CHAMWE KAIRA
Momentum Insurance Limited has rejected what it described as fundamental factual inaccuracies in a recent media report concerning disputed funds and a settlement agreement involving several claimants.
Momentum said it instituted interpleader court proceedings following a dispute between the trustee of the insolvent estate of Michael Hough Bronkhorst and eight other claimants, including Coffee-Lind and Albertus Horn.
According to the company, the settlement agreement referred to in the media relates to a contractual agreement concluded between the nine claimants and Momentum is not a party to the agreement.
Momentum said the N$6.9 million referred to in the matter represents a portion of disputed funds allocated to certain claimants under the terms of the settlement agreement.
The company said the amount does not represent stolen funds, as characterised in media reports, but includes funds allocated, among others, to Coffee-Lind’s alternative risk transfer policy.
“The settlement agreement in question relates to a contractual agreement concluded between the nine parties (the claimants). Momentum is not a party to the settlement agreement reached between the claimants,” the company said in response to questions by Observer Money.
Momentum said its role in the proceedings was limited to instituting an interpleader application in the High Court and requesting the court to determine the dispute between the claimants.
“Momentum’s role in the aforementioned proceedings was limited to the institution of the interpleader application to the High Court in which application it requested the High Court to intervene and determine the dispute between the claimants,” the company said.
The disputed funds are being held in Momentum’s attorneys’ trust account, as agreed between the claimants, pending the High Court’s resolution of the dispute.
Momentum said the funds would be distributed to the claimants once the court approves the settlement agreement.
The insurer further denied that it had entered into any settlement agreement or was compensating claimants for alleged fraud caused by Bronkhorst.
Momentum said it opened a criminal case against Bronkhorst in 2024 but has not opened either a civil or criminal case against Petrichor Capital.
The company added that its clients’ policy benefits remain secure and unaffected.
“Protecting the interests of our clients remains our utmost priority,” Momentum said, adding that it remains committed to maintaining the trust and confidence of its clients.
