The Association for Localised Interest (Asoli) wants Development Bank of Namibia (DBN) managers to explain what happened to the N$579 million in loans that have been written off.
The bank announced the loan write-off this week.
“It is disheartening and totally unacceptable that well-connected individuals with means are often freed from their obligations to repay loans when they default, while the majority of impoverished Namibians suffer since they are denied access to funds that could have improved their lives” Asoli president Josef Kauandenge said on Wednesday.
In a statement, Kauandenge said something fishy was happening at the highest level of government because most of the money vanishing from investments were just written off.
He said many resources were wasted by those connected to the system, and this latest development, such an astronomical amount just written off by the DBN is not an exception but a norm.
“The DBN owes this nation an explanation and list the names of those who defaulted as well as what processes they undertook before writing off this amount,” he demanded.
He also wanted to know what prevented the bank from recovering money from debtors.
