• May 29th, 2020

SME Bank’s Kamushinda seeks refund in new application

WINDHOEK - Disgraced Zimbabwean banker and former minority shareholder in the liquidated SME Bank Enock Kamushinda, has lodged a new application in the Windhoek High Court in which he demands that the Bank of Namibia refunds shareholders within 30 days.

Refund is being sought for all the monies spent in pursuit and in aid of the winding up of the bank, including but limited to all costs of the limited to all costs of liquidation.
President Hage Geingob is cited as first respondent in the case, for ‘supporting’ the Bank of Namibia’s actions on closing down the SME Bank.

Other government ministries - government being the majority shareholder in the liquidated bank – are also cited as respondents in the application filed last week.
Also cited, as respondents are the Attorney General and the Bank of Namibia.

Kamushinda, who has failed to return the missing N$200 million which he had assured the Namibian government he would pay as early as December 2018 and also had made attempts to settle the stalemate out of court by January 2019, this week shocked all and sundry in a High Court application notice of motion.  

In his application, Kamushinda whose two companies World Eagle Investments (five percent) and Metropolitan Bank (30 percent) had shares in SME Bank Namibia, where government had the majority shares of 65 percent, seeks the High Court to nullify and invalidate the closure of the SME Bank by the 3rd respondent, the Bank of Namibia.

“Consequent on the declaration of invalidity of the said closure, all the actions taken by the [Bank of Namibia], including but not limited to the removal of the board of directors and the appointment of liquidators (6th respondent) are null, void, invalid and of no force and effect,” he states in his application.

Citing Article 25 (3) of the Namibian Constitution, Kamushinda cites President Geingob in his capacity as President of Namibia for ‘supporting’ the Bank of Namibia’s actions on SME Bank’s closure.
He is counseled by Windhoek-based FB Law Chambers Attorneys, led by Franscois Bangmwabo, and lists former media ombudsman Clement Daniels as a consultant. 

Kamushinda gave those that he is suing until April 26 2019 to respond to his court application, where if not notice of oppose is given, the application will be set down for hearing.

Staff Reporter
2019-04-11 08:34:47 | 1 years ago

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