The fight between Trustco and the Bank of Namibia is far from over, as the two were again involved in a tit-for-tat this week, with a judgement against the central bank and a fresh application by the latter to have Trustco Bank liquidated.
The Bank of Namibia made a fresh application to the High Court that Trustco Bank be liquidated on November 2, and a day later, on November 3, a client of Trustco won an application in the High Court preventing and stopping the central bank from its intentions to take steps against the private bank.
Collexia, a Trustco client, filed the application on October 13 to, among other things, prevent the Bank of Namibia from liquidating Transco Bank, through which they are doing their transactions until they have an alternative banker.
Kazembire Zemburuka, the spokesperson of BoN, told nbc News that the Bank of Namibia is appealing the high court's decision.
Zemburuka said that the appeal is based on the fact that the judgement restricts and erodes the powers of the central bank.
Zemburuka said their application for the liquidation of Trusco Bank is based on three grounds: governance issues, capitalization, and their debts allegedly exceeding their assets.
Meanwhile, Trustco has lodged an appeal against the Namibia Revenue Authority over its debt to the taxman.