Businessman drags Standard Bank to court in a N$184 billion lawsuit


BUSINESSMAN Daniel Kamunoko is suing Standard Bank for about N$184 billion, money he could have made had the bank not taken actions which ruined him financially, by illegally selling his properties and also for being a direct cause of his uncle’s death.

Kamunoko’s demand for about N$184 billion is based on the fact that he blames Standard Bank’s action for his financial losses. He said, in court papers, that the bank denied him access to his personal and business accounts, which saw him losing business opportunities.

One of the business opportunities he lost out on is a liquefied natural gas 900MW power plant, which he said was going to supply Namibia and the Southern African Power Pool (SAPP).

The power station, which was going to be named Sitendu Power Plant, was to be set up by Kamunuko and his partner Simon Kapenda.

The loss of this opportunity, Kamunoko said in court papers, is the reason that led to the death of his uncle late Uukwangali King, Hompa Daniel Sintentu Mpasi.

Now Kamunoko is demanding about N$184 billion as restitution for the pain and suffering caused by the bank.

Court documents show that the businessman has had a protracted legal battle with the bank dating back to 2004 and a contentious N$550 000 overdraft facility offered to him by the bank after he settled a home loan on a townhouse in Windhoek’s Hochland Park suburb.

The N$550 000 overdraft facility was then used to purchase another townhouse, which went for N$650 000, leaving him with about N$100 000 short.

Kamunoko said he unfortunately found himself imprisoned in Hong Kong in 2008, causing his accounts with the bank to fall into arrears. Consequently, he began defaulting on his overdraft and other credit facilities, including two vehicles.

At the time his debt to Standard Bank exceeded N$1 million.

A year later he managed to untangle his legal problems in Hong Kong and was released back to Namibia.

Upon his return, he paid N$2 million into his personal bank account to settle the N$1 million debt to the bank.

He expected the money to cover expenses related to properties and vehicles.

Documents examined by Observer Namibia, indicate that the debt was cleared.


Before Kamunoko sent the N$2 million, the bank had already auctioned his townhouse claiming that he had defaulted on his mortgage of the townhouse.

Kamunoko however insists that no bond was ever signed for the property.

“I never took out a second bond on my first property with SBN. I maintain that I never signed a second bond with the bank,” reads his affidavit.

He conducted his own investigation and discovered that the property was bonded by someone named L. Hangula, whom he does not know.

Kamunoko attempted to obtain information such as L. Hangula’s identification number, address, and phone number from the bank but to no avail.

Documents related to L. Hangula are also not part of the court documents.

During the court proceedings, L. Hangula was never summoned.

Kamunoko said he sought the services of several lawyers, but most of them abandoned him. One lawyer purportedly advised him to drop the case, citing that “he is fighting a large corporation.”

At one point, the court appointed a South African lawyer to represent Kamunoko as an amicus curiae, or friend of the court.

The South African lawyers also withdrew from the case a day before the trial, along with the judge.

In 2020, Kamunoko received a notice from Standard Bank that it intends to auction off yet another of his townhouses, which serves as his primary residence.

The bank aims to recover N$650 000 although payment was done through the overdraft.

This is despite the two properties being registered as Close Corporation and both were paid off.

High court acting Judge Collins Parker in 2018 gave a judgment and closed the case off.

Kamunoko contends that the two properties have not been declared insolvent as per the Insolvency and Close Corporation laws.

Kamunoko attempted to lay criminal charges against Parker but found that such cannot be done against a High Court Judge and had to seek permission from Chief Justice Peter Shivute.

In 2021, Kamunoko initiated a case in which he named Standard Bank, the bank directors, the chief executive, Nolen Christian from the bank’s recovery department, Weder Kauta & Hoveka law firm, L. Hangula (known only to Standard Bank), John Nujoma Nangola, and the Ministry of Justice as defendants.

In this case, he is demanding that the bank provide evidence of what happened to the N$2 million and how it was allocated.

Kamunoko asserts that instead, the bank is demanding that he provide proof of deposit, as the money cannot be traced.

He also claims that Standard Bank has refused to provide him with bank statements for the past 14 years.

Since 2009, when money also began to disappear from the account, he has been unable to access his account.

At the time, Kamunoko held a Prestige account, which was a rare account type in the country.

Standard Bank spokesperson Magreth Mengo did not respond to questions about the matter sent to her via email last week.

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