SME Bank executives sue BoN

FORMER SME Bank directors and managers are suing the Bank of Namibia (BoN) following the expiration of their one-day ultimatum for reinstatement on Monday.

Meanwhile, the home affairs ministry appears to have indefinitely deferred the work permit applications of all Zimbabweans at the SME Bank.

Lawyer Sisa Namandje confirmed yesterday that he was suing BoN on behalf of his Zimbabwean clients.

“Unfortunately, as the matter becomes sub judice from today, I will not comment on the case,” he said.

On Sunday, Namandje had demanded in a strongly worded letter that BoN immediately retract its decision to fire his clients, and that it should have done so by yesterday.

The lawyer, who represents SME Bank minority shareholder Enock Kamushinda, former SME Bank CEO Tawanda Mumvuma, and other senior executives, also demanded that BoN reinstate his clients.

Mumvuma is one of the people whose work permit application has been placed on hold indefinitely.

According to Namandje, the removal of his clients had been unlawful, and they had not been given an opportunity to explain themselves.

BoN governor Iipumbu Shiimi stated last week that the central bank was empowered under Section 56 of the Banking Institutions Act of 1998 to take the action it has, and to appoint an interim board at SME Bank. The interim board consists of Dennis Khama, Melani Tjijenda, Ali Ipinge and Fanuel Kisting,

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