Tucna bemoans dodgy investments

Memories of the lost N$100 million of the Offshore Development Company and the N$30 million SSC/Avid investment scandal were relived yesterday by a trade union that called on the Anti-Corruption Commission to investigate the SME Bank. The Trade Union Congress of Namibia secretary-general, Mahongora Kavihuha, said workers were losing money because of dodgy investment deals. Kavihuha told a press conference that public entities were losing money belonging to the taxpayers. “It has become a tendency that workers are losing money in this country. We are still hoping workers will heal from what happened to their N$600 million [GIPF scandal], their N$30 million. On that note, we call on the Anti-Corruption Commission to investigate,” he said. He was not optimistic that a commission of inquiry would help to resolve the issues surrounding the SME Bank. “With the situation regarding the missing millions we can very well assure you of a commission of inquiry soon to follow the current investigation by the Bank of Namibia. The commission will purportedly investigate, but like all others before it, it will not reveal anything. This we must be assured of,” Kavihuha said. The SME Bank was recently placed under the curatorship of the central bank after it invested between N$181 million and N$196 million in questionable financial instruments in South Africa. Pending an investigation into the matter, the entire SME Bank board of directors, its chief executive officer and its managers for finance and treasury have been suspended. The suspended board and three executives are challenging the central bank's decision in the High Court, demanding reinstatement. In this regard, Kavihuha said: “We cannot entertain these suspended executives' challenge. This is a matter of public interest. It does not include politicians. They are not the alpha and omega.” Kavihuha pointed out that Social Security Commission CEO Milka Mungunda was also an SME Bank board member. “The current CEO of the Social Security Commission is part of the SME Bank board of directors and by all accounts ought to bear full cognisance of what happened a few years ago with the N$30 million. How she could have allowed this to repeat itself under her watch at the Social Security Commission is beyond us,” he said. “The Bank of Namibia should have picked this up a long time ago. They were sleeping on the job.” Kavihuha appealed to President Hage Geingob to intervene in the matter saying: “Why should these things happen under the guise of well-paid advisors? I am sure as the first citizen the president must settle this issue as soon as possible. He must assure the nation.” OGONE TLHAGE

Tucna bemoans dodgy investments

Comments

Namibian Sun 2026-09-18

Please login to leave a comment

Tucna bemoans dodgy investments

Comments

Namibian Sun 2026-09-18

Please login to leave a comment

Subscription Required to Access Content ×

Login

Subscription Required to Access Content