The Development Bank of Samoa (D.B.S.) gave loans to clients who did not submit bank statements and did not have bank accounts.
These were some of the findings of an audit of the bank by the Office of Audit for the financial year ended June 30, 2013. The audit report was submitted to the Legislative Assembly last December and was recently tabled.
According to the Auditor’s report, some of the bank’s clients were full-time farmers who did not have bank accounts and there were others who submitted applications to the D.B.S. without attaching bank statements, which is a requirement for loan applications.
But the bank, in response to the findings of the Auditor, stated that those requirements were waived. That is in the event that the client’s record is satisfactory,…
