Agriculture Minister, Derrick Kellier, says the $665-million previously reported as unaccounted for at the National People’s Co-operative Bank, was in fact misused.
Minister Kellier made the disclosure at a media briefing this morning where he responded to the findings of an audit conducted by the Agricultural Credit Board, ACB.
The audit disclosed major financial irregularities at the National PC bank.
The PC bank manages accounts of approximately 200,000 members.
Minister Kellier says the audit shows up a startling case of chronic mismanagement at the National PC bank.
But according to Minister Kellier his preliminary advice is that the $665-million which was reportedly unaccounted for was misused.
Minister Kellier says he’s confident the 665-million dollars was not misappropriated.
The Oxford Dictionary defines misappropriated as – “to put to a wrong use or to apply wrongfully or dishonestly funds entrusted to one’s care”.
By the Agriculture Minister’s own admission the bank inappropriately used depositors money.
Meantime, Minister Kellier says the results of the audit are being sensationalized.
AND…Chairman of the Agricultural Credit Board, Hugh Graham, says the directors of the PC bank who’ve been implicated in the irregularities have been dismissed.
It was revealed during the audit that several of the directors who sat on the PC Bank’s Credits Committee had loans in arrears to the institution.
Mr. Graham says those Directors have been dismissed.