!Uri Khubis Abattoir debt ‘not written off’

THE Agricultural Bank of Namibia will not give up in trying to recover what it can from the directors of the now bankrupt !Uri Khubis Abattoir at Witvlei, to which it loaned N$46,9 million.

Finance Minister Saara Kuugongelwa-Amadhila has rubbished reports that the bank had written off the debt and told parliamentarians last week that the bank would continue to fight a legal process to recover what it can in lieu of the loan. During the 2001/02 financial year, loans amounting to N$36,9 million were granted for the construction and establishment of the abattoir.A further N$10 million was granted in the following financial year.Responding to questions posed by the DTA’s McHenry Venaani, Kuugongelwa-Amadhila said Agribank had made provision in its budget for the loss of the loan, but this did not mean that it did not intend to try and recover at least some of the money.”This is not to say that the beneficiaries have been relieved of their obligation to settle this debt.Instead Agribank has filed for liquidation of this company with the courts in order to recover its costs,” said Kuugongelwa-Amadhila.Kuugongelwa-Amadhila further denied accusations that the loan was granted out of regular procedure and said its default was being handled in strict adherence to the Bank’s internal procedures.Venaani had referred to the loan as a “gravy loan”.”This case is now being dealt with by the liquidators.The proceeds from the sale of properties during liquidation will go towards the settlement of the Agribank loan,” said Kuugongelwa-Amadhila.At Venaani’s request she revealed the shareholding of the !Uri Khubis Abattoir as follows: New Horizon Holding Pty Ltd, with a 10 per cent shareholding, Omaheke Farmers’ Investment Trust (31 per cent), United Women Investment Group (21 per cent), Nawegro Investments Pty Ltd (5 per cent), Tsogang Investment Company (12 per cent) and Namibia Harvest Investment Ltd (21 per cent).The directors of the abattoir were P Kauta (Chairperson), GS Hinda, HGVK Marenga, KF Kandjoze, T Kangueehi, V Kaenda, O Kakujaha-Matunda, Aaron Mushimba, I Murangi, Boni Paulino, CJ Wuim and as alternate directors VV Kauaria and Shafimana Ueitele.During the 2001/02 financial year, loans amounting to N$36,9 million were granted for the construction and establishment of the abattoir.A further N$10 million was granted in the following financial year.Responding to questions posed by the DTA’s McHenry Venaani, Kuugongelwa-Amadhila said Agribank had made provision in its budget for the loss of the loan, but this did not mean that it did not intend to try and recover at least some of the money.”This is not to say that the beneficiaries have been relieved of their obligation to settle this debt.Instead Agribank has filed for liquidation of this company with the courts in order to recover its costs,” said Kuugongelwa-Amadhila.Kuugongelwa-Amadhila further denied accusations that the loan was granted out of regular procedure and said its default was being handled in strict adherence to the Bank’s internal procedures.Venaani had referred to the loan as a “gravy loan”.”This case is now being dealt with by the liquidators.The proceeds from the sale of properties during liquidation will go towards the settlement of the Agribank loan,” said Kuugongelwa-Amadhila.At Venaani’s request she revealed the shareholding of the !Uri Khubis Abattoir as follows: New Horizon Holding Pty Ltd, with a 10 per cent shareholding, Omaheke Farmers’ Investment Trust (31 per cent), United Women Investment Group (21 per cent), Nawegro Investments Pty Ltd (5 per cent), Tsogang Investment Company (12 per cent) and Namibia Harvest Investment Ltd (21 per cent).The directors of the abattoir were P Kauta (Chairperson), GS Hinda, HGVK Marenga, KF Kandjoze, T Kangueehi, V Kaenda, O Kakujaha-Matunda, Aaron Mushimba, I Murangi, Boni Paulino, CJ Wuim and as alternate directors VV Kauaria and Shafimana Ueitele.