End of the Road ... Court orders bank winding-up

THE Small and Medium Enterprises Bank has been closed down.

The SME Bank was put on the path to eventual liquidation yesterday morning, when Windhoek High Court judge Hannelie Prinsloo issued a provisional order for its winding-up. That step was swiftly followed by the appointment of two provisional liquidators, who have now taken control of the bank, and an order from them that the bank's branches had to be closed. The provisional liquidators, Ian McLaren and David Bruni, have to take control of the bank's assets, and stop all payments made by it and the withdrawal of money from accounts at the bank, the deputy master of the High Court who appointed them, Ellis Haradoeb, said yesterday. McLaren said he and Bruni had all of the SME Bank's branches closed after their appointment as provisional liquidators yesterday morning.