ARYSTEQ FINANCIAL SERVICES (PTY) LTD v QUINTO OCKHUIZEN [2020] NAHCMD 266 (25 June 2020)

ARYSTEQ FINANCIAL SERVICES (PTY) LTD v QUINTO OCKHUIZEN [2020] NAHCMD 266 (25 June 2020)

There is no statutory requirement for registration of financial institutions as defined in s 1(n) of the Namibian Financial Institutions Supervisory Authority Act or for money lenders under the Usury Act. The plaintiff, though unregistered, is entitled to enforce its rights under the loan agreement and has locus standi before the court.

Citation
[2020] NAHCMD 266
Parties
Plaintiff: Arysteq Financial Services (Pty) Ltd; Defendant: Ockhuizen
Court
High Court Main Division
Jurisdiction
Namibia
Judgment Date
25 June 2020
Procedural Posture
Civil / Interlocutory (special Plea)
Outcome
special plea dismissed with costs
Legal Topics
Locus Standi, Registration of Financial Institutions, Money Lending, Statutory Interpretation
Source Language
English
Commercial Law Financial Regulation Locus Standi Registration of Financial Institutions Money Lending Statutory Interpretation

Case Brief

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Parties

Arysteq Financial Services (Pty) Ltd

Plaintiff

Ockhuizen

Defendant

Procedural Posture

Civil / Interlocutory (special Plea)

Legal Issues

  1. 1 Whether the plaintiff has locus standi to institute proceedings despite not being registered as a financial institution under the Namibian Financial Institutions Supervisory Authority Act

Ratio Decidendi

There is no statutory requirement for registration of financial institutions as defined in s 1(n) of the Namibian Financial Institutions Supervisory Authority Act or for money lenders under the Usury Act. The plaintiff, though unregistered, is entitled to enforce its rights under the loan agreement and has locus standi before the court.

Court Disposition

special plea dismissed with costs

Orders

  • The special plea raised by the Defendant is dismissed with costs.
  • Matter is postponed to 9 July 2020 at 15h00 for status hearing.