Namfin-X court hearing nears

Angula is not giving up on his stock exchange dream

08 November 2016 | Business

Namfin-X, once touted as a competitor to the Namibia Stock Exchange, is set to lock horns with Namfisa over its refusal to grant it a licence to operate as a stock exchange.

Responding to a query by Namibian Sun, Namibia Financial Institutions Supervisory Authority spokesperson Victoria Muranda said Namfin-X would ask the High Court to overturn Namfisa''s decision.

“Namfisa rejected the application for a stock exchange licence in September 2014 already and they brought an application to review and set aside our decision in the High Court earlier this year. The application is before the High Court and is still pending.”

The High Court is expected to hear the case on 17 November.

Former Namfisa spokesperson Isack Hamata was earlier quoted as saying: “We confirm that an application was lodged with Namfisa to issue a licence for a second stock exchange to Namfin-X. Kindly, however, note that such application was not approved as it did not comply with Section 8 of the Stock Exchanges Control Act of 1985.”

Namfin-X figurehead Helmut Angula cried foul, accusing Namfisa of favouring the Namibia Stock Exchange.

Angula argued earlier this year: “The establishment of that stock exchange is in the public interest and will benefit local entrepreneurs in Namibia. It appears an unprecedented practice was established whereby the annual application for the renewal of the NSX stock exchange licence was a formality and it was issued automatically without having to go through the review process prescribed in terms of sections 7, 9 and 10 of the Act.”

Angula further questioned whether Namfisa chief executive officer Kenneth Matomola understood his statutory powers as head of the financial regulator.