Agribank Act amendment questioned in the NC

NATIONAL Council member Samuel Cloete yesterday questioned the validity of an amendment to the Agricultural Bank of Namibia Act, which is currently before the National Council.

Speaking during the second reading debate on the bill, Cloete said it did not spell out performance criteria for board members. He said people’s functions had to be spelled out so that they knew their responsibilities from the outset.Referring to the previous board, Cloete asked:”What happened with the Agribank Board members who served for years on the board? Did they enrich themselves, or did they not perform well, or were they incapable of carrying out duties entrusted to them, or did they do things without the concurrence of the Minister of Finance?” He said many companies and institutions failed because of corruption, adding that corrupt practices could be linked to ineffective chief executive officers who do not execute the decisions of the board.Cloete said he hoped the amendment would be a wake-up call to others in executive positions because everyone cried for economic independence and development for the previously disadvantaged, but nothing happened.”The gap between the rich and poor continues to widen because of irregularities, corruption and nepotism, which the Government has no answer to,” he claimed, adding that corruption continued in most institutions, costing Government millions of dollars.- NampaHe said people’s functions had to be spelled out so that they knew their responsibilities from the outset.Referring to the previous board, Cloete asked:”What happened with the Agribank Board members who served for years on the board? Did they enrich themselves, or did they not perform well, or were they incapable of carrying out duties entrusted to them, or did they do things without the concurrence of the Minister of Finance?” He said many companies and institutions failed because of corruption, adding that corrupt practices could be linked to ineffective chief executive officers who do not execute the decisions of the board.Cloete said he hoped the amendment would be a wake-up call to others in executive positions because everyone cried for economic independence and development for the previously disadvantaged, but nothing happened.”The gap between the rich and poor continues to widen because of irregularities, corruption and nepotism, which the Government has no answer to,” he claimed, adding that corruption continued in most institutions, costing Government millions of dollars.- Nampa