Iyambo’s Relatives Inherit N$6,2 Million in Assets

THE late Minister of Education, Abraham Iyambo, left an estate with a total value of N$9,1 million when he died in London in February last year.

Iyambo, who died suddenly at the age of 52, named a daughter, his mother, and his surviving siblings as heirs in a will he signed near the end of December 2005. The estate is now lying open for inspection at the Office of the Master of the High Court.

Iyambo died of heart failure on 2 February last year, a date that coincided with his 52nd birthday. On his death certificate, of which a copy has been filed at the Office of the Master of the High Court, cardiomegaly and aortic valve disease – an enlarged heart and heart valve disease – are stated as the causes of his death.

The assets in Iyambo’s estate had a total value of N$9,1 million. With liabilities totalling about N$2,9 million taken into account, residual assets with a total value of about N$6,2 million were left to be distributed to his heirs.

In his will, Iyambo stipulated that one of his brothers, Andimba Iyambo, should inherit his farm, livestock, farming implements, furniture and household goods.

Iyambo’s farm, Goedbegin, situated north of Otjiwarongo, was valued at N$4,6 million and accounted for the bulk of the value of his estate. A house in Hochland Park in Windhoek, which the executor of the estate sold for N$2,7 million, was the second major asset in the estate.

Claims in favour of the estate amounted to close to N$1,2 million. Those claims included close to N$275 000 in bank accounts and a unit trust account in Iyambo’s name and leave gratuity of about N$785 000 that was paid out by the government.

The estate’s liabilities included a claim of N$1,6 million from the Agricultural Bank of Namibia for the repayment of a loan and a claim of N$600 000 for the maintenance of Iyambo’s second daughter, who is now seven years old.

Iyambo’s second daughter was born after he had made the will in which he named his older daughter, mother and siblings as his heirs. The second daughter’s mother, Elsie Katjikuru, lodged a maintenance claim against the estate and reached a settlement with the executor of the estate in terms of which N$600 000 would be placed in a trust in favour of her daughter.

In the will, Iyambo stated that his house in Windhoek had to be sold and the proceeds divided between his named heirs. He also directed that his brother Andimba Iyambo could have the first choice of one of his motor vehicles, while one of his sisters, Luise Nankala, could have the second choice of one of his vehicles.

Except for the late minister’s farm, livestock and other movable goods, Andimba Iyambo received a Toyota Land Cruiser and close to N$194 000 as part of his inheritance.

Nankala received a 1995 model Mercedes-Benz S600 and close to N$194 000, while Iyambo’s three other surviving siblings – a brother and two sisters – each received a total of close to N$194 000.

Iyambo’s mother, Helena Gabriel, and his older daughter, who is now 17 years old, each inherited a little over N$632 000.

Iyambo was divorced in April 2006. His former wife, Frieda Iyambo (born Nashandi), was not mentioned in his will.

Iyambo, who had a PhD degree from the University of Surrey in the United Kingdom, was appointed as deputy minister of fisheries and marine resources in 1995 at the relatively youthful age of 34.

Considered to be a rising star in the Swapo Party, he became the minister of fisheries in 1997 and served in that post until March 2010, when he was appointed as minister of education.

Source : The Namibian