Cry, the beloved country

The SME Bank scandal reached epic proportions this week when the High Court ordered the embattled institution be placed under the control of the Master of the High Court for provisional liquidation. This was highly expected given the mess the bank found itself in. The Bank of Namibia had to do the right thing, which was inevitably to wound up the SME Bank affairs after its management failed to recover an approximate N$200 million invested in neighbouring South Africa. It is sad that local workers, who used to work for the SME Bank, have been left on the edge, while it is rumoured that their Zimbabwean colleagues have since been redeployed at that country's Metropolitan Bank, which was a shareholder in the Namibian bank. The public wants to know how the bank failed and why no one has been punished to this day. Apart from suspending directors, the fact that no individual has been found legally responsible for the failure has left us puzzled. The SME Bank failure is a public concern, because taxpayers' money has been tampered with and has resulted in great economic harm. It is not just a concern for shareholders. The mere fact that the bank has been declared bankrupt and cannot fully continue with its operations when a huge amount of taxpayers' money has already been sunk reeks of negligence and someone must face the music. The head of state has promised to make good governance the hallmark of his administration. Why is there a deafening silence from State House on this embarrassing matter while it is clear to see that some officials have failed in their fiduciary responsibilities? The president has clearly failed to act on this issue and this does not augur well from a good governance point of view. Why are Swapo politicians using litigation as justification not to debate the issue in the National Assembly while the matter is clearly in the public interest? Corruption will bleed this country dry, and as the case with the SME Bank, the hyenas have gnawed at our resources and there is nothing left to chew. Cry, the beloved country!