BoN investigations find CBI Exchange Namibia in contravention of banking law

Martin Endjala

Bank of Namibia (BoN) has found that CBI Exchange Namibia (Pty) Ltd and Coenraad Baren Nolte Botha are in contravention of the Banking Institutions law, for collecting money from the public without being authorised to do so.

This follows the banks’ investigations into the business activities of CBI Exchange Namibia (Pty) Ltd and Coenraad Barend Nolte Botha, who are suspected of conducting banking business by receiving, accepting, or taking deposits from the public, without being licensed.

The Bank of Namibia said yesterday that at the time the assessment was conducted, it further revealed that the deposits were so received, accepted, and taken from the public by CBI Exchange Namibia (Pty) Ltd and Coenraad Barend Nolte Botha.

The investigated parties were found to have individually or collectively contravened section 6 of the Banking Institutions Act, 1998 (the Act).

The Act describes that conduct of this nature amounts to an offence, therefore, the Bank has referred this matter to the Namibian Police for further investigation.

Botha was arrested and appeared in Court yesterday. The matter now falls under the realm of the prosecuting authorities.

According to BoN’s Director of Strategic Communications and International Relations Kazembire Zemburuka, CBI Exchange Namibia (Pty) Ltd and Coenraad Barend Nolte Botha were not authorised by the bank to conduct banking business, or to receive, accept or take deposits from the public as they did.

Zemburuka stated that the successful prosecution of matters of this nature requires the assistance of the public and in particular persons who have made deposits consequent to the business operations of persons and entities engaging in conduct in contravention of the Act.

BoN is calling on depositors who have placed the funds with CBI Exchange Namibia (Pty) Ltd and Botha in furtherance of the prohibited business operations, to make contact with the Namibian Police.

Furthermore, the public is cautioned to be on the lookout and to recognise the distinctive features and characteristics of schemes of this nature, and promptly report any suspicious activity to the Bank of Namibia.

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