technology would repay back the loan in five years with 59 monthly installments of approximately N$ 124 746.29 each as at the effective date and the first installment was payable on 7 May 2020.
It is alleged that the company and its owners, Olof Henning, Andre Cilliers and Stefanus Burger, who are also listed as defendants, failed to honour their obligations.
The directors, who reportedly bound themselves in their personal capacities as co-principal debtors, have since filed their notice of intent to defend the matter which is before judge Boas Usiku.
