Windhoek High Court rules SME Bank be closed provisionally

Windhoek High Court rules SME Bank be closed provisionally
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NAMPA

The Windhoek High Court has ruled that the SME Bank be closed provisionally.
Tuesday morning's ruling comes short on the heels of High Court Judge Hannellie Johanna Prinsloo's decision on Monday to hear the case on an urgent basis.
This, she said, is because the Bank of Namibia's application met all the legal requirements, in accordance with the Companies Act 28 of 2004, to be heard on an urgent basis.
The respondents, particularly the minority shareholders, who opposed the Bank of Namibia's application to close the bank, have until 15 September to provide reasons why today's order of provisional closure should not be made final.
Sisa Namandje, appearing for the minority shareholders, unsuccessfully argued for the application not to be heard on an urgent basis and thereafter be struck off the High Court's roll.
The BoN in April disempowered three executives and directors of the SME Bank and took charge of it following the discovery of what appeared to be unsound investments of N$200 million made in South Africa.
The government has over the past four years, since its establishment in 2013, pumped about N$477 million into the SME Bank.