President clarifies comments on SME Bank

06 Aug 2017 18:50pm
WINDHOEK, 06 AUG (NAMPA) – The Office of the President says some media houses misrepresented some aspects of comments President Hage Geingob made at a media conference regarding recent developments at the SME Bank.
The media conference held last week was aimed at providing clarity on some issues affecting the nation such as the state of the Namibian House, the economy and the foreclosure of the SME Bank, among other issues.
The media had it that Geingob defended the former SME Bank chairmen Frans Kapofi and George Simataa, saying the two should not be blamed for the downfall of the bank.
He allegedly questioned why the two should be blamed when even the Bank of Namibia failed to pick up the transfer of N.dollars 200 million to South Africa.
“Such reports are false and do not reflect the true letter and spirit of statements the President made at the said media conference,” Press Secretary in the Office of the Presidency, Albertus Aochamub said in a statement issued on Sunday.
The office clarified that Geingob emphasised the fact that all Namibians are innocent until proven guilty in terms of the Constitution.
“To that end, Kapofi and Simataa cannot be found guilty by media or any stakeholder group without a proper due process being followed in terms of the laws of the land and a guilty verdict reached,” the statement read.
Aochamub said Geingob accepted that the directors of the SME Bank have fiduciary responsibility over the affairs of the bank and the laws of the land prescribe appropriate sanctions where a breach of the relevant laws is proven.
He explained that the President further clarified that before the court cases, Government requested the central bank for more time to consult the political counterparts in both Zimbabwe and South Africa with an effort to retrieve the funds reported irretrievable but invested in these jurisdictions.
“The administration will not, under any circumstances, interfere with the judiciary processes of the country as the President respects the constitutional provisions of the separation of powers between the various branches of the State,” Aochamub said.
(NAMPA)
SL/EKM/LI