馃嚦馃嚘NamibiaSouthern Africa
Zimbabwean court recognizes SME Bank liquidation, paving way for asset recovery
via The Namibian6 min read
The High Court of Zimbabwe has recognized the liquidation of Namibia's Small and Medium Enterprises Bank, allowing its liquidators, Ian McLaren and Dave Bruni, to recover assets in Zimbabwe. This decision follows an application by the liquidators to be recognized in Zimbabwe, which was opposed by Metropolitan Bank of Zimbabwe Metbank, a minority shareholder in SME Bank. High Court judge Siyabona Musithu dismissed Metbank's objections, ruling that the legal requirements for recognizing the Namibian insolvency proceedings were met. The ruling permits McLaren and Bruni to administer SME Bank assets in Zimbabwe and to approach the Zimbabwean courts to register and enforce judgments from Namibian courts, though it does not automatically register or enforce these judgments. The SME Bank was wound up in July 2017 by the Bank of Namibia. In October 2020, High Court acting judge Collins Parker found former deputy chairperson of the SME Bank's board, Enock Kamushinda, liable for N$247 million stolen from the bank. Parker also issued a judgment against Kamushinda, his company World Eagle Investments, and Metbank for N$1.02 billion, and additional amounts for outstanding share payments. The Supreme Court in March 2024 affirmed that these orders could be executed, noting evidence of "prima facie criminal conduct on a rampant scale" involving theft of over N$247 million, largely perpetrated by Kamushinda and other Zimbabwean nationals through companies like Crown Finance and Heritage Inves
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This summary was AI-generated from a story originally published by The Namibian.
The Anti-Corruption Commission ACC is investigating alleged fraud amounting to approximately N$2.5 million involving vehicle parts at the government garage. Officials are suspected of ordering spare parts that were never fitted to government vehicles. This investigation is part of a broader probe into suspected corruption at government garages, which has uncovered inflated spare-part prices, excessive repair bills, payments for undelivered goods, and government vehicles allegedly diverted to private garages without proper records. ACC deputy director Erna van der Merwe confirmed the investigation is at an advanced stage, stating the complaint was received in October 2024. Works and Transport Minister Veikko Nekundi has ordered an employee accused of fraud at the government garage to be removed from procurement duties and all positions of authority while investigations continue. The Namibian understands one employee, transferred from Keetmanshoop to Swakopmund, is under investigation for allegedly ordering vehicle parts that were never installed. Authorities suspect the theft of vehicle parts and misuse of government vehicles may be widespread within the government garage system. Nekundi stated he became aware of the employee's transfer to the coast on June 23 after being contacted by The Namibian and immediately directed the employee's removal from positions of authority, a directive that also applies to other implicated employees at the Windhoek Government Garage.
Namibia's gold export earnings reached N$5.2 billion in the first quarter of 2026, driven by elevated international gold prices, according to the Bank of Namibia's June 2026 quarterly bulletin. This increase occurred despite a significant decline in domestic gold production, which fell by 27.2% quarter-on-quarter and 25.5% year-on-year to 1,953kg. The central bank attributed the production decrease primarily to resource depletion and water supply constraints affecting mining operations. International gold prices averaged US$4,876.1 per ounce during the quarter, marking a 70.3% year-on-year and 17.5% quarter-on-quarter increase. This surge in prices was influenced by uncertainty in global financial markets and central banks increasing gold investments to reduce reliance on dollar-based assets amid geopolitical tensions. While higher prices boosted annual export receipts, quarterly gold export earnings declined as lower export volumes, particularly due to operational developments at B2Gold Namibia鈥檚 Otjikoto Mine, outweighed the benefit of rising international prices. Weaker zinc exports also contributed to the quarterly decline in mineral export earnings.
President Netumbo Nandi-Ndaitwah called for enhanced trade and investment with China, emphasizing Namibia's commitment to adding value to its natural resources before export to create jobs. These remarks were made during her state visit to China, in a meeting with Communist Party of China Sichuan provincial committee secretary Wang Xiaohui and Sichuan province governor Shi Xiaolin. The Presidency stated that Namibia's relationship with China dates back to its liberation struggle, with Nandi-Ndaitwah's administration building on foundations laid by former President Sam Nujoma and subsequent leaders. She was accompanied by Cabinet ministers and Namibian business leaders to deepen bilateral relations and foster new trade opportunities. Nandi-Ndaitwah highlighted that Namibia's focus has shifted from solely exporting raw materials to local processing for job creation and industrial development. Xiaohui welcomed the Namibian delegation, noting that Nandi-Ndaitwah's choice to include China in her early state visits outside Africa reflects strong bilateral ties. He affirmed China's commitment to strengthening cooperation and facilitating partnerships between businesses from both nations, also recalling China's support during Namibia's independence struggle. Xiaohui believes the visit, especially to Sichuan province, will further deepen economic cooperation and bilateral ties.