Staff Reporter
BANK Windhoek claims loan defaults for an amount of N$9,350,426.53 borrowed two brothers and businessmen, Patrick Ndafediva and Nikolas Ndafediva, on separate occasions. One of the brothers, Patrick Ndafediva died in April this year.
Nicolus Ndafedivas is a renowned entrepreneur in Windhoek, known for his diverse business endeavours, which encompass purchasing and renovating properties in Katutura to enhance their value and subsequently selling them to middle class earners.
According to the Bank’s particulars of the claim, Patrick Ndafediva, who is late, borrowed a mortgage loan in the amount of N$4,624,000 in August 2017, repayable over 20 years for a property situated in Hochland Park. The bank claims that he defaulted on paying the agreed instalments since October 2022 until February 2023, which had put him in arrears of N$195,395.30. The bank deemed this as a breach of the contract’s terms and conditions.
Regarding Nikolas, the bank claims that it offered an overdraft loan to him in the amount of N$4,611,000.00 in May 2022, subject to interest at the prime lending rate of the bank, with the overdraft set to expire on 15 November 2022. Furthermore, the commercial bank alleges that Nikolas breached the agreement by failing to pay the full outstanding balance after demands were made. In the end, he owes the bank an amount of N$4,825,556.71.
Further, the bank alleges that the late Patrick was made surety to the agreement of the overdraft and bound himself as a co-principal debtor jointly and severally with his brother for the repayment of the money borrowed.
In conclusion, the bank submitted that it seeks payment from Patrick’s estates and Nikolas of N$4,524,869.82 and N$4,825,556.71 at the bank’s current prime lending rate of interest from time to time, respectively. The bank also seeks an order declaring the property on ERF 256 Hochland Park as executable, as well as costs of suits on scales between attorney and own client.
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