SME Bank

22 Jan

Board fees are not the issue

ObserverNational NewsMinistry of Public Enterprise, Secretary to Cabinet George Simataa, SME Bank

It is long overdue that boards of directors be held accountable when they do not meet expectations. But penalties cannot be extracted without a regulatory framework and definitions. The Ministry of Public Enterprise must demand that potential board members agree to listed performance requirements. Those requirements must be given in advance and in writing. They should state upfront that board fees are payable only with approved performance ratings each quarter. Until this is done in Namibia, no one can arrive after the fact and declare that (undefined) ‘poor performance’ means that board fees must be returned. This is not a…

SME bank – yet another money-loss debacle . . .when will we learn?

ObserverNational NewsBank of Namibia, Enoch Kamushinda, SME Bank, Zimbabwe

When will Namibia learn to guard its wallet better? We allow ourselves to be pick-pocketed far too often. This time, the named culprit is Enoch Kamushinda, a director of the now-defunct SME Bank. But, the real culprits are all who ignored a Bank of Namibia (BoN) warning and still allowed a man with shaky business histories in several countries to have the keys to a bank full of Namibian taxpayer dollars. These people must be named, shamed, held accountable. They should be in the dock alongside their criminal buddy. All who took quiet ‘loans’ from Kamushinda or smoothed the way…