PM’s support shocks Namah

OPPOSITION Leader Beldan Namah says he is shocked to see Prime Minister James Marape come out in defence of Bank South Pacific Financial Group Ltd (BSP) which is facing regulatory action from central bank’s Financial Analysis and Supervision Unit (Fasu).
“The Bank of PNG is the Government’s bank or central bank, the regulator of all banking and financial institutions in the country.
“It manages the Government’s monetary policy and all financial and banking laws and regulations, including those pertaining to fraudulent transactions and money laundering.
“Following due diligence checks and having satisfied itself that there is a prima-facie case to penalise BSP, Fasu took action.
“The process and procedures employed by the BPNG in arriving at this course of action is detailed in the bank’s statement which has been widely circulated and reported in the media.
“The alleged breaches are detailed as are the proposed penalties available under the law.”
Namah said for Marape to go to BSP’s defence was irresponsible.
He said BSP was PNG’s pride but its reputation must be clean.
“If it breaches the country’s financial and monetary guidelines and regulations, then those officers involved, including the top management and the board must be held to account.”