Bid to halt SME liquidators stalls

The liquidators in the SME Bank saga are demanding security to the value of N$500 000 from the Metropolitan Bank of Zimbabwe and World Eagle Properties for costs. David Bruni and Ian McLaren, the appointed liquidators for the SME Bank, made this demand after an urgent application for rescission was filed by the two Zimbabwean firms, wherein they seek an undertaking from the liquidators, that while court papers are being exchanged between the parties and until the matter is heard, to hold off exercising their powers to pay out any monies to the SME Bank's depositors. They are also requested not to engage any lawyers to further litigation in Namibia, Zimbabwe and or South Africa.They cited other respondents in the matter including the Namibia Financing Trust, Master of High Court, the government, Minister of Trade, Industrialisation and SME Development, Minister of Finance and Bank of Namibia.On 2 February this year, the Windhoek High Court granted Bruni and McLaren the right to pursue any proceedings, as required, in the high courts of South Africa and that of Zimbabwe, to track and trace the missing N$174.4 million of the SME Bank. Following an urgent application, Deputy Judge President Hosea Angula ruled that the pair, acting as the official liquidators of the SME Bank, are authorised to institute any proceedings, including that of the recovery of movable and immovable assets, and seek any interdictory relief, as is necessary for the winding up of the bank. They were also allowed to pay limited amounts to depositors.The two Zimbabwean applicants in the current matter seek a rescission of that judgement by Angula.Judge Thomas Masuku postponed the matter to 19 March for arguments and ordered Bruni and McLaren to file their answering sworn statements on or before 9 March while the applicants are to file their replying papers, if any, on or before 14 March.The parties were also ordered to file their heads of arguments on or before close of business on 16 March.“The determination of the issue of costs and related matters stands over,” Masuku said. There was a delay in the delivery of the papers to the liquidators who had no time, after receiving the documents on Monday of this week, to file answering papers.The liquidators, in their demand for security for costs, further informed the Zimbabweans that if they object to their liability to security they must meet at the High Court where they will apply to the managing judge for an order that security be furnished.The liquidators maintain they are compelled by their fiduciary duty to request security for costs. FRED GOEIEMAN

Bid to halt SME liquidators stalls

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Namibian Sun 2025-07-04

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Bid to halt SME liquidators stalls

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Namibian Sun 2025-07-04

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