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Challenge over bank's takeover postponed

Publish date: 10 April 2017
Issue Number: 721
Diary: IBA Legalbrief Africa
Category: Namibia

The CEO and other top SME Bank officials who were removed from their posts in March will have to wait another 10 days before they will hear if the case in which they are suing the central bank over its takeover of their institution will be treated as an urgent matter. The legal challenge against the move was scheduled to be heard in the Windhoek High Court on Friday, but the matter was postponed to 19 April with Judge Shafimana Ueitele reserving his ruling. The Namibian reports that the plaintiffs include SME Bank's CEO Tawanda Mumvumaand and its financial manager Joseph Banda.

Full report in The Namibian