Venaani calls for judicial inquiry into SME Bank

Home Business Venaani calls for judicial inquiry into SME Bank

Selma Ikela

Popular Democratic Movement (PDM) President McHenry Venaani is calling for a judicial inquiry into the missing N$200 million at the SME Bank, which closed down last year.
Venaani said the N$200 million has gone missing but the government wants to subdue debate on the issue and wants the matter to be left alone and move forward.

SME Bank closed down as a result of the questionable investment of the millions mainly in little-known South African entities. The bank was officially placed in the hands of the Master to be wound up as ordered by Judge Hannelie Prinsloo in the High Court last year July.
At the same time, about 200 employees lost their jobs.

Venaani, who recently addressed the media on a plethora of issues, such the Namibia Central Intelligence Service having two bosses and the erosion of state-owned enterprises, said the PDM wants a judicial inquiry to truly know happened at the bank, and its board must inform the nation what transpired.

An online dictionary explains that a judicial inquiry is a formal legal investigation conducted into a matter of public concern by a judge appointed by government.

Venaani said the government attempted and succeeded in “subsiding” debate on the failed bank in parliament so that when people speak about the bank they hide behind the sub judice clause.

“Now the board of directors is exonerated. The president is protecting the board of directors who failed in their fiduciary duty to supervise such an important institution. We are not saying the directors are wrong in their conduct. For us to be fair, for those who lost money in the bank we must have a judicial inquiry into the affairs of SME Bank so that we know what happened and who did what,” urged the PDM leader.

He added that the president can’t be the arbiter and say he heard the story and therefore the directors should be exonerated – “they (board) should be exonerated by a judicial injury”.
“We are saying, had I been in power and had I been the president , I would have commissioned an injury to substantiate what happened, what transpired, who did what and what were the lapses.”

••••• Photo: Venaani
Caption: Photo: Selma Ikela