BANK of Namibia governor Ipumbu Shiimi says the dismissed SME Bank executives were not fit to run a bank after they falsified documents, which is tantamount to breaking the banking law.
Shiimi's sentiments are contained in a letter that is part of the documents submitted to the High Court in the ongoing case in which SME Bank executives are suing the central bank over their dismissal. The executives - former chief executive Tawanda Mumvuma, finance manager Joseph Banda and manager for treasury Alec Gore - want the court to order the central bank to reverse its decision. Others who are also suing the central bank are vice board chairperson Enock Kamushinda, board member Ozias Bvute and board chairperson George Simataa. They were removed from their positions in February this year when the central bank queried an investment of about N$200 million which the SME Bank made to two South African financial institutions.
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