Fri | Aug 18, 2017

Forensic audit into scandal-hit PC bank completed - Agri Minister

Published:Wednesday | June 8, 2016 | 6:16 PM
Agriculture Minister, Karl Samuda

Agriculture Minister, Karl Samuda, has disclosed that the forensic audit into the scandal-hit National People’s Cooperative Bank (NPCB) has been completed.

The audit was announced last year by then agriculture minister Derrick Kellier after a probe by the Agricultural Credit Board (ACB) raised serious concerns about the financial affairs and management of the bank.

Speaking in a Parliament yesterday, Samuda suggested that the findings of the audit have unearthed severe problems.

While not providing details, he said he has brought the report to the attention of the Cabinet for discussion.

 

Agriculture Minister, Karl Samuda

The ACB had indicated that the probe found, among other things, reckless exposure of members savings resulting in more than $665 million or 21 per cent of members’ deposits being unaccounted for.

It also pointed to unacceptable financial performance at the bank and numerous breaches.

The bank’s management and board were dismissed as a result of the probe.