By A Correspondent| A Namibian court has ruled that businessman Enoch Kamushinda and his associates looted N$247 million (about US$15 million then; US$30 million now) from the SME Bank before it closed in 2017.

The court recommended that Kamushinda be prosecuted and his assets seized.

The judges said Kamushinda and his accomplices were involved in a four-year looting spree from December 2013 to January 2017.

They created false payment instructions to steal money from the bank.

The bank’s liquidators said Kamushinda’s companies and his accomplices received the stolen money.

The court also said the Bank of Namibia, which regulates banks, should investigate why it did not stop the looting sooner.

NewsHawks