Venaani threatens court action over SME Bank millions

16 March 2018 Author   Kaula Nhongo
Popular Democratic Movement (PDM) president McHenry Venaani has threatened to take government to court if his request for a judiciary inquiry into the SME Bank saga is not met.
Speaking at a media briefing this week, Venaani called on government to act on SME Bank, saying the board needs to explain to the nation what really happened to the money that was supposedly invested in South Africa.
“We are calling for a judiciary inquiry into what really happened, and especially the board must tell us what truly happened. People are about to lose their money and government wants to subside the N$200 million.
 “If our request for a judiciary inquiry into the SME Bank is not met, we are mobilising resources to approach the court of law. We are contemplating going to court because we think that there is a strong case to be made of criminal activity,” Venaani said.
He queried President Hage Geingob’s effort in resolving the issue, accusing the Head of State of taking a back seat.
Venaani further accused government of squashing any efforts made by his party to discuss the matter in the National Assembly.
“Government has succeeded to smother the debate in the National Assembly so that we do not speak about the SME Bank hiding behind the sub judice clause.
“We are not saying the directors are wrong; we are saying for us to be fair to those that have lost money in that bank we must have a judiciary inquiry so that we know what happened and who did what,” he said
Last month, the High Court ordered the establishment of a commission of enquiry to investigate the financial collapse of the bank and the suspected disappearance of nearly N$175 million that the bank supposedly invested in South Africa.
Deputy Judge President Hosea Angula ordered the commission of enquiry in terms of the Companies Act of 2004.
The enquiry is to be headed by legal counsel Natasha Bassingthwaighte.
The order authorises Bassingthwaighte to summon witnesses to be questioned before her about their knowledge of the affairs of the SME Bank and its business dealings with the South African company Mamepe Capital; VBS Mutual Bank, which is also registered in South Africa; the companies Tulive Capital and Moody Blue Trade & Invest 14; Asset Movement Financial Services; DMA Consultants;; and the Lebanese company Rawfert Offshore.
The order also authorises Bassingthwaighte to summon a number of specific witnesses for questioning, including the SME Bank’s former Chief Executive Officer, Tawanda Mumvuma and former Finance Manager, Joseph Banda, Mamepe Capital’s Chief Executive Officer, Mauwane Kotane, and the directors or owners of Tulive Capital, Asset Movement Financial Services, DMA Consultants, Moody Blue,, and Rawfert Offshore.


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