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

 

Ahowe otashi ti ahowe

4 months ago - 16 September 2019 | Police And Crime

Sebastian Ndeitunga okwa popi kutya ahowe osha hala okutya ahowe na kape na we efatululo limwe li lipo.Ndeitunga okwa popi ngaaka pethimbo kwa patululwa pambelewa...

Oshiwike oshiwinayi

4 months ago - 04 September 2019 | Police And Crime

Opolisi yaNamibia otayi konaakona iipotha yi na sha neso lyaantu 18 mboka ya hulitha muule woshiwike shimwe, mwakwatelwa aantu 15 mboka ya hulithile miiponga yiihauto,...

Aakwiita ya dhengagula aniwa omukwashigwana

7 months ago - 14 June 2019 | Police And Crime

JANA-MARI SMITH Omukwashigwana gwomOvenduka ngoka a tulwa miipandeko omolwa oshipotha shedhengo muMei okwa popi kutya okwa li a dhengwa nokumonithwa iihuna kaakwiita yoNDF nokutulwa miiketanga...

Fake doctor played no role in victim identification

9 months ago - 17 April 2019 | Police And Crime

Namibian authorities have given assurances that a convicted Dutch conman, known as 'Dr Bones', who was sentenced to 21 months behind bars for faking his...

AR threatens to sue cops

1 year - 21 January 2019 | Police And Crime

The Affirmative Repositioning movement yesterday threatened to take further legal action against the Windhoek City Police following the arrest of one of its leaders at...

Butchery robbed of N$250 000

1 year - 25 April 2018 | Police And Crime

Three men are on the run after an armed robbery in front of a Khomasdal butchery on Friday evening, which netted N$250 000 in cash.The...

Ten caught for drinking and driving at coast

2 years 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 years 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

3 years ago - 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

3 years ago - 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...

Latest News

No evidence of ritual killing

9 hours ago | Crime

The police are contemplating DNA tests, if the police kitty allows, to identify the young Zimbabwean girl whose charred remains were found in a garbage...

Lightning kills 11 cattle in...

9 hours ago | Accidents

A farmer at Epingiro village in the Kavango West Region's Ncamagoro Constituency suffered a loss when lightning killed 11 of his cattle on Sunday evening....

A day in the life...

9 hours ago | People

Michelline Nawatises Samuel Mayele Nghipandulwa is 23 years old and hails from Ruacana, Oshifo. He started grade one and two at Oshoopala Combined School and...

Land question remains unanswered

9 hours ago | Opinion

We have said before that land reform in Namibia, which is currently a hot topic, should not be politicised. There is a general agreement that...

The importance of a pat...

9 hours ago | Columns

Ester KamatiWe often overlook how important it is for a person to be thanked or praised after they’ve put their energy into something which eventually...

Goals you want to achieve...

9 hours ago | Opinion

Rachel MutotaI want to put all my effort into the new grade I am in, so that I do not have a lack of knowledge...

Judges throw out shocking spliff...

9 hours ago | Justice

A N$4 000 fine or two-year prison sentence for possession of a single two-gram dagga joint worth N$20 was tossed out by two High Court...

Your future in dance awaits

9 hours ago | Youth

Ester Kamati The Ombetja Yehinga Organisation Trust has the main mandate to create social awareness through the arts and has been doing so for the...

The youth speak up

9 hours ago | Education

Elizabeth JosephYoung people all over Windhoek came together this weekend to discuss ways in which the health ministry and the government can make hospital facilities...

Load More