Bank Windhoek to fully cooperate with NaCC investigation

May 18, 2022

Bank Windhoek says it will fully cooperate with the Namibian Competition Commission’s (NaCC) investigation into alleged exclusive dealings in property conveyance services between the bank and Dr. Weder, Kauta & Hoveka Inc.

“We acknowledge the notice of the investigation by the Namibian Competition Commission as set out in the Namibian Competition Commission Media Statement, dated 17 May 2022. It is accepted that a public regulatory institution may publish notices of investigations conducted in terms of the Namibian Competition Act, considering public interest in such matters,” Bank Windhoek’s Executive Officer of Marketing and Corporate Communication Services, Jacquiline Pack said on Wednesday.

She said the bank was not in a position to comment further about the allegations raised by the NaCC regarding its alleged conduct until the outcome of the investigation.

“Bank Windhoek respectfully draws attention to the fact that it is an ongoing regulatory enquiry in terms of which submissions to the investigation still require to be heard, considered, and assessed by the Namibian Competition Commission in order to make a final determination. We accordingly reserve our comments until this process has been concluded and finalized in line with all applicable legal and administrative law principles. Bank Windhoek subscribes to good corporate governance principles and standards and is lending its full support and cooperation to the Commission during this ongoing process,” Pack said.

The NaCC’s investigation sterms from a complaint received, “alleging that Dr. Weder, Kauta & Hoveka Inc and Bank Windhoek entered into an Exclusive Service Level Agreement that appoints Dr. Weder, Kauta & Hoveka Inc as the exclusive and sole conveyancing attorneys for properties financed through Bank Windhoek.”

The agreement between the two is alleged to be excluding other conveyancing service providers from offering services to Bank Windhoek property financing applicants, limiting competition.

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Last modified on Thursday, 19 May 2022 23:23