SME Bank depositors still licking their wounds
SME Bank depositors still licking their wounds

SME Bank depositors still licking their wounds

A whopping 23 259 claims had been made against the bank, to the combined value of over N$1 billion.
Cindy Van Wyk
OGONE TLHAGE







WINDHOEK

Depositors of liquidated SME Bank are still waiting to receive their payments from the bank – despite an agreement that they would be paid 10 cents on each dollar they had in their accounts.

The depositors also claimed that the liquidators, Ian McLaren and David Bruni, did not have follow-up meetings to discuss the developments pertaining to pay-outs they were meant to receive.

“We do not know what to do or where and whom to approach. We are troubled, we are bankrupt, banks have repossessed our cars and houses. We need our money from SME Bank - not tomorrow, but now,” depositors who approached Namibian Sun said.

Shareholders of the SME Bank were Namibia Financing Trust (Pty) Ltd, representing the Namibian government which holds 65% of the shares; Metropolitan Bank of Zimbabwe (35%), and World Eagle Investments (5%).

The SME Bank was closed in 2017 after approximately N$200 million the bank ‘invested’ with South African entities vanished into thin air. It is alleged that a lot of the SME Bank funds were deposited into Venda Building Society (VBS) Mutual Bank, a South African bank that is also now under curatorship.

The liquidators are claiming that between 11 October 2012 and 29 April 2015, an amount of N$97.1 million was transferred to South African recipients. Another transfer of N$53.5 million was made to South Africa between 30 April 2015 and 1 September 2015.

The bank again made a transfer totalling N$97.5 million to the South African recipients between 1 September 2015 and 17 January 2017.

After liquidation, the bank’s 208 employees lost their jobs.

Millions stolen

The liquidators of the bank are also accused of deviating from an original agreement to at least pay out N$0.25 on the dollar, depositors said.

“The initial verbal promise in the meeting held by SME Bank depositors and Bruni and McLaren liquidators was that we will receive at least N$0.25 for every dollar we are owed as settlement, and it was not done,” depositors said.

A whopping 23 259 claims had been made against the bank - to the combined value of over N$1 billion.

High Court judge Collins Parker concluded that N$247 million had been stolen from the bank before its liquidation in 2017.

The Bank of Namibia placed the former lender under curatorship after between N$181 million and N$196 million had been invested in questionable securities in South African financial instruments.

The former deputy chairperson of SME Bank, Enoch Kamushinda, his company World Eagle Investments and another other minority shareholder, Metbank, were found to be responsible for the liabilities amounting to N$1 billion.

