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Posted: Friday 24 February, 2023 at 2:16 PM

Audit discovers $20M unaccounted for at Development Bank

By: Staff Reporter, SKNVibes.com

    …Govt. is asked to stop releasing piecemeal findings of investigations

     

    BASSETERRE, St. Kitts - A growing trend is emerging with the Government of St. Kitts and Nevis, which has raised alarm bells not only in the media but also in some sections of society.

     

    The concern is that the Government has been releasing information without providing the necessary evidence or documents to support some of its claims. 

     

    The latest release was done by Prime Minister Dr. Terrance Drew on Tuesday (Feb. 22), in which he spoke to an audit conducted into the inner workings of the Development Bank, its operations and the overall spending of the institution under the former administration..

     

    During his speech to support the Anti-Corruption Legislative debate, the Prime Minister revealed that there had always been echoes about the operations of the institution. 

     

    He explained that the findings revealed a large amount of cash is unaccounted for, and it is very concerning.

     

    “...what has been uncovered is [that] over $20 million can’t be accounted for in cash,” Dr. Drew said.

     

    This comes as investigations into the institution found that “the Bank had not been subjected to audits since 2018”

     

    “What took place at the Development Bank is enough to make a big man cry! We have stabilized the Development Bank,” Dr. Drew stated.

     

    But even as he made the startling disclosure, there is no formal documentation received by the media or sent out by the Government Information Service to support and stand up to scrutiny by media practitioners or members of civil society organizations.

     

    It is a growing trend being witnessed by members of the media, as the Government, since taking office in 2022, has made startling disclosures surrounding the way in which the former administration governed the country. But there has been a minimum release of documented data to support some allegations made by the Government.

     

    Meanwhile, Dr. Drew in an emotional speech told Parliament that the findings were startling but changes are being made to ensure there is no repeat of the issues unearthed at the institution.

     

    It is for that reason he threw his full support behind what his administration described as the “Good Governance Legislation”, which include the Integrity in Public Life Bill, Anti-Corruption Bill and the Amendment to Freedom of Information Legislation,

     

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