FRAUD CLOSES BANK SOUTH PACIFIC IN SOLOMONS

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Tulagi province premier calls it big setback

By Jennifer Kakai HONIARA, Solomon Islands (Solomon Star, Oct. 11, 2011) – In the Solomons, the closure of the Bank South Pacific (BSP) agency in Tulagi, Central Province is a big setback for the province according to the Central Islands Province premier.

Patterson Mae said development aspirations are affected and it is a sign of moving backwards.

"It does not only hinder developments but more cost and risk to residents of the province traveling to Honiara to do banking," Mr. Mae said.

BSP agency in Tulagi was closed down permanently as of this month due to claims of fraud and mismanagement according to a public notice issued by the bank.

The Premier stressed that investors in the province will have to bring in large amounts of cash to Tulagi to pay their employees which is a risky exercise.

Mr. Mae said with the closure of ANZ ATM in Tulagi three months ago, the closure of BSP agency is a huge blow in terms of banking services in the province.

He added that according to the notice issued the closure was due to mismanagement of funds whereby he said law and order should take its course to solve the problem rather than punishing everyone in the province.

"Instead of developing the province we are moving backwards in terms of services provided to people," Mr Mae added.

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