A court in South Africa issued an order to freeze 43.8 million Namibian dollars held in four First National Bank accounts that were allegedly used for the embezzlement of funds from Namibia's Small and Medium Enterprises Bank, The Namibian reported Aug. 28.
The South Gauteng High Court's decision is a boost for the provisional liquidators of SME Bank, who are trying to recover money missing from the bank's accounts.
The FNB accounts are held by South African companies AMFS Solutions and Moody Blue Trade and Invest 14, the newspaper reported. The accounts will remain suspended pending further legal proceedings.
The Bank of Namibia took over SME Bank in 2017 after a large investment with South African company Mamepe Capital went missing.
As of Aug. 28, US$1 was equivalent to 14.15 Namibian dollars.