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Addressing a press conference at State House in Windhoek

 
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MessagePosté le: Mer 16 Mai - 03:03 (2018)    Sujet du message: Addressing a press conference at State House in Windhoek Répondre en citant

WINDHOEK Corey Liuget Chargers Jersey , July 31 (Xinhua) -- Namibian President Hage Geingob denied Monday that the beleaguered SME Bank was his project but a result of a Cabinet resolution.

The SME Bank is currently under liquidation following the failure to recover about 200 million Namibian dollars (15.3 million U.S dollars) invested in South Africa in 2016.

The Bank of Namibia sought an order of the court to declare the SME Bank insolvent and that order was granted on July 11 this year.

Geingob was the trade minister when the idea to start the SME Bank was made in 2010.

The Government of Namibia has 65 percent; a Zimbabwean bank, Metbank owns 30 percent while a Zimbabwean businessman Enock Kamushinda has 5 percent.

Addressing a press conference at State House in Windhoek, Geingob said he chose not to intervene in the SME Bank issue because it was sub judice.

The press conference was called to address several issues Joe Barksdale Chargers Jersey , among them the liquidation of the SME Bank and unresolved corruption cases involving high ranking officials.

"Let me make use of this opportunity to clarify that the SME Bank was never a "Hage" project as portrayed by some.

"The formation of the SME Bank came about as a result of a Cabinet resolution to convert the former credit guarantee scheme into an SME Bank.

"Since the matter resorted under the then Ministry of Trade and Industry and I was the Minister, I swiftly attended to the execution of the resolution," he said.

He Kyle Emanuel Chargers Jersey , however, said that the government had asked the Bank of Namibia for more time to allow him to take up the SME Bank matter with his political counterparts in South Africa and Zimbabwe.

"It is regrettable that since then, the bank has been put under provisional liquidation and that ordinary Namibians have lost their employment Drew Kaser Chargers Jersey ," he said, adding that he regrets the loss of jobs.

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