Ndeitunga mum on SME Bank probe

07 December 2017 | Police And Crime

Police chief Sebastian Ndeitunga remained cagey on investigations into the disappearance of millions from the now liquidated SME Bank.

Ndeitunga informed Namibian Sun in May this year that a criminal probe by the police under the Prevention of Organised Crime Act, had been launched to investigate the disappearance of approximately N$200 million.

“I do not have an update on that, maybe if you told me earlier I could have asked my people to provide me with an update, but I do not have an update,” he said when engaged on the matter last week.

When called to comment on the matter, the Bank of Namibia said they were only a regulator and that it was not their responsibility to hold any individual to account.

“The Bank of Namibia's responsibility towards the SME Bank is confined to the regulatory obligations and duties as set out in the applicable Banking Institutions Act,” its spokesperson, Kazembire Zemburuka said.

According to him, it was now up to the Namibian police, the Master of the High Court, or the liquidators appointed in terms of the ruling delivered by the High Court, to decide whether they would be pressing any charges against the directors and management of the SME Bank.

The launch of an official commission of inquiry is seen as a possible avenue to hold those to account responsible for the collapse of the SME Bank.

This is the view of retired academic and legal expert Nico Horn who recently gave his opinion on what may happen now that the High Court has ruled that the SME Bank be liquidated.

“It is for the shareholders to make that decision, [in fact] any individual can lay a criminal charge. If there is a suspicion of criminal activity,” Horn said.

According to him, it was likely that an investigation will be launched by the minister of trade, under whose responsibility the SME Bank was previously.

“I would expect that there be a full investigation. It is also possible that the minister responsible can request for a commission of inquiry. If a commission is appointed, that would be the route taken,” he said.

Finance minister Calle Schlettwein would not comment on the matter although several requests were made.

The SME Bank was placed under liquidation on Wednesday last week by High Court Judge Hannelie Prinsloo.

The SME Bank was first placed under the curatorship of the Bank of Namibia when it was discovered that between N$181 million and N$196 million was invested in questionable financial instruments in South Africa.

More than 200 people lost their jobs when the bank closed its doors.

OGONE TLHAGE

Similar News

 

Ten caught for drinking and driving at coast

1 week ago - 10 December 2017 | Police And Crime

Ten people (all male) were arrested for drinking and driving at the coast on Friday and yesterday. Erongo deputy police commissioner Erastus Iikuyu...

Omunandholongo a lundulwa omolwa egameno lye

2 months ago - 25 September 2017 | Police And Crime

Ompangu yoPombanda mOndoolopa yaShakati, oya gandja epitiko oshiwike sha piti, opo ku lundululwe omulumentu ngoka ta tamanekelwa oshipotha shedhipago, okuza mondjeedhililo yaShakati okuya moshitopolwa...

Weapons amnesty extended

1 year - 22 November 2016 | Police And Crime

The government has extended the period of amnesty to allow for the surrendering of illegal weapons and ammunition to 18 February next year. To date,...

Four die in crash at Omutsegwonime

1 year - 07 November 2016 | Police And Crime

The Oshikoto police are investigating a case of culpable homicide after four people died in a crash that involved three vehicles at Omustegwonime village between...

More than 800 illegal guns surrendered to police

1 year - 21 October 2016 | Police And Crime

JANA-MARI SMITHMore than 800 firearms and close to 11 900 rounds of ammunition have been surrendered to the police since a three-month amnesty was declared...

Opolisi tayi konaakona oshipotha sheidhipago

1 year - 10 October 2016 | Police And Crime

Opolisi yaShana otayi konaakona oshipotha sheidhipago ndyoka lya ningilwa moocela dhopolisi yaNdangwa oshiwike sha piti.Okwa holoka omapopyo kutya oshiningwanima shomomasiku 27 gaSepetemba kashi shi eidhipago...

Gun crimes on the rise

1 year - 25 April 2016 | Police And Crime

There has been a noticeable increase in crimes involving the use of firearms. According to crime statistics revealed by police chief Sebastian Ndeitunga,...

Katjavivi defends Rukambe's appointment

1 year - 19 January 2016 | Police And Crime

Speaker of National Assembly, Peter Katjavivi has denied influencing the selection process which saw his former personal assistant Joram Rukambe being appointed the sixth secretary...

Katjavivi defends Rukambe's appointment

1 year - 19 January 2016 | Police And Crime

Speaker of National Assembly, Peter Katjavivi has denied influencing the selection process which saw his former personal assistant Joram Rukambe being appointed the sixth secretary...

Namibian cricket teams to compete in South Africa

2 years ago - 07 December 2015 | Police And Crime

A capping ceremony was held for eight cricket teams here on Friday before their departure to South Africa for various competitions. The teams comprising seven boys’...

Latest News

Namcor probes Mulunga

7 hours ago | Energy

The Namcor board has commissioned accounting firm Deloitte to conduct a forensic investigations against MD Imms Mulunga. The investigation against Mulunga will start immediately. Mulunga...

Namcor suspends Mulunga – report...

7 hours ago | Energy

Namcor has suspended its managing director Imms Mulunga as well as IT executive Bonny Konjore, the state-owned New Era reported this afternoon. The suspension, which...

Geingob congratulates CR17 ...

20 hours ago | Politics

President Hage Geingob has congratulated new ANC leader Cyril Ramaphosa shortly after winning the leadership contest of South Africa’s ruling party. Ramaphosa defeated rival Nkosazana...

Military spending remains high

20 hours ago | Government

ELLANIE SMIT Military spending in Namibia has more than doubled in the past decade - from about N$2.8 billion...

Youngest governor humbled by appointment

20 hours ago | Government

At the age of 29, Outjo mayor Marius Sheya has been appointed regional governor of Kunene, making him the youngest person to hold the position...

Players on edge as Warriors...

20 hours ago | Sports

The national football team qualified for the championship for the first time in years after beating Comoros 2-1 at the Sam Nujoma Stadium in Windhoek...

TUN wants NSFAF top brass...

20 hours ago | Education

The Teachers Union of Namibia has welcomed the government's decision to reintegrate the Namibia Students Financial Assistance Fund (NSFAF) into the higher education ministry. ...

Farmers pushed to the brink

20 hours ago | Agriculture

Crop farmers at the Olushandja Dam in the Omusati Region have been forced to shut down their operations, with the majority struggling to repay their...

Easy Christmas shopping at Maerua...

20 hours ago | Business

Maerua Mall has got you covered this summer, with its great mix of retail outlets to suit every taste and pocket, fun and exciting holiday...

Load More