Namibia's workers union to sue SME Bank directors over job losses

Source: Xinhua| 2017-07-17 03:32:43|Editor: Yurou Liang
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WINDHOEK, July 16 (Xinhua) -- The Namibia Financial Institutions Union (Nafinu) said Sunday it will sue the SME Bank directors for causing job losses.

The SME Bank is currently under liquidation after the Windhoek High Court ruled Tuesday last week that the institution was insolvent. There were more than 200 workers at the bank owned by the Namibian government and its Zimbabwean partners.

The ruling came after the SME Bank management failed to recover about 200 million Namibian dollars (15 million U.S. dollars) invested with South African financial institutions in 2016.

It also came after the Bank of Namibia and the trade minister failed to convince the government to bail out the SME Bank.

The liquidators served all the workers with dismissal letters Thursday.

According to Nafinu, the problems that caused the bank's closure had nothing to do with the workers but the board and management.

"The board failed miserably in its oversight function and now innocent employees have to pay with their jobs," said the statement signed by Nafinu general secretary Asnath Zamuee.

The statement also said that the union's fight had nothing to do with the liquidators but the government.

"It is extremely unfair that some people are locked up for stealing a cow, while the elite get away with murder. This can't be right," the statement said.

The combative statement declared that the fight has just begun if those responsible for causing the mess at the bank think it is over.

"This country belongs to all of us and some people can't be more powerful than others," the statement said.