Businessman Vaino Nghipondoka and his companies settled a debt case with the Development Bank of Namibia. The bank sued Nghipondoka for 4.5 million dollars after his company Profile Technologies failed to repay a loan. Three businesses and a family trust agreed to pay nearly 4 million dollars to end the court battle. The settlement requires monthly payments of at least 150,000 dollars until the debt disappears. Legal fees cost another 232,800 dollars that must be paid in two parts.
Profile Technologies borrowed 5.57 million dollars from DBN in March 2021 and promised to repay everything by March 2023. The company could not make the payment and owed 4.5 million dollars by October 2023. Nghipondoka personally guaranteed the loan through a suretyship agreement signed in 2018. His other companies and family trust also backed the debt through the same guarantee. The court approved the settlement agreement and made it legally binding.
Profile Technologies borrowed 5.57 million dollars from DBN in March 2021 and promised to repay everything by March 2023. The company could not make the payment and owed 4.5 million dollars by October 2023. Nghipondoka personally guaranteed the loan through a suretyship agreement signed in 2018. His other companies and family trust also backed the debt through the same guarantee. The court approved the settlement agreement and made it legally binding.
