Namandje withdraws from SME Bank case
Lawyer Sisa Namandje has given the High Court notice that he will no longer represent Enock Kamushimda, his World Eagle Investments and the Metropolitan Bank of Zimbabwe, reportedly over non-payment for legal services.
Namandje had bound himself as surety and co-principal debtor for and on behalf of Kamushinda, MetBank and World Eagle, in favour of the liquidators, for up to N$400 000.
The High Court in June last year ordered Namandje's clients to pay a guarantee of N$600 000 for such costs as may be awarded against them. In response, they argued they were not liable to pay that amount. Their argument was dismissed and Namandje agreed to act as surety for up to N$400 000.
Namandje yesterday did not respond to a question by Namibian Sun about his withdrawal from the case.
After Namandje's withdrawal, Kamushinda and the two Zimbabwean entities were advised to find other counsel or represent themselves.
The High Court yesterday removed from the roll Kamushinda's attempts to throw a spanner in the works in his challenge against the liquidation of the SME Bank and subsequent probe into the more than N$200 million that went missing from the bank.
Kamushinda - a former non-executive director of the SME Bank and representative of MetBank and World Eagle – last year February launched a court application to stop the liquidation of the bank and commissions of inquiry into the matter in both Namibia and South Africa.
He also challenged a subpoena to appear before a commission of inquiry in Namibia and fought against the recognition and extension of powers given to the liquidators, David Bruni and Ian McLaren, by the Master of the High Court.
Namibia's Supreme Court on 23 October last year dismissed MetBank's and World Eagle's appeal against the winding-up order issued by the High Court against the SME Bank.
Also among the barrage of court applications to stop the wheels of justice from turning was an attempt by Kamushinda, MetBank and World Eagle to stop a court order that permitted the liquidators from paying at least N$25 000 to the SME Bank's depositors.
While the probe into the missing millions continues in both Namibia and South Africa, the Gauteng High Court froze the bank accounts of Moody Blue, AMFS Solutions, Asset Movement and Financial Services, and First Rand Bank to secure the liquidators access to N$54 million that had been spirited out of the SME Bank.
The South African court in September last year also ruled that brokerage firm Peregrine Equity may not pay out N$11.5 million to Mamepe Capital Investments of Mauwane Kotane from an account held in the name of a company called KE2 Ample.
The liquidators maintain that Kamushinda had “received stolen money”, or “money stolen from the SME Bank” directly from AMFS, money paid into the accounts of two of his companies, Crown Finance and Heritage Investments.
CATHERINE SASMAN
Namandje had bound himself as surety and co-principal debtor for and on behalf of Kamushinda, MetBank and World Eagle, in favour of the liquidators, for up to N$400 000.
The High Court in June last year ordered Namandje's clients to pay a guarantee of N$600 000 for such costs as may be awarded against them. In response, they argued they were not liable to pay that amount. Their argument was dismissed and Namandje agreed to act as surety for up to N$400 000.
Namandje yesterday did not respond to a question by Namibian Sun about his withdrawal from the case.
After Namandje's withdrawal, Kamushinda and the two Zimbabwean entities were advised to find other counsel or represent themselves.
The High Court yesterday removed from the roll Kamushinda's attempts to throw a spanner in the works in his challenge against the liquidation of the SME Bank and subsequent probe into the more than N$200 million that went missing from the bank.
Kamushinda - a former non-executive director of the SME Bank and representative of MetBank and World Eagle – last year February launched a court application to stop the liquidation of the bank and commissions of inquiry into the matter in both Namibia and South Africa.
He also challenged a subpoena to appear before a commission of inquiry in Namibia and fought against the recognition and extension of powers given to the liquidators, David Bruni and Ian McLaren, by the Master of the High Court.
Namibia's Supreme Court on 23 October last year dismissed MetBank's and World Eagle's appeal against the winding-up order issued by the High Court against the SME Bank.
Also among the barrage of court applications to stop the wheels of justice from turning was an attempt by Kamushinda, MetBank and World Eagle to stop a court order that permitted the liquidators from paying at least N$25 000 to the SME Bank's depositors.
While the probe into the missing millions continues in both Namibia and South Africa, the Gauteng High Court froze the bank accounts of Moody Blue, AMFS Solutions, Asset Movement and Financial Services, and First Rand Bank to secure the liquidators access to N$54 million that had been spirited out of the SME Bank.
The South African court in September last year also ruled that brokerage firm Peregrine Equity may not pay out N$11.5 million to Mamepe Capital Investments of Mauwane Kotane from an account held in the name of a company called KE2 Ample.
The liquidators maintain that Kamushinda had “received stolen money”, or “money stolen from the SME Bank” directly from AMFS, money paid into the accounts of two of his companies, Crown Finance and Heritage Investments.
CATHERINE SASMAN
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