Bank Windhoek is seeking to seize a N$2-million Mercedes-Benz that belongs to Eco Trading CC, a company owned by Victor Malima, a fugitive businessman wanted for his role in the National Petroleum Corporation of Namibia corruption scandal. Malima's company owes the bank N$2.9 million, a debt that started accumulating when Malima allegedly fled to Angola last July to avoid prosecution. The debt stems from an overdraft facility and a financing agreement used to buy the Mercedes-Benz.
The financing agreement was made in 2022 for the purchase of the luxury SUV Mercedes-Benz, with Eco Trading CC, and Malima standing surety, agreeing to monthly payments of N$20 000. However, Malima began missing payments on 1 August, just weeks after he allegedly fled to Angola to avoid an Anti-Corruption Commission probe into his role in defrauding the National Petroleum Corporation of Namibia (Namcor). The bank has issued a combined summons in two newspapers, giving Malima 10 days to oppose its motion.
The summons states that if Malima fails to file a notice of intention to defend, judgement as claimed may be given against him without further notice. Bank Windhoek has been pursuing Eco Trading CC and Malima since the end of 2025. The bank's efforts to reclaim the money owed have been complicated by Malima's fugitive status. In January this year, Bank Windhoek issued a combined summons, but it could not be served as Malima could not be found.
According to Collins Omalu, the legal debt recovery manager appointed to the case, the deputy sheriff could not find representatives of Eco Trading at its registered address. The bank's legal representative appointed tracers to locate Eco Trading, but they could obtain no information about the company or Malima from Nampost, Telecom, or social media. The tracers' report noted that the Namibian Police is also looking for Malima.
Malima is accused of facilitating massive fuel supply contracts and credit lines from Namcor for a company called Enercon without due diligence. In the court case against top Namcor executives, the state accuses the executives of taking bribes in order to approve those transactions. Malima allegedly gave former Namcor chief executive Imms Mulunga a car to thank him for his role in the Enercon deal.
The second debt is an overdraft facility that was set up with Bank Windhoek in January 2025, allowing Eco Trading to borrow up to N$2.9 million from the bank, an agreement that expired in March last year. In September, the bank began requesting repayment, but letters went unanswered. If Malima does not respond or pay the outstanding N$1.06 million and interest, the bank has the right to repossess the car.
The case against Malima and Eco Trading CC is ongoing, with the bank seeking to recover the outstanding debt. Malima's fugitive status has added complexity to the case, but Bank Windhoek remains determined to recover the money owed. The bank's actions are part of a larger effort to hold those involved in the Namcor corruption scandal accountable.
Key points
- Bank Windhoek seeks to seize a N$2-million Mercedes-Benz from Eco Trading CC, owned by fugitive businessman Victor Malima.
- Malima owes the bank N$2.9 million, a debt that started accumulating when he allegedly fled to Angola to avoid prosecution.
- The case against Malima and Eco Trading CC is ongoing, with the bank seeking to recover the outstanding debt.
