Nudo calls for enquiry into SME Bank

19 May 2017 17:50pm
WINDHOEK, 19 MAY (NAMPA) – The Nudo Party has called on President Hage Geingob to institute an urgent commission of enquiry into the dealings of the SME Bank.
This follows recent reports in local dailies that the bank issued loans to some of its board members to buy or finance vehicles or farming equipment.
The party’s presidential spokesperson, Joseph Kauandenge in a media statement on Friday said it was regrettable that the banks's own leadership was profiting from these financial loans, contrary to its founding aims and objectives.
“It is now clear that this bank has again been hijacked like the Black Economic Empowerment (BEE) initiatives by already well-off leaders, who could have easily gone to banks and received loans there to expand their farms or businesses,” he said.
Kauandenge added that if unsolved in time, the end result would be a situation where small businesses start competing with politicians and business people in loan applications.
He furthermore questioned the extent of greed some leaders would go to, to benefit from a lending process which was meant for the most vulnerable in society.
“We call upon the President to establish a commission of enquiry at this bank and to publicly shame greedy leaders, hold them accountable and have them repay every last cent to the bank,” he said.