Renthia Kaimbi
Bank Windhoek’s Head of Legal Collections, Athalia Wallace-McNab, has resigned with immediate effect amid allegations that her departure followed a demand by businessman Ben ‘BH’ Hauwanga for documents relating to 90 000 shares he claims to have purchased in Capricorn Investment Holdings (CIH) more than a decade ago.
Wallace-McNab, who is understood to have worked on Hauwanga’s banking accounts for approximately 13 years, allegedly resigned after the businessman approached her requesting documentation detailing the acquisition, cession and eventual sale of the shares, as well as the handling of the proceeds.
Bank Windhoek has, however, denied any connection between her resignation and the dispute, saying her departure was informed by her pursuit of a personal growth opportunity.
In a response to questions from the Windhoek Observer, the bank’s executive officer of marketing and corporate communication services, Jacquiline Pack, said the institution would not discuss the substance of the dispute publicly because of ongoing legal proceedings.
“Bank Windhoek has established governance frameworks, internal controls and authorisation procedures designed to safeguard the integrity of its banking operations and ensure adherence to established policies and procedures,” Pack said.
“The bank will not litigate the matter at hand in the media, as it can compromise or prejudice the ongoing legal proceedings. We urge all parties to respect the legal process and allow it to run its course.”
She added that the bank remained committed to ethical conduct, accountability and sound corporate governance.
“Lastly, we wish to acknowledge the resignation of Ms Athalia Wallace-McNab, which was informed by her pursuit of a personal growth opportunity and is unrelated to the above matter,” Pack said.
Hauwanga, when contacted for comment on Wallace-McNab’s alleged resignation and whether it had any connection to his existing legal dispute with the bank, detailed a long-running disagreement over the acquisition and financing of the CIH shares.
He told the Windhoek Observer that he received 90 000 CIH shares in March 2014 after being approached by the company’s then chairman and co-founder, Koos Brandt.
According to Hauwanga, the two agreed that he would make monthly payments of approximately N$900 000 for the shares, which were valued at N$75.6 million.
After honouring the agreement for more than four years, Hauwanga said he approached the bank to establish the outstanding balance, without any response.
He claims to have paid more than N$117 million towards the shares over the years, only to later discover that he allegedly did not own them, despite having a share certificate indicating that he had fully paid for 90 000 shares.
“In reality, I apparently never owned these shares, but the share certificate for 90 000 shares says I fully paid for the shares,” Hauwanga told the Windhoek Observer on Thursday.
Despite receiving dividends over the years, Hauwanga claims he was told that the payments he had been making towards the shares were allocated towards a separate overdraft facility.
The businessman disputes this explanation and is demanding the return of the money he says he paid over the years, less the dividends paid to him, arguing that he never applied for the overdraft facility.
“Koos Brandt applied for the overdraft equivalent to the value of the shares in my name and told me when Anton Smit inquired, I should say the money was to buy food for Angola’s military, but that money was never paid out to me,” said Hauwanga.
“I want my N$117 million back that I paid for shares for 11 years. They can deduct the dividends they paid to me and give me the difference. I want the loan agreement which was issued by the BCC and the sales agreement of the shares,” he added.
In correspondence addressed to Wallace-McNab in her capacity as head of legal collections, Hauwanga formally requested a comprehensive account of the movement of his shares under Share Certificate Number 292.
The letter, titled CIH Shares (90 000) // Benjamin Hauwanga Share Certificate Number: 292, requests details of the original acquisition, the value of the shares at the time, their subsequent cession, the alleged sale and the valuation at which the transaction was concluded.
He also demanded an account of all funds credited following the sale of the shares.
“As discussed between yourself and me on Tuesday (03 November 2026), I require the full details on my Bank Windhoek Share movement under Share Certificate Number 292,” the correspondence reads.
Hauwanga further recorded that Wallace-McNab had undertaken to provide the information, which he said he had been awaiting.
He said his last communication with her was last Friday, when he requested the loan and sales agreements relating to the alleged acquisition.
The businessman’s relationship with Wallace-McNab reportedly dates back approximately 13 years, when she was a senior compliance officer in Bank Windhoek’s collateral and compliance department before later assuming her position in legal collections.
Her resignation comes amid an increasingly contentious legal dispute between Hauwanga and the bank.
In a separate court action, Hauwanga and six other plaintiffs have instituted proceedings against Bank Windhoek, challenging a summary judgment the bank obtained against them on 2 July 2026 for N$137 million.
According to particulars of claim filed on 10 November 2026, the bank had instituted proceedings in February 2026, alleging that it advanced N$148.9 million to Hauwanga and his wife under a June 2024 commercial loan agreement.
The plaintiffs dispute the bank’s allegations, claiming that the money was never advanced to them and that the suretyships relied upon by the bank do not support its case.
The court papers further allege that Bank Windhoek made unauthorised deductions amounting to N$44.7 million from the account of one of Hauwanga’s companies over a 17-month period between July 2024 and November 2025.
The plaintiffs are seeking repayment of the N$44.7 million, interest at 20% per annum and an order declaring the summary judgment, together with subsequent writs of execution, a nullity or, alternatively, rescinding it.
The Bank of Namibia is also cited in the proceedings because of its prudential supervisory role, although no relief is sought against the central bank.
Bank Windhoek has declined to litigate the merits of the dispute through the media, maintaining that the ongoing court proceedings should be allowed to run their course.
