A retired army general from Democratic Republic of Congo defeated the Bank of Namibia over frozen funds. François Olenga challenged the central bank's decision to seize more than 40 million Namibian dollars from his account. Deputy judge president Hannelie Prinsloo ruled that bank officials lacked proper authority to block the money. The court ordered the Bank of Namibia to reverse its forfeiture decision. Officials must also pay Olenga's legal fees for the case.
The Bank of Namibia froze Olenga's account at Nedbank Namibia back during August 2020. Central bank leaders claimed the general violated foreign exchange rules with his investments. They wanted to transfer his entire account balance to the government. Olenga received payments totaling 70.5 million dollars between 2010 and 2015. The money came from Hungary, China and West Indies through an American company.
Judge Prinsloo found that lower bank officials cannot freeze accounts without board approval. The Supreme Court had already established that only top directors hold such power. Bank of Namibia plans to appeal the ruling to higher courts. The central bank must publish its foreign exchange manual within three months. Prinsloo said this would boost investor confidence and promote transparency.
The Bank of Namibia froze Olenga's account at Nedbank Namibia back during August 2020. Central bank leaders claimed the general violated foreign exchange rules with his investments. They wanted to transfer his entire account balance to the government. Olenga received payments totaling 70.5 million dollars between 2010 and 2015. The money came from Hungary, China and West Indies through an American company.
Judge Prinsloo found that lower bank officials cannot freeze accounts without board approval. The Supreme Court had already established that only top directors hold such power. Bank of Namibia plans to appeal the ruling to higher courts. The central bank must publish its foreign exchange manual within three months. Prinsloo said this would boost investor confidence and promote transparency.
