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Republic Bank confirms dismissal of senior staff

Jan 29, 2009 News

Officials at the Republic Bank Guyana Limited have confirmed that three of its officers have been relieved of their duties as the police continue to investigate the alleged fraud involving more than $250M.

Speaking to this newspaper yesterday, the bank’s Public Relations Officer, Jenelle Dummett, confirmed the dismissals but could not say definitively if the move had anything to do with the fraud investigations.

She referred this newspaper to the senior management officials of the bank, who could not be reached for comment yesterday.

Investigations into the disappearance of $257M from Republic Bank have led detectives to several banks in Canada.

The fraud was reportedly uncovered in November last year. It was being kept under wraps to protect the integrity of the bank.

Crime Chief Seelall Persaud told this newspaper yesterday that his department was asked to investigate the matter, and following several leads, local sleuths have been seeking the assistance of their counterparts in the Royal Canadian Mounted Police.

According to a source, the money was allegedly taken from several accounts, including one operated by the Guyana Public Service Cooperative Credit Union.

A senior official at the GPSU Credit Union informed Kaieteur News that he is still awaiting word on the progress of the investigation.

He assured that the situation will not affect the operations of the credit union since their records reflect money in their account.

“We are in the business of lending money and the bank is still honouring our cheques,” the Credit Union official stated.

Police have questioned several staff members of the bank but so far no arrests have been made.

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