More articles in this category
Top Stories

A lawyer, Hipura Ujaha, representing a woman, Rachel Rittmann, accused of plotting the murder of her husband together with an alleged lover, faile...

As the nation come to terms and mourns the death of struggle icon, Dr. Theo-Ben Gurirab, the Vice President, Nangolo Mbumba has described him as m...

Following a recent decision by NamPower to suspend power supply to southern towns namely Aranos; Tses; Berseba; Koës for debt, Aranos has now...

Members of opposition political parties represented in the National Assembly have reacted with anger at the sudden imposition of taxes on Kapana b...

Following a deal brokered between the Namibia National Students Union (NANSO) and the Namibia Students Financial Assistance Fund (NSFAF) that will...

Sources close to high offices in government have warned that the upcoming land conference will be shadowed by a military presence meant to send a ...

Other Articles from The Villager

SME Bank board and senior management booted out ...as Bank of Namibia takes control

Thu, 2 March 2017 00:16
by online reporter
News Flash

Bank of Namibia has just announced that it has taken control of SME Bank Ltd, due of certain investments made that have not conformed to sound investment principles and that can potentially pose a risk to the stability of the bank.

According to BoN, the SME Bank made dubious investments in South Africa between N$181-196 million.

During the announcement made this afternoon, BoN Governor Iipumbu Shiimi said the board of directors of SME Bank has been disempowered and must submit the property, business and affairs of the SME Bank to the control of the BoN with immediate effect.

Similarly, the Chief Executive Officer, Manager of Finance and General Manager of Treasury have been removed. The BoN has appointed an interim board to carry out the fiduciary responsibilities and support the committed staff members of SME Bank in managing the affairs of the bank on behalf of BoN.