Rescue plan for Omeya's residents

Major investments in jeopardy

29 October 2021 | Life Style

Windhoek • [email protected]

Bank Windhoek's representatives last night tried to convince homeowners at Omeya to lend their support to a rescue plan for the luxury golf estate on the outskirts of the capital.
At an earlier meeting on Monday, 78 homeowners rejected the plan. The main concern is the use of levies against homeowners to pay off debt.
This all follows a complex division of responsibilities and a series of murky internal agreements were made vulnerable by the collapse of the housing market, that the Omeya Homeowners Association (Ohoa) approached the courts late last year to liquidate the business and the largest creditor, Bank Windhoek, intervened to stop the liquidation.
Bank Windhoek and Omeya's developer have reached a temporary settlement agreement to place the latter under judicial management, rather than to liquidate it. The developer is Omeya Golf and Residential Oasis (Ogro).
Ogro was already in the red with two of its largest creditors, Bank Windhoek and FNB Namibia, to whom it owed about N$133 million and N$12 million respectively.
Ogro said it could not meet its monthly repayments of N$900 000 and N$75 000 respectively to these banks. In addition, it has to provide another monthly financial assistance of about N$660 000 to its various subsidiaries. Some of Ogro's subsidiaries include the Omeya Real Estate Agency, a private school, Lilamed, which manages the operations of the retirement and care centre, the Omeya Development Trust (OIC), an infrastructure company, a retirement and care centre, as well as a residents' association. .
As part of the settlement, Ogro was placed under provisional judicial management and Alwyn van Straten of Executrust submitted his report to the master's office earlier this year. In it, Van Straten questioned the legality of certain transactions and core agreements, such as the management agreement between Ohoa and Ogro.
Nevertheless, the latter agreement is still an important part of the proposed rescue plan of Daniel Terblanche and his fellow South African board members, appointed to the Ogro board by Bank Windhoek.
Terblanche says the Government Institutions Pension Fund's Namibia Infrastructure Development Fund (NIF) is willing to spend another N$65 million on top of the previous N$38 million investment for which NIF acquired 49% of OIC. The OIC arose from the management agreement between Ohoa and Ogro and the plan is for NIF to take over the company as a whole.
At a previous meeting, the homeowners demanded that their elected directors be re-appointed to Ogro, that Bank Windhoek and Ogro reaffirm Ohoa's independence and that the bank negotiate with them on the future of Omeya.
"If Bank Windhoek continues to implement this ‘plan’, homeowners will have no option but to withdraw their bank accounts, investments and debit orders from Bank Windhoek, approach the media, withhold levies and arrange mass protest events,” their complaint read.
Bank Windhoek referred all questions to Terblanche, who told this publication he would only be able to give feedback today (Friday). Without a solution, the case will return to the high court on 4 February 2021.

Similar News

 

The basics of selling a home

1 month - 01 December 2021 | Life Style

Real estate is possibly the most expensive asset a person will ever own. To ensure maximum returns on one of the largest investments one will...

Don't overspend this Black Friday!

1 month - 24 November 2021 | Life Style

With Black Friday just around the corner, it’s important for consumers to exercise caution and self-discipline when managing their money over this period. Lack of...

The downsides to online house hunting

1 month - 23 November 2021 | Life Style

Although there are thousands of online property listings available to anyone who is looking for real estate, it can be incredibly frustrating to swipe through...

Common mistakes made when selling a home

2 months ago - 10 November 2021 | Life Style

Real estate is one of the most important investments one will ever make. When it comes time to sell the property, it could be financially...

Where to start the house hunting process

2 months ago - 08 November 2021 | Life Style

While it may sound like a reasonably easy thing to do, house hunting may take a little more time and effort than most expect.One of...

Buying the worst house in the best suburb

2 months ago - 05 November 2021 | Life Style

It is a common investment strategy to purchase a fixer-upper in a desirable suburb. Some may even go so far as to try and find...

Living a life of purpose after retiring

2 months ago - 29 October 2021 | Life Style

Wilma Kamati is an executive committee member of the GIPF National Pensioners Association of Namibia (NAPAN). She serves on the Khomas region team, and started...

Smart strategies for sellers

2 months ago - 27 October 2021 | Life Style

Putting a home on the market can be stressful, and it can be difficult to make objective decisions when it matters most.Adrian Goslett, Regional Director...

Three truths every first-time buyer needs to know

3 months ago - 22 October 2021 | Life Style

Many buyers can find the process of purchasing their first home overwhelming because there are so many new concepts with which to grapple. It is...

How agents benefit an experienced buyer or seller

3 months ago - 21 October 2021 | Life Style

There is often a steep learning curve involved in buying or selling your first home. Thereafter, the process becomes far less complicated and intimidating.Buyers and...

Latest News

Chill with Windhoek Express

1 day - 21 January 2022 | Art and Entertainment

Recurring events• 07:00 Bio-Markt / Green Market at the Stephanus Church (Dr Kenneth Kaunda Street) in Windhoek until 12:00 every Saturday.• 16:00 Coffee and Cake...

Festival of classics at COTA

1 day - 21 January 2022 | Art and Entertainment

One of Namibia’s most gifted pianists, Johann van der Merwe, hosts a performance tomorrow (22 January) to raise money to support the Cancer Association of...

Raging river sweeps cars away

1 day - 21 January 2022 | Weather

Windhoek • [email protected] Elisenheim River swept motor vehicles away late on Wednesday night when a flash flood sped past the Farmers Kitchen restaurant at the...

La Niña still on a...

1 day - 21 January 2022 | Weather

Grootfontein • [email protected] the met office issued a warming for today for widespread thunderstorms over the western half of the interior, a meteorologist believes the...

Onreëlmatighede vertraag die aanstelling van...

1 day - 21 January 2022 | Local News

Windhoek • [email protected] hoofstad se burgemeester, Sade Gawanas, sê daar is beweerde onreëlmatighede met betrekking tot die werwing van Stad Windhoek se uitvoerende hoof wat...

Judges dismiss same-sex marriage

2 days ago - 20 January 2022 | Local News

Jana-Mari SmithThree Windhoek High Court judges have dismissed the application by two Namibians and their foreign born spouses to have their marriages recognised in Namibia,...

Vyf damme kry water

2 days ago - 20 January 2022 | Environment

Elvira HattinghTeen gistermiddag om 14:50 het die Hardapdam nog sowat 289,3 m³ water per sekonde ingekry, terwyl nog drie ander nasionale damme sedert Maandag ‘n...

Am Weinberg joins Gondwana Collection

2 days ago - 20 January 2022 | Business

Come 1 February and the Am Weinberg Hotel will join the Gondwana portfolio in a management capacity. According to CEO Gys Joubert of Gondwana Collection...

Cycle lanes progressing well

3 days ago - 19 January 2022 | Infrastructure

The City of Windhoek in collaboration with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ Namibia) continue working towards sustainable mobility in the city.Together, the parties...

Load More