SME Bank court ruling deferred

A RULING that should determine the further course to be taken after a legal challenge to the Bank of Namibia’s takeĀ­over of the SME Bank is now expected to be delivered in the Windhoek High Court early next week.

The ruling should be ready to be delivered on Tuesday next week, judge Shafimana Ueitele said yesterday.

Judge Ueitele reserved his ruling on a potentially crucial starting point of a legal attack on the Bank of Namibia’s decision to remove the SME Bank from the control of its board of directors and three top managers after hearing oral arguments on the matter almost two weeks ago.

The ruling was initially scheduled to be handed down yesterday.

The decision expected from judge Ueitele is on the question whether the legal challenge of the central bank’s takeover of the SME Bank should be heard on an urgent basis, or should fall into the queue of cases going through the High Court on a non-urgent time schedule.

The Bank of Namibia removed the SME Bank’s chief executive officer Tawanda Mumvuma, finance manager Joseph Banda, and the general manager of treasury and investments Alec Gore, from their posts on 1 March. At the same time, the central bank also stripped the SME Bank’s board of directors of its powers.

The central bank’s decision to take control of the SME Bank

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