NDB stops giving loans
Wednesday, March 11, 2015
NDB CEO Morapedi
Sources have disclosed that the bank is likely to declare a loss of between P10 million to P15 million.
Contrary to the bank’s claim of a clean bill of health, a special general meeting was held to communicate the opposite on January 14, 2015. The bank management specifically announced to staff that due to a lack of funds, loan disbursements in respect of all products were being stopped.
That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...