10 cents for every N$1 awaits SME Bank depositors

14 April 2021 | Local News

OGONE TLHAGE



WINDHOEK

Depositors of the now defunct SME Bank can expect to receive just 10 cents on N$1, the Master of the High Court, Elsie Beukes, indicated.

They were also in the final stages of verifying details of account holders of the SME Bank to finalise payment of monies to debtors of the bank, Beukes said when approached for comment by Namibian Sun recently.

SME Bank liquidators Bruni and McLaren would, however, not comment on details related to payments.

A debtor of the SME Bank, Daniel Nyangwa confirmed that while payments had been made periodically, he was expecting a paltry N$400 from the bank for Monitronics Success College, which he heads.

Money meant for students’ tuition fees had been deposited into the bank by the Namibia Students Financial Assistance Fund (NSFAF), The Namibian reported in 2017.

According to Nyangwa, money had been paid to the college every six months.

N$1b in claims

A whopping 23 259 claims had been made against the bank - to the combined value of over N$1 billion.

High Court judge Collins Parker concluded that N$247 million had been stolen from the bank before its liquidation in 2017.

The Bank of Namibia had placed the former lender under curatorship after between N$181 million and N$196 million had been invested in questionable securities in South African financial instruments.

The former deputy chairperson of the SME Bank, Enoch Kamushinda, his company World Eagle Investments and another other minority shareholder, Metbank, were found to be responsible for the liabilities of the bank amounting to N$1 billion.

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