Monday, October 1, 2012

Abuse of millions at ADB, probe launched: Guardian report

A report in the GUARDIAN MEDIA on Monday states that there was abuse involving millions of dollars at the Agricultural Development Bank (ADB) between 2004 and 2010. The paper said ADB chairman Rudy Maharaj and Food Production Minister Devant Maharaj received a report on the matter last Wednesday.

It added that the bank has launced an investigation to determine "if there was any malpractice or malfeasance on the part of the bank’s employees, some of whom it is alleged, doctored documents to have loans appear as viable."

It notes some of the issues raised in the report:
• $50 million in legal costs paid to a law firm
• $120 million in losses
• The purchase of $5 million in office furniture
• Rental of an ADB office for $5 million
• Hiring of an unqualified personal assistant whose monthly salary was $30,000
• Nepotism
• A $63,000 credit card scandal
• $41 million in arrears and bad loans

READ the full story in the TRINIDAD GUARDIAN

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai