BOJ under investigation
Published:Tuesday | September 30, 2008 | 1:06 PM
The Bank of Jamaica has been called on to explain several financial irregularities at the institution.
A review by the Auditor General has disclosed that loans totaling $51.5m were made to the bank’s governor Derrick Lattibeaudiere.
The money was reportedly used to clear a loan at the Bank of Nova Scotia and to finance construction of a new residence.
In the report, the auditor general claimed the audit was hindered as only extracts of Governor Lattibeaudiere’s personal file were provided.
The report, which was sent to the Governor on September 15, also questions the circumstances under which 15 senior executive officers at the bank were reportedly paid upkeep allowance totalling $6.7m.
This was in addition to being assigned motor vehicles for which the bank undertook the payment and purchase of insurance, petrol, distilled water, oil and servicing.
Late yesterday, Governor Latibeaudiere said he could not comment on the contents of the document because the bank must adhere to proper processes by responding in writing to the relevant stakeholders.