Namibia City Savings Investment Bank board sacked

An interim board has been appointed to run the troubled City Savings and Investment Bank (CSIB) whose previous directors angered the Bank of Namibia so much it fired them all. Poor financial controls and non-compliance with the banking law have been cited by various sources as the main reasons for the CSIB board's dismissal, although exact details remain sketchy. The board is headed by tycoon Aaron Mushimba.

Yesterday deputy governor of the Bank of Namibia, Lazarus Ipangelwa, would only confir