Geingob defends Woermann Brock loan

PRESIDENT Hage Geingob has defended the N$35 million loan given by the failed SME Bank to Woermann Brock, saying the supermarket giant was being patriotic by getting a loan from the bank.

The President said this at a media briefing in Windhoek on Monday, where he also claimed that his health will determine whether he will stand for a second term as President after 2020. Woermann Brock, a company that has been in business for over 100 years, got a N$34 million loan from SME bank but this did not appear to bother Geingob. “Woermann Brock are being condemned. Patriotic Namibians, being condemned for having a loan with the SME Bank,” he stated. The same supermarket was consulted by the Presidency to supply food to the food bank. Geingob promised Namibians in 2012 that the SME Bank would provide collateral-free loans of between N$6 000 and N$50 000 to small businesses. The President also rejected calls by the opposition party DTA to order a presidential inquiry into the SME Bank saga. He advised the party to raise the issue in parliament, the same lawmaking house where the topic was blocked by Speaker of the National Assembly Peter Katjavivi, before the bank was closed. The President also defended the former chairmen of the SME Bank, George Simataa and Frans Kapofi.