The land was bought for N$10 million in 2004 and was supposed to be paid in 20 quarterly instalments, but the company requested to extend this to 26 instalments, it was reported in The Namibian yesterday.

It also owed the City about N$90 000 for rates and taxes.

The City Council on Thursday approved a multi-million dollar project of the United Africa Group to develop the OK parking lot in front of the Supreme Court building, but under several conditions.

According to the agenda of the City Council, UAG was in arrears with its instalments and had also asked to be exempted from municipal rates and taxes, which the council declined.

United Africa yesterday informed The Namibian that all arrears had been paid in the meantime.

The outstanding rates and taxes of N$90 573 were paid by cheque on May 9 and the last instalment to pay off the plot was paid earlier this month, it said.

UAG paid N$3,1 million in outstanding rates and taxes in March this year and the final arrears this month.

According to Group Chief Executive Brian Rubinstein, the property was transferred to the company on May 15, one day before the Council meeting.

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