SME Bank staff in loans write-off bid

Former Bank staff are adamant that government should write-off the loans they received from the bank, while also agitating for better severance packages.This follows the handing over of a petition by the group to deputy finance minister Natangue Iithete in May. The petition has since been discussed by the ministers of industrialisation, finance and labour, Namibia Financial Institutions Union (Nafinu) secretary-general Asnath Zamuee has confirmed to Namibian Sun. “What we requested in the petition is for their loans to be written off since they are unable to repay the loans. We also requested assistance from government in the form of nine months' salary for the affected workers,” Zamuee said.According to her, the ministers had met to discuss the demands of the affected workers.Zamuee added the union, together with the workers, would also be bringing a class action suit against those they claim had brought about the closure of the bank.“The three ministers met last Wednesday to discuss the plight of the workers; that is the ministers of trade, finance and labour. With regard to the court case, the plan is to forge ahead. However, we have several challenges at the moment,” she said.The application to finally liquidate the bankrupt SME Bank was brought by the Bank of Namibia (BoN) against the government, the Namibia Financing Trust, the Metropolitan Bank of Zimbabwe, World Eagle Properties and the ministers of finance and industrialisation. SME Bank was placed under provisional liquidation on 11 July 2017, sealing the fate of 208 employees, who are now jobless. The bank was placed under the management of liquidators Dave Bruni and Ian McLaren. The BoN took control of SME Bank on 2 March 2017, after it had come to light that between N$181 million and N$196 million had been invested in questionable financial instruments in South Africa. The central bank sought a final winding up order, based on the fact that SME Bank is insolvent, as contemplated by provisions of the Banking Institutions Act, in that its liabilities exceed its assets. The Namibian government, through Namibia Financing Trust, held 65% shares in the defunct bank, while Metropolitan Bank of Zimbabwe held 30% shares and World Eagle Properties, a real estate and property development company based in Harare, held 5%.OGONE TLHAGE

SME Bank staff in loans write-off bid

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Namibian Sun 2025-11-20

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SME Bank staff in loans write-off bid

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Namibian Sun 2025-11-20

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