Wu in woe over N$68m DBN debt

Politically-connected property magnet Qiaoxia ‘Stina’ Wu has been dragged to court by the state-owned Development Bank of Namibia (DBN) over alleged failure to repay loans worth N$68 million, dating back to 2017.In July, DBN dragged Wu - along with her fellow Chinese-born business partner, Songgen Huang - to court after the pair, through their co-owned companies Marigold Hotel Developer, First Wall Property Investment and AH Helmsman Group Holdings, defaulted on loans they got from the bank.In court papers, DBN claims it is owed N$68 million emanating from two loans the pair’s companies received. The first loan, amounting to N$20 million, was secured on 31 January 2017, while the second - worth N$23 million - was granted on 19 July that same year.DBN’s former CEO Martin Inkumbi signed off both loan agreements on behalf of the bank.Failed to payAccording to court documents, both loans are supposed to be paid over a period of 10 years, but it appears that Wu and Huang’s companies have not been making monthly payments.On 26 February 2021, the duo approached DBN for restructuring and consolidation of the loans, which were restructured to a single total of N$50 412 878.Yet again, the defendants allegedly failed to make monthly payments on time, or at all, when due.A letter written by the bank in November 2022 indicated that by 31 October that year, the debt soared to N$59 554 854, of which N$1 881 488 was in arrears and an instalment of N$894 059 was expected.As at 29 February 2024, the debt stood at N$68 434 598. This prompted the bank to turn to the court and, in its founding affidavit, DBN said it wants the court to compel Wu and Huang to pay the money owed.It further demanded that the court order an execution of the defendants’ immovable property if no payment is made.The properties include Erf 6336, which is a portion of Block L1 in Windhoek that measures 966 square metres, Erf 6337 - also a portion of Block L1 in Windhoek which measures 1 401 square metres - and Erf 8531 in Rundu’s Extension 10, which measures 3301 square metres.DBN is represented by Sune de Klerk from Cronje Incorporated, while Wu and Huang are represented by Gilroy Kasper from Murorua Kurtz Kasper Incorporated.The matter is before High Court judge Esi Schimming-Chase.On 22 July, the defendants expressed their intent to object to the application by DBN. The matter was in court yesterday afternoon for a status hearing.Property magnetWu is well-known as a property developer, with shopping malls in Oshakati, Windhoek, Rundu and Divundu. She also owns a hotel in Windhoek and several properties, and has been constructing houses in a number of towns in Namibia.The businesswoman also has links to Swapo, government leaders and law enforcement bosses, and has over the years been alleged to be funding the ruling party’s political campaigns.Last year, Namibian Sun reported that Wu was dragged to court for allegedly failing to pay N$24 million for properties she agreed to buy from Esmerelda Boa-Hora Manahi, who also demanded N$2.1 million for property rental for 21 months.At the time, Manahi pleaded with the court to order Wu to vacate the properties and restore them to the state they were found in, claiming large-scale damage that had allegedly led to a significant drop in value – to the tune of N$13 million in total.kenya@namibiansun.com

Wu in woe over N$68m DBN debt

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Namibian Sun 2025-04-04

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Wu in woe over N$68m DBN debt

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Namibian Sun 2025-04-04

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