On Tuesday, Windhoek High Court Judge Hannelie Prinsloo ordered the provisional winding up of the Small and Medium Enterprise (SME) Bank after she was satisfied that the bank was factually and commercially insolvent. The bank’s troubles started in March when the Bank of Namibia took control of the SME bank after discovering that the bank could lose N$194 million. This would have left the bank unable to meet its commitments to depositors and clients.
The application was stubbornly resisted by the two Zimbabwean minority shareholders of the bank. Some of the executives of the SME Bank include:
- Enock Kamushinda – Vice Chairperson of the Board
- Tawanda Mumvuma – CEO SME Bank
- Ozias Bvute – Ozias Bvute
Employees of the bank staged a protest against the closure of the bank saying that the executives should be held personally liable.
More: NBC