Rédaction Africa Links 24 with Sonja Smith
Published on 2024-03-18 17:00:00
Businesswoman Tania Hangula has agreed to repay N$4 million of the N$6.6 million she received from the now defunct Small and Medium Enterprises (SME) Bank. The funds she obtained from the bank between 2015 and 2019 were used for various personal expenses, including purchasing a beach property, a Mercedes-Benz, and funding trips to Dubai and other countries. Hangula initially resisted repaying the money but recently decided to refund the bank in installments from September 2024 to 2029.
The settlement agreement, dated 8 March 2024, between Hangula and the SME Bank’s liquidators, Ian McLaren and David Bruni, outlines the terms of the repayment plan. Hangula has agreed to repay N$4 million to the bank without admitting liability. The agreement specifies that if she is found to be a joint wrongdoer with others in the future, the amount she pays will be considered in relation to any losses recovered from other wrongdoers. The repayment will be made in six installments, with the first payment of N$580,000 due before 30 September 2024, and the final payment of N$380,000 due before September 2029.
Hangula’s involvement with the SME Bank dates back to 2012 when she entered into a consulting agreement as a “fundraiser.” The funds she received were used to purchase a property, a Mercedes-Benz, and for personal travel expenses. The Namibian investigated the misuse of funds by Hangula and other politically connected individuals, revealing how money meant for supporting businesses was instead used to fund lavish lifestyles.
Before her association with the SME Bank, Hangula served as the Development Bank of Namibia board chairperson and deputy chairperson of Namibia Desert Diamonds. However, the SME Bank, which was established during former Trade Minister Hage Geingob’s tenure, was shut down in 2017 due to allegations of looting. Enock Kamushinda, a Zimbabwean banker and minority shareholder, was accused of looting millions of Namibian dollars from the bank, leading to its closure.
Despite the closure of the bank in 2017, no arrests have been made in connection with the looting. Lawyer Kadhila Amoomo raised concerns about the lack of accountability for the looted funds amounting to over N$247 million. More than 200 Namibians lost their jobs when the bank closed, highlighting the impact of financial mismanagement on the economy and individuals.
In conclusion, Tania Hangula’s agreement to repay N$4 million to the SME Bank reflects accountability for misusing funds meant for entrepreneurial development. The case sheds light on the need for transparency and ethical conduct in financial institutions to prevent such incidents in the future.
Read the original article on The Namibian
