Bank sues businessman Elindi, charged in Namcor case, for N$2.3 million

Bank Windhoek is suing businessman Malakia Elindi, who is charged in the National Petroleum Corporation of Namibia (Namcor) fraud and corruption case, for about N$2.3 million in the Windhoek High Court.

The bank is asking the court to grant a judgement against Elindi for the payment of a total amount of N$2.37 million plus interest. The bank is also asking the court to declare that seven immovable properties belonging to Elindi, two properties belonging to his wife, Lydia Elindi, and another property belonging to his wife, Albertina Iiyambo, may be sold to raise money to pay his debt to the bank.

The 10 properties have a combined market value of N$9.4 million, while there are mortgage bonds in a total amount of N$10.5 million registered against the properties, the bank has informed the court.

In the bank’s claim against Elindi, it is alleged that he and Bank Windhoek entered into a mortgage loan agreement in terms of which the bank lent him an amount of N$1.4 million at the end of January last year.

The bank is alleging that Elindi has not been making full monthly instalment payments on the loan since July last year. Elindi was arrested on 9 July in connection with alleged fraud and corruption connected to Namcor, with which the fuel company Enercon Namibia, of which he and his brother Peter Elindi were directors and shareholders, did business.

He has been held in custody since his arrest, and is now awaiting a High Court judgement on an appeal that he and five other accused in the Namcor case filed after their applications to be granted bail were refused in the Windhoek Magistrate’s Court last September.

In its case against Elindi, Bank Windhoek also alleges that it and Elindi concluded an overdraft facility agreement on 25 June 2025.

The bank says the overdraft facility expired on 19 August last year and that Elindi has failed to repay the facility. The bank is claiming about N$887 000 from Elindi in that regard.

According to the bank, Lydia and Iiyambo have both provided surety in terms of which they agreed to be held liable for Malakia Elindi’s debt to Bank Windhoek.

The surety provided by Iiyambo is limited to an amount of N$490 000, the bank says.

The properties that the bank wants to be sold to raise money to pay Elindi’s debt are situated in Windhoek and at Otjiwarongo, Ongwediva and Ondangwa.

Elindi claimed during the hearing of his application to be granted bail in last July that he has assets with a total value of N$113 million and liabilities totalling about N$28.3 million, leaving him with assets with a net value of N$84.7 million.

A list of assets that Elindi provided to the court during his bail hearing includes a residence at Ondangwa with a claimed value of N$22 million.

A lawyer representing Elindi and his wives has notified the High Court that they will be opposing the bank’s claim.

The court has also been informed that Bank Windhoek intends to apply for a summary judgement against the three defendants. The application for a summary judgement should be filed by 27 March, deputy judge president Shafimana Ueitele ordered on Monday, when he postponed the bank’s case against the three defendants to 30 April for a status hearing.

Bank Windhoek also filed a claim for the payment of N$4.86 million against the Malakia Elindi Family Trust, Elindi himself and his wives in November last year.

The bank notified the court on Thursday last week that it was withdrawing that claim.

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