Criminal probe into SME Bank
A criminal investigation into the affairs of the bankrupt SME Bank has been opened according to Anti-Corruption Commission director Paulus Noa.
Noa told Namibian Sun yesterday that the Namibian Police had initiated a criminal investigation in line with the Prevention of Organised Crime Act.
“An investigation into the SME Bank has already been launched in line with the Prevention of Organised Crime Act. You must contact the office of the Inspector-General if you want more information,” Noa said briefly yesterday.
“You must wait for him. [Nampol] is the agency heading the investigation. It is the agency that must go out to the public.”
Police chief Sebastian Ndeitunga could not comment, as he was in a meeting.
The SME Bank was placed in provisional liquidation by the Windhoek High Court on Tuesday.
Judge Hannelie Prinsloo ruled that the bank be placed under the control of the Master of the High Court for provisional liquidation, adding that the respondents had until 15 September to show cause why the bank should not be liquidated.
The Bank of Namibia took control of SME Bank in March after allegations of mismanagement of funds came to light.
Ian Mclaren and David Bruni have been appointed by the Master of the High Court to manage the affairs of the SME Bank in the interim.
Central bank governor Ipumbu Shiimi told the court that an investment of roughly N$175 million in South Africa by the SME Bank had placed it in a precarious financial position.
The SME Bank is a joint venture between the Namibian government (65%), the Metropolitan Bank of Zimbabwe (30%) and controversial Zimbabwean businessman Enock Kamushinda (5%). About 200 local workers are affected by the liquidation of the bank.
Ombudsman wants action
Meanwhile, Ombudsman John Walters has joined the chorus of those calling for the SME Bank directors to be held accountable for their actions.
Walters also took issue with the Bank of Namibia, accusing them of allowing the mess at the SME Bank to spiral out of control before acting.
“It is usually the persons responsible, not so? Those who were in charge of the bank and those that hold oversight should be held accountable. My argument is that the Bank of Namibia should have questioned these questionable suspicions,” said Walters.
“Why do we allow millions to leave the country? That is not even bad management, it is legalised theft.”
Walters asked how it was possible that the central bank could allow large amounts of money to cross the border without the necessary investigation usually required under banking laws.
“If I transfer N$50 000 or even N$100 000, I have to declare where I got the money and when I am sending money out of the country, I have to account for it,” said Walters.
SME Bank's former board was made up of cabinet secretary George Simataa as chairman, Petrina Nakale, Theofelus Mberirua, Milka Mungunda, Kamushinda and Ozias Bvute. Zimbabwean national Tawanda Mumvuma served as CEO.
The Namibian Financial Institutions Union (Nafinu) has also demanded that the directors be charged in terms of the Companies Act.
OGONE TLHAGE
Noa told Namibian Sun yesterday that the Namibian Police had initiated a criminal investigation in line with the Prevention of Organised Crime Act.
“An investigation into the SME Bank has already been launched in line with the Prevention of Organised Crime Act. You must contact the office of the Inspector-General if you want more information,” Noa said briefly yesterday.
“You must wait for him. [Nampol] is the agency heading the investigation. It is the agency that must go out to the public.”
Police chief Sebastian Ndeitunga could not comment, as he was in a meeting.
The SME Bank was placed in provisional liquidation by the Windhoek High Court on Tuesday.
Judge Hannelie Prinsloo ruled that the bank be placed under the control of the Master of the High Court for provisional liquidation, adding that the respondents had until 15 September to show cause why the bank should not be liquidated.
The Bank of Namibia took control of SME Bank in March after allegations of mismanagement of funds came to light.
Ian Mclaren and David Bruni have been appointed by the Master of the High Court to manage the affairs of the SME Bank in the interim.
Central bank governor Ipumbu Shiimi told the court that an investment of roughly N$175 million in South Africa by the SME Bank had placed it in a precarious financial position.
The SME Bank is a joint venture between the Namibian government (65%), the Metropolitan Bank of Zimbabwe (30%) and controversial Zimbabwean businessman Enock Kamushinda (5%). About 200 local workers are affected by the liquidation of the bank.
Ombudsman wants action
Meanwhile, Ombudsman John Walters has joined the chorus of those calling for the SME Bank directors to be held accountable for their actions.
Walters also took issue with the Bank of Namibia, accusing them of allowing the mess at the SME Bank to spiral out of control before acting.
“It is usually the persons responsible, not so? Those who were in charge of the bank and those that hold oversight should be held accountable. My argument is that the Bank of Namibia should have questioned these questionable suspicions,” said Walters.
“Why do we allow millions to leave the country? That is not even bad management, it is legalised theft.”
Walters asked how it was possible that the central bank could allow large amounts of money to cross the border without the necessary investigation usually required under banking laws.
“If I transfer N$50 000 or even N$100 000, I have to declare where I got the money and when I am sending money out of the country, I have to account for it,” said Walters.
SME Bank's former board was made up of cabinet secretary George Simataa as chairman, Petrina Nakale, Theofelus Mberirua, Milka Mungunda, Kamushinda and Ozias Bvute. Zimbabwean national Tawanda Mumvuma served as CEO.
The Namibian Financial Institutions Union (Nafinu) has also demanded that the directors be charged in terms of the Companies Act.
OGONE TLHAGE
Comments
Namibian Sun
No comments have been left on this article