Kamushinda dispute over repayment of stolen funds from Namibia SME bank – The Zimbabwe Mail

May 6, 2024 Vaseline stjohnson 0


Embattled Zimbabwean banker Enock Kamushinda, a minority shareholder in Namibia’s liquidated SME Bank, is embroiled in a payments dispute with the bank’s liquidators.

Kamushinda, who initially agreed to repay $140 million (equivalent to approximately $9.2 million) of the $247 million stolen from the bank, Kamushinda has only remitted $3 million ($197,500) and is now challenging the validity of the agreement of conciliation.

According to Zimbabwe High Court documents, Kamushinda claims he was forced to sign the agreement for fear of arrest and deportation. Allegations of threats that motivated his signing have been vehemently denied by David Bruni, the bank’s liquidator, who highlights the lack of evidence to support Kamushinda’s claims.

Kamushinda, named by liquidators as the alleged mastermind of the looting of N$247 million from SME Bank between December 2013 and December 2016, left Namibia voluntarily before the Bank of Namibia took over SME Bank in March 2017.

Despite Kamushinda’s claims, emails and court documents reveal his active participation in settlement negotiations, initiated by him through his former lawyer, Francois Bangamwabo.

In the settlement agreement, signed in December 2020, Kamushinda agreed to repay N$140 million. However, subsequent payments fell short of the agreed amount: only N$3 million has been remitted so far. Kamushinda attributed the delay to disruptions caused by the COVID-19 pandemic and sought to renegotiate payment terms.

Bruni maintains that Kamushinda’s attempts to evade the agreement’s obligations constitute a breach of contract and dismisses claims of coercion as baseless. The dispute highlights the complexities surrounding the repayment of stolen funds and highlights the challenges faced in reaching a resolution.

Despite the dismissal of Bangamwabo by Kamushinda, who confirmed the termination of his representation, the matter remains unresolved, leaving the liquidators and interested parties in limbo regarding the outstanding debt.