SME Bank liquidation ongoing
The bank may be placed in final liquidation or provisional liquidation could continue.
The liquidation of the SME Bank will be heard in the High Court once again next week, according to its liquidators, Bruni and McLaren.
Depositors are still guaranteed to receive up to N$25 000, with a claim process expected to be communicated soon.
“All depositors are protected by law up to N$25 000. The claim process will be communicated to the public in due course. The extent of recoveries of deposits which exceed N$25 000 will depend on the outcome of the process,” the statement released by the liquidators said.
The liquidators did not want to comment on whether any bids had been received to acquire the SME Bank depositor book.
“All potential investor bids are subject to strict confidentiality and thus cannot be shared,” the statement said.
“The bank remains in provisional liquidation until 15 September 2017 on which date the bank may be placed in final liquidation, or the provisional liquidation order may further be extended,” the statement said.
The liquidators said recoveries of all outstanding loans from SME Bank were under way and would continue.
“Loan holders are thus encouraged to honour their contractual obligations,” it said.
The central bank, which took control of the SME Bank at the beginning of March, brought an urgent application for the provisional liquidation of the SME Bank in the High Court after it had discovered that dubious investments of between N$181 million and N$196 million had been made in questionable financial instruments in South Africa.
STAFF REPORTER
Depositors are still guaranteed to receive up to N$25 000, with a claim process expected to be communicated soon.
“All depositors are protected by law up to N$25 000. The claim process will be communicated to the public in due course. The extent of recoveries of deposits which exceed N$25 000 will depend on the outcome of the process,” the statement released by the liquidators said.
The liquidators did not want to comment on whether any bids had been received to acquire the SME Bank depositor book.
“All potential investor bids are subject to strict confidentiality and thus cannot be shared,” the statement said.
“The bank remains in provisional liquidation until 15 September 2017 on which date the bank may be placed in final liquidation, or the provisional liquidation order may further be extended,” the statement said.
The liquidators said recoveries of all outstanding loans from SME Bank were under way and would continue.
“Loan holders are thus encouraged to honour their contractual obligations,” it said.
The central bank, which took control of the SME Bank at the beginning of March, brought an urgent application for the provisional liquidation of the SME Bank in the High Court after it had discovered that dubious investments of between N$181 million and N$196 million had been made in questionable financial instruments in South Africa.
STAFF REPORTER
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