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BoN told schemers to go

Three companies face provisional liquidation after they failed to comply with the Bank of Namibia’s directive to repay monies obtained in contravention of section 55A of the Banking Institutions Act, within a period of 14days.
Late in December, the Bank of Namibia issued a public statement to warn of the provisional liquidation of Penta Stream Investments, Gold Prime Time Investments Namibia CC and U-Care Marketing Namibia CC after these were non-compliant with the bank’s requirements resulting in the bank lodging an application for the winding-up of the entities. The central bank said two of the companies, Penta Stream and Gold Prime had been operating business activities and applying marketing strategies that were not compliant with Section 55A (1) of the Banking Institutions Act,1998 (Act No 2 of 1998) as amended. On the other hand U-Care in 2012 contravened both the Banking Institutions Act and the Long-term Insurance Act No. 5 of 1998, as amended. The Bank of Namibia urged the participants in these schemes as well as the members of the public to remain patient as the court is winding up the order. The bank also assured the public that they will continue to update them on any later developments and progress concerning the matter.

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