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Namibian Sun 2024-03-19

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 155.44/OZ DOWN -0.0031 | Copper US$ 4.06/lb DOWN -0.0106 | Zinc US$ 2 500.40/T DOWN -1.54% | Brent Crude Oil US$ 86.77/BBP DOWN -0.0032 | Platinum US$ 902.32/OZ DOWN -0.0155 Sport results: Six Nations: France 33 vs 31 England | Ireland 17 vs 13 Scotland | Wales 21 vs 24 Italy Premier League: Brighton 0 vs 0 Manchester City | West Ham 1 vs 1 Aston Villa | Everton 0 vs 0 Liverpool | Fulham 3 vs 0 Tottenham Hotspur | Manchester United 0 vs 0 Sheffield United | Luton Town 1 vs 1 Forest | Wolverhampton Wanderers 0 vs 0 Bournemouth | Crystal Palace 0 vs 0 Newcastle | Burnley 2 vs 1 Brentford | Arsenal 0 vs 0 Chelsea LaLiga: Atletico Madrid 0 vs 3 Barcelona | Rayo Vallecano 2 vs 0 Real Betis | Las Palmas 0 vs 1 Almería | Villarreal 1 vs 0 Valencia | Sevilla 1 vs 2 Celta Vigo | Athletic Club 2 vs 0 Deportivo Alaves | Getafe 1 vs 0 Girona | Osasuna 2 vs 4 Real Madrid | Mallorca 1 vs 0 Granada SerieA: Internazionale 1 vs 1 Napoli | AS Roma 1 vs 0 Sassuolo | Atalanta 0 vs 0 Fiorentina | Hellas Verona 1 vs 3 AC Milan | Juventus 0 vs 0 Genoa | Frosinone 2 vs 3 SS Lazio | Salernitana 0 vs 1 Lecce | Monza 1 vs 0 Cagliari | Udinese 0 vs 2 Torino European Championships Qualifying: Leeds United 2 vs 0 Millwall FC | West Bromwich Albion 2 vs 0 Bristol City | Plymouth Argyle 0 vs 1 Preston North End | Rotherham United 0 vs 0 Huddersfield Town | Stoke City 0 vs 3 Norwich City | Middlesbrough 0 vs 0 Blackburn Rovers | Birmingham City 0 vs 1 Watford | Ipswich Town 6 vs 0 Sheffield Wednesday | Sunderland 0 vs 0 Queens Park Rangers | Swansea City 2 vs 0 Cardiff City FA Cup: Manchester United 4 vs 3 Liverpool | Chelsea 4 vs 2 Leicester City | Manchester City 2 vs 0 Newcastle United | Wolverhampton Wanderers 2 vs 3 Coventry City English Championship: Leeds United 2 vs 0 Millwall FC | West Bromwich Albion 2 vs 0 Bristol City | Plymouth Argyle 0 vs 1 Preston North End | Rotherham United 0 vs 0 Huddersfield Town | Stoke City 0 vs 3 Norwich City | Middlesbrough 0 vs 0 Blackburn Rovers | Birmingham City 0 vs 1 Watford | Ipswich Town 6 vs 0 Sheffield Wednesday | Sunderland 0 vs 0 Queens Park Rangers | Swansea City 2 vs 0 Cardiff City Weather: Katima Mulilo: 18° | 37° Rundu: 20° | 38° Eenhana: 20° | 36° Oshakati: 23° | 35° Ruacana: 21° | 36° Tsumeb: 21° | 37° Otjiwarongo: 18° | 35° Omaruru: 20° | 37° Windhoek: 19° | 34° Gobabis: 19° | 36° Henties Bay: 19° | 24° Wind speed: 19km/h, Wind direction: SW, Low tide: 06:31, High tide: 12:45, Low Tide: 18:51, High tide: 01:21 Swakopmund: 17° | 19° Wind speed: 16km/h, Wind direction: W, Low tide: 06:29, High tide: 12:43, Low Tide: 18:49, High tide: 01:19 Walvis Bay: 18° | 26° Wind speed: 22km/h, Wind direction: W, Low tide: 06:29, High tide: 12:42, Low Tide: 18:49, High tide: 01:18 Rehoboth: 18° | 35° Mariental: 24° | 37° Keetmanshoop: 22° | 37° Aranos: 24° | 37° Lüderitz: 24° | 36° Ariamsvlei: 27° | 38° Oranjemund: 17° | 29° Luanda: 27° | 29° Gaborone: 23° | 37° Lubumbashi: 16° | 26° Mbabane: 18° | 22° Maseru: 15° | 33° Antananarivo: 16° | 25° Lilongwe: 17° | 27° Maputo: 23° | 27° Windhoek: 19° | 34° Cape Town: 20° | 27° Durban: 22° | 24° Johannesburg: 18° | 32° Dar es Salaam: 24° | 32° Lusaka: 17° | 28° Harare: 15° | 32° Economic Indicators: Currency: GBP to NAD 23.97 | EUR to NAD 20.54 | CNY to NAD 2.63 | USD to NAD 18.96 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.34 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.73 | ZWL to NAD 0.04 | BRL to NAD 3.76 | RUB to NAD 0.21 | INR to NAD 0.23 | USD to DZD 134.31 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.15 | USD to KES 132.98 | USD to NGN 1572.01 | USD to ZAR 18.96 | USD to ZMW 25.65 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 72430.44 Down -0.77% | Namibian Stock Exchange (NSX) Overall Index 1504.69 Down -0.83% | Casablanca Stock Exchange (CSE) MASI 13085.63 Up +0.17% | Egyptian Exchange (EGX) 30 Index 29091.29 Down -6.34% | Botswana Stock Exchange (BSE) DCI 9055.2 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 155.44/OZ DOWN -0.0031 | Copper US$ 4.06/lb DOWN -0.0106 | Zinc US$ 2 500.40/T DOWN -1.54% | Brent Crude Oil US$ 86.77/BBP DOWN -0.0032 | Platinum US$ 902.32/OZ DOWN -0.0155