Two Windhoek properties owned by former SME Bank shareholder Enock Kamushinda’s companies are set for a third auction as liquidators seek to recover N$140 million owed.
The Small and Medium Enterprise Bank (SME Bank) fell into insolvency in 2017 after N$247 million was allegedly siphoned from the bank.
In a 2021 High Court settlement, Kamushinda was required to pay N$140 million to the liquidators of the bank in addition to 20% interest per annum.
After he failed to pay the N$140 million, the liquidators of the SME Bank were given permission to seize his assets and auction them. This includes his interests in a close corporation, Monsoon Investments CC, and the company Harrogate Investments.
Monsoon Investments owns a residence in the Kleine Kuppe area of Windhoek with 11 bedrooms and an outbuilding with three balconies, a swimming pool and a covered braai area, while Harrogate Investments is the registered owner of a property measuring 1 498 square metres in the Eros area of Windhoek.
According to legal notices by lawyer Corlia Maritz, who represents SME Bank liquidators David Bruni and Ian McLaren, this is the third time Kamushinda’s interests in the two corporate entities owning the properties will be auctioned. During the last two auctions, the successful bidders failed to pay after bidding closed. The liquidators hope to prevent this during the third auction on 17 March. “Any potential bidder shall pay into the trust account of the deputy sheriff an amount of N$150 000 before commencement of the auction [for the Kleine Kuppe residence],” one of the notices says. A second notice says a N$300 000 deposit is required for the Eros property. The Namibian previously reported that Kamushinda was named by the liquidators as the mastermind behind the loss of N$247 million from the SME Bank between December 2013 and December 2016. Kamushinda was former Zimbabwean president Robert Mugabe’s personal banker and repaid N$3 million of the N$140 million before refusing to continue payments.
Three properties owned by Kamushinda’s close corporation and company were put up for auction last March to recoup funds.
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