#JustIn: Court dismisses Trustco’s urgent application
The High Court today dismissed Trustco Bank Namibia’s urgent interdict application for interim relief against the Bank of Namibia (BoN).
The BoN last month temporarily suspended Trustco Bank Namibia’s (TBN) banking license with immediate effect and gave the institution six months to comply with the law or face subsequent consequences.
Judge Boas Usiku this morning dismissed the application filed by TBN, a subsidiary of Trustco Group Holdings, ordering the applicant to pay legal costs related to the matter.
When the central bank suspended TBN’s license in August, BoN governor Johannes !Gawaxab said: “The decision to suspend Trustco’s Bank’s license resulted from numerous non-compliance and serious shortcomings, of which several internal control weaknesses remain unresolved. This despite several repeated interventions by the bank [BoN] over an extended period directing Trustco Bank to rectify these shortcomings.”
!Gawaxab said the decision was taken after consultation with the minister of finance and public enterprises, Iipumbu Shiimi.
Group CEO of Trustco, Quinton van Rooyen, responded to today’s ruling, saying: “While disappointed by the urgency dismissal, Trustco always follows the rule of law.”
“Trustco will always comply with any lawful and reasonable instruction from any regulator or higher authority. We will always oppose tyranny and unjust instructions. That is the DNA of Trustco. This saga remains far from over,” Van Rooyen said in a statement.
The BoN last month temporarily suspended Trustco Bank Namibia’s (TBN) banking license with immediate effect and gave the institution six months to comply with the law or face subsequent consequences.
Judge Boas Usiku this morning dismissed the application filed by TBN, a subsidiary of Trustco Group Holdings, ordering the applicant to pay legal costs related to the matter.
When the central bank suspended TBN’s license in August, BoN governor Johannes !Gawaxab said: “The decision to suspend Trustco’s Bank’s license resulted from numerous non-compliance and serious shortcomings, of which several internal control weaknesses remain unresolved. This despite several repeated interventions by the bank [BoN] over an extended period directing Trustco Bank to rectify these shortcomings.”
!Gawaxab said the decision was taken after consultation with the minister of finance and public enterprises, Iipumbu Shiimi.
Group CEO of Trustco, Quinton van Rooyen, responded to today’s ruling, saying: “While disappointed by the urgency dismissal, Trustco always follows the rule of law.”
“Trustco will always comply with any lawful and reasonable instruction from any regulator or higher authority. We will always oppose tyranny and unjust instructions. That is the DNA of Trustco. This saga remains far from over,” Van Rooyen said in a statement.
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