SME Bank's financial troubles get worse

THE SME Bank's financial woes have worsened to such an extent that it only had about N$3,8 million available yesterday to meet the demands of clients who have deposited hundreds of millions of Namibia dollars with the bank.

Windhoek High Court judge Hannelie Prinsloo was informed of the drastic deterioration of the bank's financial position yesterday, after she ruled that a case in which the Bank of Namibia requested a court order for the provisional winding-up of the SME Bank could be heard on an urgent basis. Senior counsel Andrew Corbett, representing the Bank of Namibia, informed the judge that according to the latest report on the bank's liquidity situation it only had about N$3,8 million in liquid assets available yesterday, while it has received demands to return about N$500 million to two of its biggest depositors.