Central bank wins N$40m appeal against DRC general
The Bank of Namibia has won a Supreme Court appeal about a decision to declare more than N$40 million in a Namibian bank account in the name of a retired general from the Democratic Republic of Congo forfeited to the state. The bank’s appeal against a judgement delivered in the Windhoek High Court in June […] The post Central bank wins N$40m appeal against DRC general appeared first on The Namibian .
The Bank of Namibia has won a Supreme Court appeal about a decision to declare more than N$40 million in a Namibian bank account in the name of a retired general from the Democratic Republic of Congo forfeited to the state.
The bank’s appeal against a judgement delivered in the Windhoek High Court in June last year was upheld in a judgement handed down in the Supreme Court yesterday.
The appeal judgement was written by deputy chief justice Petrus Damaseb, with whose decision acting judges of appeal Theo Frank and Dave Smuts agreed.
The Bank of Namibia appealed to the Supreme Court after High Court deputy judge president Hannelie Prinsloo reviewed and set aside a decision of the Bank of Namibia (BoN) to forfeit retired general François Olenga’s funds in an account with Nedbank Namibia.
Prinsloo also reviewed and set aside “all the associated processes and decisions preceding and on the basis of which the forfeiture order of 4 August 2023 was made”.
This includes an order in terms of which access to Olenga’s bank account was blocked in August 2020.
