Among other debtors it presently can't pay, Komsberg Farming owes the Agricultural Bank of Namibia N$133 milliion (US$15 million).
Komsberg Farming grows grapes and dates for export on a 33,000 hectares estate. The company was placed under provisional liquidation in July after it was found to be “factually and commercially insolvent.”
The company disputes the amount owing to Agribank, and pleads that there are investors who are willing to inject capital into the floundering operation.
Agribank has filed to join the earlier liquidation suit against Komsberg Farming by Louis Group South Africa, another unpaid creditor. The company also owes unpaid taxes.
African Agriculture
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