'We'll weed out the monkeys guarding bananas'
Friday, March 01, 2019
Pelaelo
In unusually frank remarks that come as the country reels from its recent placement on a European Union blacklist for money laundering, Pelaelo said part of the problem was that “bad apples” were moving from one place to the other within the financial sector, without check.
Several high profile scandals have rocked the local financial sector, involving hundreds of millions of Pula in pensioners and taxpayers assets. Some of the cases are presently in the highest courts and involve prominent people including asset managers, politicians and even a Judge.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...