Tue | Aug 14, 2018

Scandal-hit PC bank calls press conference

Published:Friday | September 18, 2015 | 9:36 AM

The scandal-hit National People's Cooperative Bank of Jamaica, popularly called the PC bank, is to hold a press conference this morning to address the widening scandal involving the spending of its members' money. 

The press conference is scheduled to begin at 10:30 at the Hope Gardens offices of the Ministry of Agriculture & Fisheries.

The Opposition Jamaica Labour Party has also called a press conference for 11 o'clock to address the unfolding scandal. 

The PC banks offer loans to farmers, micro-, small- and medium-scale enterprises but has become the centre of controversy following the findings of an audit which show that $665 million have been unaccounted for. 

The bank's general manager has been sent on leave. 

News also emerged earlier this week that the body that oversees the PC bank, the Agricultural Credit Board, has exercised its legal powers to take over the management and control of the bank effective August 27, 2015.

In a letter obtained by The Gleaner, the credit board pointed to unacceptable financial performance as confirmed by the audited financial statements of the NPCB for 2014 and preceeding several years.