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June 2026
The Namibian
Dave Smutsdismissedthe appeal and application to introduce further evidence
Source
“Acting judges of appeal Dave Smuts, Theo Frank and Shafimana Ueitele dismissed both the appeal and the application to introduce further evidence in the Supreme Court on Thursday.”
Acting judge of appeal Dave Smutsrecountedthat Namfisa was negligent in oversight by not requiring annual financial statements and failing to withdraw PAM's registration
Source
“Acting judge of appeal Dave Smuts recounted that Namfisa was found to have been negligent in its oversight of PAM by not requiring the company to produce its annual financial statements for the year ending 28 February 2005 by the end of May 2005, and thereafter by failing to withdraw PAM's registration as an asset manager, which would have occurred by the end of August 2005.”
Acting Supreme Court Judge of Appeal Dave Smutsupheld the appeal againstthe High Court's judgment in favour of Namfisa
Source
“Acting Supreme Court Judge of Appeal Dave Smuts and Appeal Judge Hosea Angula upheld the appeal against a judgment delivered by the High Court, which had initially ruled in favour of Namfisa.”
Judge Dave Smutsraised questions concerningthe efficacy of regulation and supervision of SME Bank by the Bank of Namibia
Source
“"Quite how this systematic looting of a registered bank was able to proceed over such a sustained period raises questions concerning the efficacy of the regulation and supervision of SME Bank by [the Bank of Namibia]," judge Dave Smuts said.”
The Bank of Namibia won a Supreme Court appeal upholding its decision to forfeit more than N$40 million in a Nedbank Namibia account belonging to retired Democratic Republic of Congo general François Olenga to the state, reversing a High Court decision from June last year that had set aside the forfeiture.
Why it matters
Supreme Court upholds state forfeiture of N$40m in illicit funds; landmark accountability ruling on proceeds of crime.
The Bank of Namibia won a Supreme Court appeal upholding its decision to forfeit more than N$40 million in a Nedbank Namibia account belonging to retired Democratic Republic of Congo general François Olenga to the state, reversing a High Court decision from June last year that had set aside the forfeiture.
Zimbabwe's High Court has recognised the liquidation of Namibia's Small and Medium Enterprises Bank and granted liquidators Ian McLaren and Dave Bruni authority to recover the bank's assets in Zimbabwe. The court dismissed objections from Metropolitan Bank of Zimbabwe, a minority shareholder, and ruled that the legal requirements for recognising the Namibian insolvency proceedings had been met.
Red Soil Energy and Mineral Exploration lost its Supreme Court challenge against the mines and energy minister's refusal of a petroleum exploration licence for offshore blocks in southern Namibia. The company had argued it was treated unfairly and that blocks were reserved for politically connected individuals, but the court upheld the minister's decision based on the company's failure to demonstrate required technical and financial capacity.
The Supreme Court has ordered Namfisa to pay N$35.1 million to the liquidator of insolvent company Prowealth Asset Management, to be distributed to investors who lost money entrusted to the company about two decades ago. The order follows a November finding that Namfisa was liable for losses suffered by approximately 87 investors due to insufficient regulatory oversight from August 2005 until the company collapsed in December 2008.
The Supreme Court has ordered the Namibia Financial Institutions Supervisory Authority (Namfisa) to pay N$35 million to the liquidator of Prowealth Asset Management, which collapsed after its director stole about N$75 million from more than 70 investors. The ruling follows a November 2025 finding that Namfisa could be held liable for breaching its duty of care in failing to properly supervise the fraudulent asset manager.
The Supreme Court of Namibia ruled that the Livestock and Livestock Products Board of Namibia did not meet the legal standard to claim "wasted costs" in a dispute linked to the veterinary cordon fence. The court found that the Board's claim that changes to court papers caused it to incur unnecessary legal costs did not meet the threshold for wasted costs.
Red Soil Energy has appealed to the Supreme Court over the mines ministry's 2021 rejection of its petroleum exploration licence application for four offshore oil blocks. The company claims it was treated unfairly and differently from competing applicants, while the minister argues the application was incomplete and lacked required financial documentation.