Zimbabwe victims of SA’s banking woes in novel relief bid
SA’s corruption woes are casting long shadows across the whole region. Highly improper decisions to “invest” in two discredited SA financial outfits, VBS Mutual Bank and Mamepe Capital, have led to the demise of a Namibian bank intended to provide banking facilities for Namibia’s small businesses and disadvantaged communities. The insolvency of the bank has in turn hit its two minorities shareholders, both from Zimbabwe. Lawyers for the Zimbabwe shareholders have tried, unsuccessfully, to persuade Namibia’s highest court not to wind up the bank.