Speaker rejects DTA motion on SME Bank

09 June 2017 | Local News

Speaker of the National Assembly Peter Katjavivi has rejected a motion moved by DTA leader McHenry Venaani calling on parliament to debate the SME Bank debacle.

Venaani was yesterday set to motivate the motion, but his hopes were dashed when Katjavivi rejected debate on the matter as it was still before the courts.

“It is not the first time that we are confronted by such a request, we have to comply with the rules and rules are meant to be followed,” he said.

Without putting up much resistance, Venaani retired to his chair and accepted the speaker's order before making way for the exit while business continued in the meantime.

This week Venaani had also called for judicial commission of inquiry into the affairs of the SME Bank, which has since been place under curatorship by the Bank of Namibia because of “questionable investment in South African financial instruments”.

The board and top management of the troubled bank have also been suspended pending the central bank's investigation.

“We need to restore confidence in the SME Bank,” Venaani said earlier in the week.

“The intention of the SME Bank was to support SMEs and not institutions like Woermann Brock which has been operating for over 100 years. The mandate of the SME Bank has been circumvented by providing loans to the likes of Woermann Brock. Loans have been given to directors of the SME Bank and these directors of the SME Bank have not even read the King Report. As a board member, you should know you are the guarantor of the rules.”

The High Court recently dismissed an application to overturn a decision to have the suspension of three executives and board members lifted.

The suspended officials include CEO Tawanda Mumvuma, finance manager Joseph Banda, General Manager of Treasury and Investments Alec Gore. Board chair George Simataa, vice-chairperson Enock Kamushinda and ordinary director Ozias Bvute are also suspended.

They have been ordered to pay the costs of the respondent in this case the Bank of Namibia.


Similar News


Genocide wounds are still raw - Rukoro

5 hours ago | Local News

OvaHerero paramount chief Vekuii Rukoro has called on the German community in Namibia to wake up and smell the coffee. Rukoro yesterday said the local...

A cry for dignity

5 hours ago | Local News

A 2015 report on harmful cultural practices in Namibia found that for some rural Namibian girls, the onset of menstruation marks the start of incest...

Oshikoto land grabs spiral out of control

5 hours ago | Local News

The Ondonga Traditional Authority's senior leader for the Onalusheshete district, Eino Shondili Amutenya, says the grabbing of grazing land in the area has spiralled out...

Donkey abattoirs cause stir

5 hours ago | Local News

A video footage asking for help to stop donkey abattoirs from opening in Namibia that was produced by a prominent Namibian tourism operator has been...

Student teachers demonstrate

5 hours ago | Local News

A group of student teachers yesterday demonstrated and further threatened to take action if the ministry of education does not release its vacancy bulletin soon....

Understanding gender equality

5 hours ago | Local News

The frequent headlines announcing the death or violent assault of women at the hands of intimate partners in Namibia have laid bare some of the...

Muharukua preparations underway

5 hours ago | Local News

Preparations for the memorial and funeral service for the late Kunene Governor Angelika Muharukua are going well at Opuwo and Okatjetje village, where the family...

Ohangwena and Omusati receive water tankers

5 hours ago | Local News

The Office of the Prime Minister (OPM) and Ministry of Agriculture, Water and Forestry (MAWF) handed over two tank trucks to the Ohangwena and Omusati...

Epango lyoPrEP otali keelele etaandelo lyoHIV

5 hours ago | Local News

Egandjo lyomayakulo gokukeelela etaandelo lyombuto yoHIV okupitila moPre-Exposure Prophylaxis kaantu mboka inaya kwatwa kombuto ndjoka, oshi li ondjila onde kuNamibia.Ndhoka oohapu dhomukalelipo gwa Amerika moNamibia,...

NEFF a gandja uusama komalelo goondoolopa

5 hours ago | Local News

Ongundu yoNEFF oya popi kutya omalelo goondoolopa inage ya pa ompito opo ya vule okumona oobiliyona 3 ndhoka dha pumbiwa mokutunga omagumbo ngaashi ya ningi...

Latest News

Norwegian quota advertised

5 hours ago | Agriculture

The Meat Board of Namibia has started with the process to allocate the Norwegian quota for 2018 to appropriate export abattoirs.Namibia is in possession of...

Anthrax fears rise

5 hours ago | Environment

Botswana authorities are on high alert following the discovery of hippo carcasses in the Okavango River that succumbed to an anthrax outbreak in Namibia. These...

25% of babies born without...

5 hours ago | Health

South Africa is the only country in the sub-region with a sexual, reproductive, maternal, new-born and adolescent health (SRMNAH) workforce that is large enough and...

Shot of the day

5 hours ago | Picture of the day

BERRIES GALORE: A picture taken with a drone shows Belarusians harvesting cranberries at a farm in the village of Selishche, some 290 km south of...

Swapo must reform

5 hours ago | Opinion

The silly season is now in full swing following last weekend's central committee meeting of the ruling party, which wrapped up nominations for the top...

Hell descends on Portugal

5 hours ago | International

A wave of wildfires in central and north Portugal which started at the weekend has killed at least 31 people, civil defence authorities say.Dozens of...

Record weaner season closes

5 hours ago | Agriculture

A total of 15 940 cattle were sold at this year's weaner auctions compared to 5 977 cattle sold in 2016. The average weaner calf...

Ox producers compete

5 hours ago | Agriculture

The winners of this year's Slaughter Ox Competition that is hosted by Agra Auctions was recently announced at an event held in Windhoek. The competition...

Cup kick-off date unconfirmed

5 hours ago | Sports

The organisers of the Petrus Kavhura Cup have announced that they will only set the kick-off date of the tournament at the end of this...

Load More