The report of the Senate Special Select Committee, the Prime Minister officially received it on Monday, then went off to an international summit, and returned to the country yesterday morning, but still, he has not announced whether he will heed the findings and dismiss CEO Narda Garcia and Chairman Yasin Shoman, both avowed, even reverential, loyalists of his administration.
Of course, while all this hangs in the ether, the report still has not been publicly released as promised. But 7NEWS has sourced a copy, and while it would by no means be called lively reading, the report does recount in revealing detail the officially sanctioned diversions, misrepresentations and obfuscations that were carried out to deliver $40 million in publicly guaranteed securitization proceeds based on unsecured mortgages to companies affiliated with a little telecom start-up company, called Intelco.
Those transactions are recounted in detail, but the juicy part of the report doesn't begin until page 121 when the it says: "The...committee is satisfied that there was negligence and recklessness in the execution of duty in the approving the purchase and sale of the mortgage loans...without performing or ensuring the proper checks...to ensure the fund is protected." It continues, "As a result of these findings, the...committee further recommends that all those who were members of the board...including the manager, should no longer hold office, positions, nor membership on the board and positions at SSB."
That's the final recommendation to the Prime Minister: they were first publicized 9 days ago, and officially handed to him four days ago; everyone continues to wait and see what he will do, and when.
