DBN demands N$11m from drilling company

September 21, 2022

The Development Bank of Namibia has turned to the Windhoek High Court to demand a loan repayment of N$11 767 630 from Professional Drilling Solutions.  

The bank said Professional Drilling solutions failed to repay the loans it took to buy a Bohrmeister Drilling rig complete with hammers and drill rods and various vehicles. 

According to DBN, the principal debt was N$6 489 540 and the purchase price was payable in 36 monthly instalments of N$230 564 starting from 31 December 2016 with the final payment of N$230 564 payable on 31 December 2019. 

The agreement further states that ownership of the drilling rig would remain vested with the plaintiff until the full amount due in terms of the first sale instalment agreement has been paid by the company. 

Another agreement between the parties pertains to the purchase of a powerstar chassis cab which the company bought with a principal debt amounting to N$1 749 711. DBN contends that the company is indebted to them in the amount of N$2 327 483. 

In their third claim, DBN says they entered into an instalment sale agreement for the company to purchase a Toyota Hilux D/C 2.6 GD-6 4X4 Raider with a principal debt of N$577 754. They now demand N$766 498. 

"The plaintiff demands payment in the amount of N$8,673,649-69, interest on the aforesaid amount at the rate of 2% above FNB Prime Overdraft Rate compounded monthly from 24 January 2019 until date of final payment. 

“An order declaring the amounts paid by the First Defendant to the Plaintiff to be forfeited in favour of the Plaintiff, an order in terms of which the First, Second and Third Defendants are directed to return possession of the Bohrmeister Drilling Rig complete with hammers and drill rods to the Plaintiff, payment in the amount of N$2 327 483.55,  interest on the aforesaid amount at the rate of 2% above FNB Prime Overdraft Rate compounded monthly from 24 January 2019 until date of final payment.

An order declaring the amounts paid by the First Defendant to the Plaintiff to be forfeited in favour of the Plaintiff,” the Bank's particulars of claim reads. 

It further states that an order in terms of which the First, Second and Third Defendants are directed to return possession of the Powerstar 2635A 6X6 Chassis Cab, dropside body Bonfiglioli P5000 L 2 with chassis number LBZF46FA5AGA001310 and engine number 1616C021713 to the Plaintiff, payment in the amount of N$766 498.63, interest on the aforesaid amount at the rate of 2% above FNB Prime Overdraft Rate compounded monthly from 24 January 2019 until date of final payment. 

“An order declaring the amounts paid by the First Defendant to the Plaintiff to be forfeited in favour of the Plaintiff. An order in terms of which the First, Second and Third Defendants are directed to return possession of the Toyota Hilux D/C 2.6 GD-6 4X4 Raider with chassis number AHTHA3CD603414400 and engine number 1GD0170112 to the Plaintiff."

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Last modified on Friday, 23 September 2022 02:00