Group queries bank’s reluctance to change account signatories

NEWLY-elected executives and board members of the Moran special purpose authority (MSPA) in the Hulia local level government area of Hela want to know why a commercial bank is taking so long in effecting change in the signatories of the authority’s bank account.
The executives and board members, led by chairman Gibson Tiki, deputy chairman Paul Yawe and other directors and executives, said Bank South Pacific (BSP) was in trying to make changes to the signatories since the gazettal of new board members on Feb 8 by the Minister for Intergovernmental Relations Kevin Isifu.
“The Moran SPA is a development vehicle for the Hulia LLG and it was established in 2007,” Tiki said.
“The board are supposed to serve for a term of six years and the term of the previous board led by Anthony Hamaka expired in 2013.”
Tiki said they were frustrated that the bank was not adhering to their request for the change of signatories and was continuing to entertain the former regime led by Hamaka.
“We made the request for change of signatures since February and after correspondence after correspondence, the bank, particularly at the Waigani Premium Banking Centre seems to overstepping its jurisdiction by requesting for certain documents which they are not supposed to be having and unnecessarily delayed they change,” the new officials said.
MSPA manager and chief executive officer Danny Tadabe said while the account was still in dispute and on hold, BSP had facilitated three transactions on April 5 totalling K150,000 for the previous regime led by Hamaka.
“After almost waiting for two months with so much correspondence from our lawyers and the bank, we are very frustrated that the bank on the other end is facilitating transaction of K150, 000.
“We are giving BSP 24 hours to respond to us.”
Lawyer for Isiful from Jerewai Lawyers Alois Jerewai has also written to BSP chief executive officer Robin Fleming regarding the situation.
Fleming said: “BSP does not wish to comment publicly on matters confidential to the bank and its customers.”