The Bank of Namibia (BoN) has approached the High Court of Namibia seeking to liquidate Trustco Bank Namibia.

A statement issued by the Central Bank's Governor Johannes !Gawaxab says that there is no truth in Trustco's claims that the central bank denied an offer of N$1 billion to capitalise Trustco Bank Namibia.

!Gawaxab further says the Central Bank has, for the past two years, engaged Trustco Bank Namibia to ensure regulatory compliance. Some measures recommended by the Bank of Namibia included the bank's recapitalisation, which has not been complied with fully says !Gawaxab. 

This has left Trustco Bank commercially insolvent according to the regulator. 

The liquidation case will be argued before the High Court to determine the future of the banking institution which has been operating with a full commercial license since 2016.