By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Accounts at the Post Office Savings Bank, which has been plagued with alleged fraud and theft, will be transferred to Bank of the Bahamas, a Cabinet Minister revealed yesterday.
Glenys Hanna Martin, minister of transport and aviation, pledged that more efficiency and accountability’ will be brought to the country’s postal operations and the Post Office Savings Bank following damning findings by the Auditor General.
During her contribution to the mid-year Budget debate, Mrs Hanna Martin said the Post Office, much like the Road Traffic Department, were key government operations that have been operating on a manual system.
“A recent audit by the Auditor General highlights very clearly the risks associated with a manual system,” she said. “In the case of the Post Office Savings Bank, this has been the state of affair since 2008.
“Since taking office in 2012, efforts have been made to correct this situation. We have determined that we will tackle the inefficiencies, and the process has been underway over the last several months.”
The audit of the Government’s 2013-2014 accounts, which has been tabled in the House of Assembly, called for the Post Office to be restructured and “immediate actions” taken where there was evidence of theft by staff.
The Auditor General warned of an “alarming amount of alleged theft” at the Post Office, with at least one of its practices branded “a breeding ground for improprieties”.
Mrs Hanna Martin told Parliament yesterday: “The findings of the Auditor General’s report occurred despite the fact that he has posted two of his officers at the General Post Office to oversee the operations daily.
“The preparation is now being made for a more effective management of the Post Office Savings Bank, with the transfer of those accounts to the Bank of the Bahamas.”
Mrs Hanna Martin added that, historically, the Post Office Savings Bank has been a depository for small savings. However, over the years, it has taken on the role of a traditional bank without the necessary regulatory environment.
Comments
asiseeit 8 years, 7 months ago
Swish!, That is the sound of the theft and fraud at the post office bank getting swept under the rug.
sheeprunner12 8 years, 7 months ago
Is BOB becoming the (un)official commercial bank of the government?????? .......... this is now the fourth or fifth government agency that will now have its accounts switched to BOB in the past year ............... the PLP government has to come clean on this BOB scandal
asiseeit 8 years, 7 months ago
THis is how the Government is trying to prop up the disaster called BOB. If government was not the largest shareholder the failure of a bank would have been shut down by the central bank. Who controls, the central bank, our very corrupt government. BOB is a disgrace and just one example of our broken government in action.
Well_mudda_take_sic 8 years, 7 months ago
The corrupt Christie-led PLP government and the previous equally corrupt Ingraham-led FNM government are burying all of the more grotesque skeletons in the BoB graveyard with Richard Demeritte as the Funeral Home Director and Wayde Christie as the Grave Yard Keeper.
ThisIsOurs 8 years, 7 months ago
Seriously? BOB is the solution to lack of oversight?
sheeprunner12 8 years, 7 months ago
What is the endgame of the PLP with BOB ....... this is a critical issue of banking integrity .......... and don't forget who is in charge of the Central Bank now (John "Lost Cause" Rolle)
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