Mon | Oct 23, 2017

PC bank board dismissed, interim board in place

Published:Friday | September 18, 2015 | 12:09 PM
In making the disclosure at a press conference this morning, Agriculture Minister, Derrick Kellier, said an interim board is now in place to oversee the institution.

The Board of the National People’s Cooperative Bank (NPCB) has been dismissed over concerns about the financial and managerial affairs of the institution.

In making the disclosure at a press conference this morning, Agriculture Minister, Derrick Kellier, said an interim board is now in place to oversee the institution.

An audit of the institution unearthed irregularities at the lending institution.

The financial institution has been handling the hard earned money of farmers.

Among other things, the audit report indicated that more than $665 million of members' deposits could not be accounted for.

It also showed that loans were granted to board and committee members of the PC banks in breach of established rules.

However, Kellier told journalist that the $665 million which was claimed to have gone missing is accounted for.

He admitted that there have been missteps at the agency and said steps are being taken to correct the problems to avoid a reoccurrence.