State House warns against SME Bank witch-hunt

PRESIDENT Hage Geingob answers our questions regarding the failed SME Bank. Here is what Geingob said via State House press secretary Albertus Aochamub to questions posed by ‘s Shinovene Immanuel.

Albertus Aochamub (AA): Government is always concerned at loss of jobs and will always do its best to secure the future of the affected families. In this instance, you would know that the Bank of Namibia as empowered by the relevant legislation ordered the closure of the bank through the courts. We are a country of laws and the executive branch of the state will always allow our independent judiciary to carry out its functions without undue interference. All matters were carefully considered.

AA: I am sure you are privy to the court ruling on the matter. The assertion you make is not contained in that ruling.

AA: Government considered all options but when a matter is brought to court in the manner this one was done we cannot interfere. We have to allow our independent courts to conduct their business unhindered to ensure that justice is served.

AA: The bank was still in its infancy when the current crisis occurred and therefore it is difficult to judge its performance in relation to its mandate. We were, however, confident that it would have played the role it was established for had all the governance and related matters been resolved timeously.

AA: Let us have that discussion once the court processes are completed. In the meantime, the Cabinet is kept informed of all the developments.

AA: We are sympathetic and always concerned when people lose their livelihoods. These are difficult times for many Namibians and government remains committed to ensure that we all have some form of security such as shelter and food.

AA: All the necessary legal and appropriate measures are being considered to deal with all the issues as they become apparent. What is most important is that we follow the prescribed laws to the fullest extend provided for. We cannot have witch-hunts and unprocedural actions that can damage confidence in our own laws, institutions and economy.

AA: This is a personal matter that the President will deal with within the bounds of the rules that govern the closure of the bank.