Mukupi auction a last resort – says bank

Home National Mukupi auction a last resort – says bank

Windhoek

Bank Windhoek says today’s proposed auction of several fixed properties belonging to the late Katima Mulilo business mogul Felix Mukupi, who died intestate in a car accident in June 2012, is a last resort.

Riaan van Rooyen the head of corporate affairs, strategy and sustainability at Bank Windhoek, confirmed: “Certain property of the late Mr Mukupi are to be sold by means of public auction on 19 August 2016 in settlement of outstanding amounts owed to Bank Windhoek Limited. It should be emphasised that the proposed auction is employed as a last resort by the Bank in order to recover amounts that were advanced under several credit loan agreements concluded with the late Mr Mukupi and that have remained outstanding since 2012.”

He says the property was presented as security by Mukupi in order to secure the advancement of funds to him by the Bank, adding: “The Bank adhered to all High Court rules and procedures and notices were provided to the estate of Mr Mukupi at all material times in relation to this matter.”

He revealed that a first claim against the Mukupi estate was submitted on August 23, 2012, through the law firm appointed by Ivy Mukupi – the daughter and executrix of the late security mogul whose sudden death was a seismic occurrence that shook the Zambezi Region and was even felt beyond the region.

“Despite protracted correspondence transposed of between the Bank and the law firm, no payment in settlement of the Bank’s claims were received. On 27 June 2014, almost two years after the first claim was submitted against the estate, a final notice of demand was submitted to the executrix of the estate of the late Mukupi.

“The final notice was sent to the aforementioned law firm appointed by the executrix. Judgement was obtained on 5 February 2015 and the property was declared executable on 6 October 2015,” the head of corporate communications at Bank Windhoek informed New Era.

The accounts in question have been in arrears for approximately 1 500 and 1 441 days respectively, and Van Rooyen stressed, “… the Bank denies that it has ever acted in an untold manner in this regard. In fact, it is the Bank’s contention that its conduct and the allowances granted to the debtor (s) transcend the standards of reasonable conduct that could be expected of a banking institution …”

He also said the executable property attached by Bank Windhoek for today’s planned auction consists of certain undeveloped erven and a residential property, but he was however quick to point out that the Bank, possibly out of sympathy for Mukupi’s eight children, “has in good faith agreed that the sale of the residential property be stayed pending the sale of the undeveloped erven and this fact was communicated to the estate of the late Mukupi.”

Van Rooyen further explained that the amounts outstanding which had led to judgement being obtained, and the proposed sale of the property at a public auction, were “brought about by valid legal agreements concluded between the late Mr Mukupi and the Bank in line with accepted commercial practices and the procedures of the Namibian High Court.”