The Development Bank of Namibia (DBN) says it has formally closed an investigation and subsequent disciplinary inquiries which emanated from alleged transgressions in the approval of loans by seven of its staff members.
The seven, according to media reports, including senior officials in the SME Credit Department were alleged to have approved loans to companies fronted by their proxies worth close to N$120 million.
“After the protracted commissioned processes of investigations and subsequent disciplinary inquiries, which were outsourced to external parties to ensure impartiality, the Bank is happy to inform that the matter has now been finalized and suspended employees have since returned to work,”, DBN’s Executive for Marketing and Corporate Communication, Jerome Mutumba, said.
Seven DBN employees were in April 2020 placed on administrative leave in order to make way for unhindered investigations on the alleged misconduct.
“The Bank holds its employees to high ethical standards in the execution of their work and the necessary systems and processes are in place to manage employee conduct,” he said.
DBN was founded in 2004 to provide finance for viable enterprises and sustainable initiatives that contribute to the development of Namibia and its loan facilities assist businesses to start or expand their existing business operations.
