By Staff Reporter

Copyright web

Staff Reporter

GABRIEL Uahengo, a prominent northern businessman, has been taken to court by Chinese businessman Hou Xuecheng after allegedly failing to sign off documents following Xuecheng’s purchase of shares in his business, Seal Products (Pty) Ltd.

Xuecheng is no stranger to Namibian courts, with a string of cases that include threatening to shoot and kill Chinese businesswoman Stina Wu, as well as cases involving the illicit trade of wildlife products.

However, Xuecheng has this time taken his adversaries to court, which include Uahengo and two of his business partners, Zacharias Cillers and the late Josia Petrus Swart, represented by Gerhardus Liebenberg in his capacity as executor of the estate of Swart.

In the particulars of claim, Xuecheng argues that his company, Nam Fur Seal Health Care Products cc, undertook to purchase the shareholding interests of the fourth defendant (Cillers) as well as the deceased’s loan account claim against Seal Products (Pty) Ltd.

The total agreed purchase consideration for the acquisition of these interests was N$7,150,000.00.

It was further agreed as a term of the transaction that Nam Fur Seal Health Care Products would deduct from the purchase price the sum of N$1,100,000.00, representing the liabilities of Seal Products (Pty) Ltd.

These liabilities included an overdraft facility with Bank Windhoek in the amount of N$2,000,000.00 and a proportional share, 55%, of the total estimated outstanding creditors of N$1,122,749.60, which amounts to N$617,512.28.

Accordingly, after the deduction of the aforementioned liabilities, the adjusted net purchase price payable by the second plaintiff for the shares and claims of both the fourth defendant and the deceased amounted to N$5,432,487.72.

The parties further agreed that the agreement would become effective once Nam Fur Seal Health Care Products deposited the sum of N$2,300,000.00 into the trust account of attorney Joos Agenbach, who was acting on behalf of Cillers and the estate of the deceased.

Xuecheng said that despite fulfilling all of the above, Uahengo, who holds the remaining 45% shareholding in Seal Products (Pty) Ltd, has failed, refused and/or neglected to sign the required documentation necessary to formalise and effect the transfer of shares to Xuecheng’s company, causing him financial harm and a lack of oversight over his investment.