DTA wants SME Bank inquiry
A public inquiry has been demanded by the country’s main opposition into the affairs of the SME Bank.
DTA president McHenry Venaani has called for a judicial commission of inquiry into the operations of the troubled SME Bank.
Venaani also wants parliamentarians in the National Assembly to debate the collapse of the SME Bank.
According to Venaani, the bank was not carrying out its mandate to support small- and medium enterprises but was instead, serving the needs of high-ranking politicians and already well-established businesses.
The leader of the main opposition has even gone as far as saying that the embattled bank may have fallen prey to some form of capture from certain politicians he did not name.
“We need to restore confidence in the SME Bank,” said Venaani of the DTA’s motivation to call for an inquiry into the shenanigans at the embattled lender.
“The intention of the SME Bank was to support SMEs and not institutions like Woermann Brock which has been operating for over 100 years. The mandate of the SME Bank has been circumvented by providing loans to the likes of Woermann Brock. Loans have been given to directors of the SME Bank and these directors of the SME Bank have not even read the King Report. As a board member, you should know you are the guarantor of the rules.”
This follows wide-ranging reports that politicians and senior government officials had received loans from the bank for purposes other than helping their fledging business enterprises.
High-ranking officials that secured SME Bank loans include former chairman and presidential affairs minister Frans Kapofi who received money from the bank for his farming operations, former board member and current Social Security Commission CEO Milka Mungunda who secured an overdraft facility from the bank, and personal assistant to finance minister, Esau Mbako who secured a loan to purchase a vehicle according to recent press reports.
The suspended board chairperson George Simataa reportedly also acquired a N$5 million loan from the bank.
According to Venaani, the SME Bank was never in a position to provide loan facilities to individuals but rather to SMEs to support business development.
“We have a high unemployment rate but we are not providing loans to SMEs,” he fumed.
“Let’s get to the bottom of this. A commission of inquiry will ensure the SME Bank must deliver on what it must do, the inquiry will tell us whether the SME Bank has been captured by certain individuals.”
The lender was placed under curatorship by the Bank of Namibia after the central bank had found that dubious investment close to N$200 million had been made in questionable investments in South Africa.
An acting CEO, Benustus Herunga was appointed to head the embattled lender while an interim board consisting of Dennis Khama, Melani Tjijenda, Ali Ipinge and Fanuel Kisting was also appointed.
In March this year, another political party Nudo also called on President Hage Geingob to institute a commission of inquiry into suspected dubious dealings at the SME Bank.
OGONE TLHAGE
Venaani also wants parliamentarians in the National Assembly to debate the collapse of the SME Bank.
According to Venaani, the bank was not carrying out its mandate to support small- and medium enterprises but was instead, serving the needs of high-ranking politicians and already well-established businesses.
The leader of the main opposition has even gone as far as saying that the embattled bank may have fallen prey to some form of capture from certain politicians he did not name.
“We need to restore confidence in the SME Bank,” said Venaani of the DTA’s motivation to call for an inquiry into the shenanigans at the embattled lender.
“The intention of the SME Bank was to support SMEs and not institutions like Woermann Brock which has been operating for over 100 years. The mandate of the SME Bank has been circumvented by providing loans to the likes of Woermann Brock. Loans have been given to directors of the SME Bank and these directors of the SME Bank have not even read the King Report. As a board member, you should know you are the guarantor of the rules.”
This follows wide-ranging reports that politicians and senior government officials had received loans from the bank for purposes other than helping their fledging business enterprises.
High-ranking officials that secured SME Bank loans include former chairman and presidential affairs minister Frans Kapofi who received money from the bank for his farming operations, former board member and current Social Security Commission CEO Milka Mungunda who secured an overdraft facility from the bank, and personal assistant to finance minister, Esau Mbako who secured a loan to purchase a vehicle according to recent press reports.
The suspended board chairperson George Simataa reportedly also acquired a N$5 million loan from the bank.
According to Venaani, the SME Bank was never in a position to provide loan facilities to individuals but rather to SMEs to support business development.
“We have a high unemployment rate but we are not providing loans to SMEs,” he fumed.
“Let’s get to the bottom of this. A commission of inquiry will ensure the SME Bank must deliver on what it must do, the inquiry will tell us whether the SME Bank has been captured by certain individuals.”
The lender was placed under curatorship by the Bank of Namibia after the central bank had found that dubious investment close to N$200 million had been made in questionable investments in South Africa.
An acting CEO, Benustus Herunga was appointed to head the embattled lender while an interim board consisting of Dennis Khama, Melani Tjijenda, Ali Ipinge and Fanuel Kisting was also appointed.
In March this year, another political party Nudo also called on President Hage Geingob to institute a commission of inquiry into suspected dubious dealings at the SME Bank.
OGONE TLHAGE
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