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Shaw wants better oversight of PC bank

Published:Friday | September 18, 2015 | 6:27 PM
Shaw ... wants the Auditor General’s Department to carry out a forensic audit on the PC Bank.

The Opposition Spokesman on Finance, Audley Shaw, wants the Development Bank of Jamaica (DBJ) to immediately resume oversight of the National People's Cooperative Bank.

Speaking at a press conference today at the Jamaica Labour Party's Belmont Road Headquarters, Shaw criticised the board of the DBJ and the Ministry of Finance to properly carry out oversight of the entity.

He said this failure has resulted in inappropriate loan disbursements to a number of the PC Bank officials.

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According to Shaw, the bank and its board must take full responsibly as many farmers were unable to benefit from loans while bank managers and other officials did.

The spokesman on finance has also called for a forensic audit to be carried out by the Auditor General’s Department, as he said the situation could be much worse than so far discovered.

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Shaw also said the Bank of Jamaica and the Ministry of Finance should begin to regulate cooperative societies.