SME Bank workers weep

Employees of the troubled SME Bank, which was placed under provisional liquidation on Tuesday by the Windhoek High Court, have accused the Government of forsaking them in their hour of need.

‘Geingob is all talk, but no action’

President Hage Geingob’s failure to publicly pronounce himself on the swindled Kora millions (N$24m), the astronomical legal fees for the genocide case (N$47m) and the lost N$200m from the SME Bank, sets a bad precedent for Namibia, political analysts have said.

Calle cracks whip

Fresh from refusing to pump N$500 million of taxpayers’ money into the SME Bank for its continued existence, Finance Minister, Calle Schlettwein, warned on Thursday about stern measures to be taken on ministries and State-owned companies that abuse budget votes and then seek bailouts from Treasury.

Ngatjizeko lied - SME Bank shareholders

SME Bank minority shareholders, Metbank and Worldeagle Investments, have accused Industrialisation, Trade and SME Development Minister, Immanuel Ngatjizeko, of lying after he announced in a local daily that they did not have the money to recapitalise the banking concern.

SME Bank needed in Namibia: Sinimbo

Government says there is a real need for a macro small and medium enterprise (MSME) bank such as the SME Bank, which caters for the various integrated needs of that sector.

N$300m SME Bank bailout mooted

Government is working on a plan to pump in at least N$300 million into the financially troubled SME Bank, a Treasury source said this week.
“The bank urgently needs the money,” a Treasury source told the Windhoek Observer.

BoN backtracks on SME Bank

In an interesting twist to the ongoing fight over the control of SME Bank, the Bank of Namibia (BoN) seems to have made a major climb down from its earlier decision to unilaterally fire the lender’s board of directors, after it announced this week that the board had not been fired, but “disempowered”.

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The Windhoek Observer is an English-language weekly newspaper, published in Namibia by Paragon Investment Holding. It is the country's oldest and largest circulating weekly.

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