Misused not missing ... Kellier says $665 million in PC bank money accounted for
Agriculture Minister Derrick Kellier is insisting that the $665 million in deposits said to be missing from the National People’s Cooperative Bank has been accounted for.
However, according to Kellier the money was misused.
Kellier could not provide a detailed account of how the money was spent only telling journalists that it was used by the management of the National PC bank for operational expenses and to acquire fixed assets.
Hugh Graham the chairman of the Agricultural Credit Bank, told reporters that at least $400 million was used to buy property and office equipment such as computers.
In the meantime, the agriculture minister says that the public attention being given to the matter is unwarranted as the funds can be accounted for:
In the meantime, Kellier says the government is not satisfied with the management of the PC bank.
He said that’s why the ministry had the Agricultural Credit Board, which has regulatory oversight for the PC bank, take over the management and control of the institution.
The responsibilities of the credit board have since been transferred to the Department of Cooperatives and Friendly Societies, which the agriculture minister says has wider experience and expertise in regulating financial institutions.
The board of the PC Bank has also been dismissed and an interim body is now in place.
The agriculture minister said other remedial measures such as the suspension of loans to directors of the PC bank have been put in place.