A forensic audit into the National Peoples’ Cooperative Bank, NPCB has returned worrying findings.
That’s according to the Minister of Agriculture, Industry, Commerce, and Fisheries Karl Samuda.
He was speaking in Parliament yesterday when he opened the Sectoral Debate.
Late last year, a special audit of the National PC Bank uncovered several cases of misuse of the entity’s money.
The audit also found rampant abuse of position by those in charge at the institution, resulting in over 6-hundred-and-65 million-dollars, or 21-per cent of members’ deposits, being unaccounted for.
The audit also found that lending from members’ savings had exceeded the 50 per cent limit.
Institutional weaknesses at the bank were also said to have exposed the institution to high financial, reputation and information technology risks.