One of Namibia’s financial services companies, the Trustco Group Holdings, is currently embroiled in a legal tussle in London with Helios Oryx Limited, regarding a partial loan secured as growth capital and development of its real estate portfolio during 2016. According to Trustco, Helios Oryx originally agreed to advance a loan of N$640 million to it and received security for the full amount. Over the course of the agreement, only N$240 million was advanced, Trustco claims. Trustco requested that the security provided be reduced to match the loan amount, so that it may use that security to procure the additional funds required to successfully complete its various projects. The Namibian company, in a recently released Interim Results report, says it suffered significant economic damages as a result and had to restructure all its international and local loan facilities in 2019. Trustco, therefore, instituted a damages claim against Helios Oryx after it refused to relinquish its additional security and subsequently refused to repay any further amount until its claim had been settled. During the litigation, it was discovered that Helios Oryx had elected to receive security for the full amount even though they were aware they were not going to advance the agreed amount to Trustco and had sold its full interest in the loan to Trilinc, an American fund, as soon as the initial US$15 million was disbursed. Helios Oryx in turn instituted legal action against Trustco, claiming repayment of N$345 million including interest. See less